Los Angeles wildfires projected to cause $150 billion in damages, insurance industry braces for impact

Expectations of economic losses stemming from the fires have more than doubled since yesterday [January 9] to closer to $50 billion [€48.55 billion], and we estimate that insured losses from the event could exceed $20 billion (and even more if the fires are not controlled),

the financial services firm told its clients in a note

Jon PorteraccuWeather Chief Meteorologist

These fast-moving, wind-driven infernos have created one of the costliest wildfire disasters in modern US history,

said Jonathan Porter, AccuWeather's chief meteorologist

One sees relatively low premiums in high-risk markets in California, but that might be starting to change,

said Philip Mulder, a University of Wisconsin professor who studies the industry

The fires have not been contained thus far and continue to spread, implying that estimates of potential economic and insured losses are likely to increase,

JPMorgan analyst Jimmy Bhullar said in a research note

Benny Johnson (columnist)conservative american commentator

Pacific Palisades in Los Angeles is completely gone, ... This is California - a USD 4.8 trillion economic powerhouse state, in the world’s biggest economy USA.”

Responding to a post by conservative American commentator Benny Johnson, who shared an image of the devastation and wrote ... Chandrasekhar remarked

Wildfires are a constant and formidable challenge for California, and CDCR conservation fire camps remain dedicated to supporting the state’s response,

Jeff Macomber, CDCR secretary, said in a statement on Wednesday

We’re doing this heroic, crucial work, but many people inside cannot support their family, can barely afford to just get hygiene [supplies] for themselves. Nobody is saving money with wages for when you go home. Nobody is able to send money to cover the expenses their children are incurring.”

Mota

We always had this reputation on the fire ground of being the ones who did the dirtiest work, the hardest work, got there the earliest, stayed there the longest. There was a lot of respect we’d get from other fire crews. But that also takes its toll.”

Mota recalled the grueling nature of the job

The firefighters love to do this frontline work that’s fierce and intense and has the potential to save lives.”

Still, she added

The fire crews want to go out and support our communities and protect people and property,

said Amika Mota, an advocate who served with the fire camps from 2012 to 2015 while incarcerated, responding to more than 20 fires