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.
At least 25 people have died from the wind-driven flames, thousands of homes have been destroyed, and more than 80,000 people remain under evacuation orders.
According to Wells Fargo, insured losses are expected to total approximately $20 billion from the disaster, and total economic losses could be well above $60 billion.
Wells Fargo did not return requests for comment by publication time.
Meanwhile, JP Morgan also estimated $20 billion in insured losses and warned it could potentially rise even higher….