LA Wildfire Damages Set To Cost Record $135Bn
The Los Angeles wildfires are on track to be among the costliest in US history, with losses already expected to exceed $135bn (£109.7bn).
In a preliminary estimate, private forecaster Accuweather said it expected losses of between $135bn-$150bn as the blazes rip through an area that is home to some of the most expensive property in the US.
The insurance industry is also bracing for a major hit, with analysts from firms such as Morningstar and JP Morgan forecasting insured losses of more than $8bn.
Fire authorities say the Palisades blaze has destroyed more than 5,300 structures, while more than 5,000 structures have been destroyed by the Eaton Fire.
With authorities still working to contain the fires, the scope of the losses is still unfolding.
The 2018 fire that broke out in northern California near the town of Paradise currently ranks as the disaster with the highest insured costs, at roughly $12.5bn, according to insurance giant Aon.
That blaze, known as the Camp Fire, killed 85 people and displaced more than 50,000.
Aon said the high property values in this case mean it is likely to end up as one of the top five costliest wildfires on its list. Including properties that are not insured, the overall losses will be even bigger.
