Summer wildfires in Canada’s British Columbia (BC) have become the costliest event in the province’s history and one of the country’s top 10 natural disasters for insurance payouts. 

Combined insured losses from the Okanagan (McDougall Creek) and Shuswap (Bush Creek East) fires have resulted in more than $C720 million ($825 million) in insured losses, initial estimates from Catastrophe Indices and Quantification Inc show. 

The Insurance Bureau of Canada says that far exceeds the cost of the last major wildfire in Okanagan Mountain Park in 2003, which resulted in losses of $C200 million ($229 million). 

The figures indicate the fires are also the 10th most costly in Canadian history. The most expensive event was $C4.3 billion ($4.9 billion) Fort McMurray wildfires in 2016, followed by an eastern Ontario ice storm in 1998 which caused losses of $C2.5 billion ($2.9 billion). 

“This year’s wildfire season has broken all records in terms of the amount of land burned and damage caused to homes and businesses in British Columbia,” Insurance Bureau Pacific and Western Vice-President Aaron Sutherland said. 

“The wildfire’s impact is another tragic reminder of the risk BC residents face due to climate change and the increasing frequency of natural catastrophes.” 

The Bush Creek East Wildfire from August 18 to September 25 has cost more than $C240 million ($275 million), while the McDougall Creek fire between August 15 and September 21 has caused more than $C480 million ($550 million) in insured losses.