The wildfires that have devastated the Los Angeles area could be the costliest in US history.
The losses from the fires could be insured for more than $20 billion, according to JPMorgan estimates.
The losses far exceed the $12.5 billion from the 2018 Camp Fire disaster, which is currently the costliest in the country's history.
Five wildfires fueled by dry conditions and strong winds have burned 29,000 acres of land around Los Angeles since Tuesday, with the two largest, Palisades and Eaton, still out of control.
According to JPMorgan analyst Jimmy Bhullar, the fires have not yet been contained and continue to spread, suggesting that estimates of potential economic losses and the rate of insured losses could increase.
The LA County Sheriff's Office said in its report that nearly 180,000 people remain under evacuation orders and the death toll from the fires is unknown.
The Palisades fire is the largest of the five fires. It has burned more than 17,000 acres, destroying more than 1,000 structures.
Estimated economic losses from wildfires have more than doubled to nearly $50 billion and are set to reach $57 billion in the near future.
