Los Angeles wildfires could be costliest fires in U.S. history

An American flag flies amid the remains of burned buildings as powerful winds fueling devastating Los Angeles-area wildfires force people to evacuate, in the Pacific Palisades neighborhood of west Los Angeles, California , United States, January 8, 2025.

Mike Blake | Reuters

The wildfires ravaging the Los Angeles area could become the costliest fire in U.S. history.

Insured losses from this week's fires could exceed $20 billion, according to estimates released Thursday by JPMorgan. Those losses would far exceed the $12.5 billion in insured losses resulting from the 2018 Camp Fire, which was the costliest fire in the nation's history, according to Aon data.

Five wildfires fueled by drought and high winds have burned 29,000 acres of land around Los Angeles since Tuesday, according to Cal Fire. The two largest fires, Palisades and Eaton, are still not under control.

“The fires have not been contained so far and continue to spread, implying that estimates of potential economic and insured losses are likely to increase,” JPMorgan analyst Jimmy Bhullar said in a research note. .

Nearly 180,000 people remain under evacuation orders, according to the Los Angeles County sheriff. The toll from the fires is unknown, according to the sheriff.

The Palisades Fire is the largest of the five fires. It burned more than 17,000 acres, destroying more than 1,000 structures, according to California authorities. Pacific Palisades is a wealthy area where the median home price is over $3 million, according to JPMorgan.

Estimated economic losses from wildfires have more than doubled since Wednesday to nearly $50 billion, according to the investment bank. Economic losses could amount to $57 billion, according to AccuWeather estimates.

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