Insurance Losses Could Reach $20 Billion in Los Angeles Fires

Total economic losses could reach $275 billion, making it the costliest wildfire in U.S. history.

The charred remains of a home can be seen off Braeburn Road in Altadena, Calif., on Jan. 10, 2024. Brontë Wittpenn/San Francisco Chronicle via AP

Insurance costs from the catastrophic Los Angeles wildfires could run at least $20 billion for the disaster, according to estimates by Wells Fargo analysts.

The fires, which started Jan. 7, continued to burn Wednesday as thousands of firefighters have gradually increased their containment.