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Los Angeles blaze damage likely to be largest wildfire insured loss in US history

World News

13-01-2025 | 14:50

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Los Angeles blaze damage likely to be largest wildfire insured loss in US history

The Los Angeles wildfires, which have reduced entire neighborhoods to smoldering ruins and left an apocalyptic landscape, could become the costliest wildfires in U.S. history in terms of insured losses if analysts' estimates of up to $20 billion materialize.

Dangerously high winds were expected to resume on Monday in Los Angeles, potentially hampering efforts to extinguish two stubborn wildfires that have claimed the lives of at least two dozen people.

The Los Angeles wildfire loss estimates are critical as they underscore the escalating financial risks posed by climate-related disasters, highlighting potential implications for the insurance industry and the broader economic resilience.

AccuWeather forecasts total economic losses from the disaster to range between $135 billion and $150 billion, signaling a challenging recovery and likely surging homeowners' insurance costs.

Reuters

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