Article ID: 29782fead7005c79b9f2758363748758e3dfe0db339a482cb7b3877ccd369f0f
Source ID: primary:reinsurancene.ws
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Extraction Method: trafilatura
URL: https://www.reinsurancene.ws/catiq-estimates-bald-range-wildfire-insurance-losses-at-cad-313m/
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CatIQ, the Toronto-based independent organisation that provides industry-wide catastrophe insurance data and operates as a subsidiary of PERILS, has placed its initial estimate of insured losses from the Bald Range wildfire at CAD 313 million. The fire affected Summerland, British Columbia, and neighbouring areas between 7 and 18 August 2026. CatIQ said its first loss estimate, issued around three weeks after the event, is intended to provide an early indication of the impact on the Canadian insurance market. CatIQ’s estimate incorporates claims arising from damage to both residential and commercial property, as well as motor claims. Additional loss adjustment expenses are also included in the figure. CatIQ said subscribers can access further meteorological information relating to the event through its platform. The Bald Range Fire was reported to the west of Summerland on 7 August before expanding rapidly as dry conditions prevailed across the British Columbia Interior. By the afternoon of 8 August, the fire had grown to more than 10,000 hectares. More than 5,000 addresses across the affected area were placed under evacuation orders, with restrictions remaining in place for almost two weeks. CatIQ reported that parts of the wider community, particularly areas on the outskirts, sustained extensive damage as the fire spread. Caroline Floyd, Director of CatIQ, said: “2026 has been another challenging year for wildfires across Canada, and British Columbia has seen some of the worst direct impacts in terms of insured losses with three new catastrophes declared to date. The behaviour of the Bald Range fire was indicative of the extremely dry conditions in the British Columbia Interior this year, as the fire grew to more than 10,000 hectares in less than 24 hours. “Another potential indication of the intensity of this year’s fires is that measured against the 20-year average, the British Columbia Wildfire Service shows the province currently sits at about 90 percent of the average hectares burned, but only 80 percent of the average number of fires.” CatIQ said the CAD 313 million figure is its initial industry loss estimate and may be subject to revision as further claims information becomes available and the insurance market’s assessment of the event develops.
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