The Los Angeles-area wildfires are poised to be among the costliest natural disasters in U.S. history, with damage estimates ranging from $52 billion to $57 billion.
Five lethal fires have consumed thousands of acres, resulting in the evacuation of 130,000 people and the destruction or damage of around 2,000 buildings.
Unlike the $30 billion loss from the Camp fire in 2018, this wildfire is predicted to surpass past damages due to the number of expensive properties affected.
Moody's anticipates insured losses from the fires to reach billions, reflecting the high value of properties particularly in the coastal Pacific Palisades area.
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