Devastating wildfires in Southern California are expected to cost insurers a staggering $20 billion, exceeding all previous records.
This unprecedented figure surpasses the losses from the 2018 Camp Fire, previously the most expensive wildfire in state history.
Thousands of homes and businesses have been destroyed, leaving numerous communities struggling to recover from the destruction.
JPMorgan analysts predict even higher economic losses, potentially reaching a total of $50 billion as the fires continue to spread.
