Damages from the Jasper fire are estimated to reach $700-million, similar to the 2011 Slave Lake fire in Alberta, says global credit rating agency
A wildfire burns near Jasper, Alta. on July 24. Experts say damage from the wildfire will likely lead to higher insurance premiums for both homeowners and commercial businesses.The devastating wildfire in Jasper, Alta., will be be another blow to property and commercial insurers that cover increasingly common natural disasters, but industry experts say they expect insurance companies will absorb the financial blow and continue to insure clients in the area.
Alberta Premier Danielle Smith said at a press conference Friday that one-third of the structures in Jasper suffered “total or partial loss.” Parks Canada said critical infrastructure including hospitals, school and water facilities remain intact thanks to firefighting efforts. “It really makes a big difference because in order for re-entry you need to have a community that has the necessary services to bring people back,” said Mr. de Pruis, who said the protection of groceries, pharmacies and other essential businesses will also speed up the recovery.
Some businesses have already reported that their facilities have been mostly destroyed. Anastasia Martin-Stilwell, a spokesperson for the Fairmont Jasper Park Hotel, said that parts of the large historic hotel have also been damaged by fire. One reason Mr. de Pruis is confident that Canadians will still be able to insure their homes against fire is that fire protection has been a standard part of home insurance for decades, meaning there is extensive data and actuarial information on setting premiums for the coverage.
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