As the fires rage through an area that is home to some of the most expensive real estate in the United States, private forecaster Accuweather said it anticipated damages of between $52 billion and $57 billion in an early assessment.
With analysts from companies like Morningstar and JP Morgan projecting insured losses of over $8 billion, the insurance sector is likewise preparing for a significant blow.
At least five people have been killed in the fires, which have damaged or destroyed nearly 2,000 buildings.
The extent of the losses is still being determined as authorities continue to extinguish the fires.
“This is a terrible disaster,” Jonathan Porter, chief meteorologist at Accuweather, said.
