The Los Angeles Fires May Have Impacts on the Insurance Sector

The fires burning in the Los Angeles area are projected to result in economic damages of up to $250 billion, potentially becoming one of the most devastating natural disasters in U.S. history. This is comparable to the economic impact of Hurricane Katrina when adjusted for inflation. AccuWeather Chief Meteorologist Jonathan Porter stated that the total losses from the fires could reach up to 4% of California’s GDP.