Several fires raging across LA to cost insurers up to USD30B
Date
1/16/2025 2:43:34 AM
(MENAFN) Several fires erupting throughout the Los Angeles area are going to cost insurers up to USD30 billion, Wells Fargo and Goldman Sachs projected in a report issued this week.
Following considering non-insured damages, the overall costs are estimated to surge up to USD40 billion, the report mentioned.
As per experts, the continuous fires “appear to already be the costliest wildfire event in California history.”
The analysts highlighted that, when measured as a percentage of the country’s gross domestic product, the fires are projected to rank among the 20 most expensive natural disasters in U.S. history.
The wildfires have caused prevalent devastation, resulting in destruction in their aftermath. Over 12,000 houses and other buildings have been demolished in the wildfires, the California Department of Forestry and Fire Protection reported.
More than 24 people have been killed and at least 12 others are still missing as several wildfires, triggered by serious drought conditions and heavy winds, carry on to burn.
Thousands of firefighters are battling wildfires across 45 square miles of Los Angeles County. About 92,000 people remain under mandatory evacuation orders and another 89,000 are under evacuation warnings.
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