Los Angeles wildfires could be costliest in US history

LOS ANGELES (AP) Wildfires that broke out this week in Los Angeles County are still raging, but are already expected to be one of the costliest natural disasters in U.S. history.

The devastating fires have killed at least 11 people and incinerated more than 12,000 structures since Tuesday, destroying entire neighborhoods that were once home to multimillion-dollar properties.

Although it is still too early to accurately assess the financial toll, the losses recorded so far likely make these wildfires the costliest on record in the United States, according to various estimates.

A preliminary estimate from AccuWeather so far puts the damage and economic losses at $135 billion to $150 billion. For comparison, AccuWeather estimated the damage and economic losses caused by Hurricane Helene, which devastated six southeastern states last fall, to be between $225 billion and $250 billion.

This will be the costliest wildfire in modern California history and also quite possibly the costliest wildfire in modern U.S. history, due to the fires produce in the densely populated areas around Los Angeles and where some of the most valuable real estate in the country is located, Jonathan said. Porter, the chief meteorologist of a private company.

AccuWeather considers a multitude of variables in its estimates, including damage to homes, businesses, infrastructure and vehicles, as well as immediate and long-term health care costs, lost wages and business interruptions. the supply chain.

Insurance broker Aon PLC also said Friday that the wildfires in Los Angeles County would likely be the costliest in U.S. history, but did not give an estimate. Aon ranks a wildfire known as the Camp Fire in Paradise, California, in 2018 as the costliest in U.S. history, at $12.5 billion, adjusted for inflation. The Camp Fire killed 85 people and destroyed approximately 11,000 homes.

Los Angeles County's wildfires, fueled by hurricane-force Santa Ana winds and extreme drought, remained largely uncontained Saturday. This means that the ultimate loss toll from fires will likely increase, perhaps significantly.

To put that in perspective, the total damage and economic losses from these wildfires could reach nearly 4% of California's annual GDP, AccuWeathers Porter said.

In a report released Friday, Moody's also concluded that the wildfires would prove to be the costliest in U.S. history, in part because they ravaged densely populated areas home to high-end properties.

While the state is no stranger to major wildfires, they have typically been concentrated in inland areas that are not densely populated. This led to less destruction per acre and less damage to cheaper homes, Moodys noted.

That's far from the case this time around, with one of the largest conflagrations destroying thousands of properties across the Pacific Palisades and Malibu, home to many Hollywood stars and executives with properties worth several million dollars. Many celebrities have already lost their homes due to fires.

The scale and intensity of the fires, combined with their geographic footprint, suggest a staggering price tag, both in terms of human cost and economic toll, Moodys analysts wrote. The report did not include a preliminary estimate of the costs of wildfire damage.

It may take several months before a concrete assessment of the financial losses due to forest fires is possible.

We are in the very early stages of this disaster, Porter said.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos