LA fires latest updates: At least 10 confirmed dead in Los Angeles wildfires

Image source, Maxar

In a matter of 24 hours, Accuweather has nearly tripled its preliminary estimate for total damage from the California wildfires.

Its latest projection says losses could amount to as much as $150bn (£122bn). That’s revised from an estimate of up to $57bn.

“These fast-moving, wind-driven infernos have created one of the costliest wildfire disasters in modern US history,” AccuWeather’s chief meteorologist Jonathan Porter says.

The blazes have ripped through areas that are home to some of the most expensive property in the United States.

Fire authorities say more than 5,300 structures have been destroyed by the Palisades blaze, while between 4,000 and 5,000 structures have potentially been damaged or destroyed by the Eaton Fire.

The insurance industry is also bracing for a major hit, with analysts from firms such as Morningstar and JP Morgan forecasting insured losses of more than $8bn.

Read more about the economic costs of these wildfires here.