Insured losses from Los Angeles wildfires estimated to exceed $28B

Estimates from the catastrophic firestorm that ravaged parts of Los Angeles County suggest that insured losses will reach at least $28 billion, making the fire disaster the costliest event in U.S. history.

The new estimates come from Verisk, a global data analytics company, which reported that the Palisades fire was responsible for the majority of the damage.

The wildfires, which began on January 7th, destroyed more than 15,000 structures and claimed the lives of more than two dozen people.

Experts at Verisk stated the majority of the losses were to residential properties, many of which contained valuable personal items such as art and jewelry.

“The ongoing devastation from these deadly wildfires is truly heartbreaking,” Rob Newbold, president of extreme event solutions at Verisk, said in a statement. “We are advancing science and risk management to help communities build resilience against disasters like these catastrophic wildfires. The amount of data and insights to support mitigation efforts continues to grow, which can help inform how communities rebuild in the wake of this disaster.”

The company said the tallies also factored in costs associated with debris and suggested that rebuilding prices are likely to exceed property damage due to rising building material prices and home values.

The estimates do not include losses from smoke damage or uninsured properties, which could add significantly more to initial totals.

Local and federal investigators are sifting through the debris to determine the causes of the fires, with particular attention being paid to human factors, as there were no reported lightning strikes in the area to trigger the blazes. 

Stay up to date with the NYP’s coverage of the terrifying LA-area fires

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• Follow along with The Post’s live coverage of the LA wildfires

Additionally, hurricane-force winds at the start of the infernos hindered firefighting efforts, making it difficult to control the blazes in critical early moments.

While dozens of other fires have occurred throughout Southern California, none have reached the magnitude of the major blazes that damaged populated areas in Los Angeles County.

Though the fires did not occur in California’s official fire season, which runs from late spring through fall, a changing climate has made wildfire threats a year-round phenomenon, locals say.

Recent wet winters have allowed the underbrush to grow, increasing fuel for potential wildfires, and when combined with the recent dry weather, has made the region like a tinderbox.

According to CAL FIRE, the Palisades Fire burned some 24,000 acres north of Los Angeles while the Eaton Fire consumed over 14,000 acres northeast of Pasadena, around the communities of Altadena and Sierra Madre.