Additional Coverage:
Wildfires ravaging Southern California are estimated to cause the highest economic and insured losses in the state’s history, according to JPMorgan analysts.
The fires have impacted nearly 30,000 acres, with 15,000 homes and buildings at risk. As of Thursday, at least five people have been killed, and over 2,000 structures have been damaged or destroyed.
Analysts predict economic losses of $50 billion, with insured losses exceeding $20 billion. This would surpass the 2018 Camp Fire, which caused insured losses of $10 billion.
The ongoing wildfires are affecting larger population centers than the Camp Fire, leading to higher expected insured losses. The fires are primarily damaging high-value residential homes in the affluent Pacific Palisades area.
As the fires continue to spread, estimates of potential losses are expected to increase.