The damage is expected to far exceed the $16 billion in economic losses from Maui's wildfires two years ago. Weather now accounts for almost all of the $320 billion in annual natural catastrophe damages worldwide.

An analysis by J.P. Morgan estimates that the insured losses from the Southern California wildfires could exceed $20 billion and push overall economic losses to $50 billion.

A preliminary report by Accuweather estimated the cost of the wildfires ravaging L.A. County at more than $50 billion, a total that would make it one of the costliest natural disasters in recent U.S.

California firefighters battled wind-whipped wildfires that tore across the Los Angeles area, destroying homes and clogging roadways as tens of thousands fled.

California lawmakers are offering their comfort to families shaken by ravaging wildfires in Los Angeles County that have forced thousands to evacuate after flames emerged on Tuesday morning. “We are closely monitoring the LA fires and are greatly concerned and heartbroken by the devastation,