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

The wildfires in the Los Angeles area could become the costliest blaze in U.S. history, with insured losses estimated to exceed $20 billion, surpassing the $12.5 billion from the 2018 Camp Fire. Five wildfires have burned through 29,000 acres, with the Palisades Fire being the largest, destroying over 1,000 structures in an affluent area where the median home price is over $3 million. Nearly 180,000 people are under evacuation orders, and the economic losses have doubled to nearly $50 billion, potentially rising to $57 billion, according to estimates from JPMorgan and AccuWeather.

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