Devastating wildfires fueled by dry conditions and strong winds have ripped through Los Angeles, forcing widespread evacuations and resulting in an estimated $20 billion in insured losses. The fires continue to burn, with the economic toll expected to climb even higher.
The insured losses from this week's fires may exceed $20 billion, according to estimates published by JPMorgan. Five wildfires fueled by dry conditions and strong winds have burned through 29,000 acres of land around Los Angeles since Tuesday, according to Cal Fire. The two largest fires have not been contained thus 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 LA County Sheriff. The death toll from the fires is unknown, according to the sheriff. The Pacific Palisades is an affluent area where the median home price is more than $3 million, according to JPMorgan. The estimated economic losses from the wildfires has more than doubled since Wednesday to nearly $50 billion, according to the investment bank. The economic losses could rise to $57 billion, according to estimates from AccuWeather
Wildfires Los Angeles Insured Losses Evacuations Economic Impact
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