Insured damages from the Slave Lake, Alta., fires have hit $700 million so far, making it the second costliest disaster in Canadian history, the Insurance Bureau of Canada said Tuesday.

Wildfires ripped through the community 280 kilometers north of Edmonton on May 15, destroying one-third of the town.

Only the ice storm that hit Quebec and Ontario in 1998 caused more damage — $1.8 billion.

Several thousand claims have been filed so far for homes, cars and businesses that were damaged in Slave Lake.

"The scale of the destruction to homes and property is incredible," said Doug Noble, Insurance Bureau of Canada vice-president for Alberta and the North, in a news release. "It's devastating for those who have been affected."

Prince William and his wife Kate will visit Slave Lake Wednesday to meet with firefighters and people who lost their homes in the fires.