Los Angeles fires are among the costliest disasters in American history…revealing numbers

The fires have so far killed at least 11 people and destroyed more than 12,000 buildings since Tuesday, destroying residential neighborhoods containing properties worth millions of dollars.

Although it is too early to provide accurate estimates of financial losses, projections indicate that the current losses make these fires one of the costliest disasters in US history. AccuWeather estimated the economic damage resulting from the fires at between $135 billion and $150 billion.

For comparison, economic losses from Hurricane Helen, which struck six southeastern states last fall, were between $225 billion and $250 billion.

Despite efforts to control them, wildfires in Los Angeles, made more intense by strong Santa Ana winds and extreme drought, remain largely out of control as of Saturday, meaning the final toll could rise significantly.

Increasing financial estimates led to a decline in US insurance company stocks on Friday, as analysts indicated that insurance losses resulting from the fires could reach $20 billion. (Sky News)