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Experts estimate Los Angeles Wildfires caused nearly $20B in damage
ALBABWABA – The Palisades fire, which started in the Pacific Palisades last Tuesday, has burned approximately 23,654 acres and 5,316 structures. As of now, it is 11% contained. Experts estimate the total damage will approach $20 billion.
$20B total damage
According to risk experts, the insured losses from the Los Angeles wildfires are currently nearing $20 billion. Experts believe this is just an initial estimate, and the losses could increase as the fires continue.
Notably, the US experienced the Camp Fire in 2018, which caused total losses of about $12.5 billion. The current Palisades fire is already surpassing that figure.
The country is facing significant economic losses due to high inflation and other complications, according to the Insurance Information Institute.
Smoke billows from the Palisades fire near houses in Topanga, a community in western Los Angeles County, California. (AFP)
Thousands of homes and businesses have been destroyed or affected by the fires. With the insurance market already struggling, the country is now facing significant losses.
Insurance experts believe the losses will surpass $20 billion. Jon Schneyer, research director at analytics firm CoreLogic, stated: “A $20 billion to $30 billion, insured loss event is now on the table.”
The LA wildfires have burned approximately 23,654 acres and destroyed about 5,316 structures so far. With the ongoing effects of climate change, the losses are expected to continue.