Sky News reported that the wildfires that broke out this week in Los Angeles County are still raging and are expected to be among the costliest natural disasters in US history.
The devastating fires have killed at least 11 people and burned more than 12,000 buildings since Tuesday, destroying entire neighborhoods that were home to multimillion-dollar properties. While it is too early to provide an accurate tally of financial losses, estimates suggest that the damages so far make these fires among the costliest in US history. An initial estimate from AccuWeather estimated the damage and economic losses so far between $135 billion and $150 billion.
Wildfires in Los Angeles County, fueled by strong Santa Ana winds and severe drought, remained largely out of control Saturday, which means the final tally of losses from the fires is likely to rise, perhaps significantly.
US insurance stocks fell Friday after analysts estimated that insured losses from the Los Angeles wildfires could reach $20 billion.
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