On January 8, 2025, an American flag fluttered among the ruins of burned buildings in the Pacific Palisades community west of Los Angeles, California, USA, as strong winds fueled devastating wildfires in the Los Angeles area, forcing people to evacuate.
Mike Black | Reuters
The devastation caused by wildfires in the Los Angeles area could become the costliest in U.S. history.
Insured losses from this week’s fires could exceed $20 billion, according to estimates released by JPMorgan Chase & Co. on Thursday. These losses would far exceed the $12.5 billion in insured losses. 2018 campfireIt was the costliest fire in U.S. history, according to Aon Group.
Five wildfires fueled by dryness and strong winds have burned 29,000 acres around Los Angeles since Tuesday, according to Cal Fire. The two largest fires, fence and Eatonstill completely out of control.
“So far, the fires have not been contained and continue to spread, which means estimates of potential economic and insurance losses are likely to decline,” JPMorgan analyst Jimmy Bhullar said in a research note. Increase.
The Los Angeles County Sheriff said nearly 180,000 people are still under evacuation orders. The death toll from the fire is unknown, according to the sheriff.
The Palisades Fire is the largest of the five fires. It has burned more than 17,000 acres, destroyed Over 1,000 structuresaccording to California authorities. Pacific Palisades is an affluent area with a median home price of more than $3 million, according to JPMorgan Chase.
Estimates of the economic damage from wildfires have more than doubled since Wednesday to nearly $50 billion, according to the investment bank. According to AccuWeather estimates, economic losses could be as high as $57 billion.
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