LA wildfire insured losses total billions of dollars, ratings agencies say

The most destructive wildfires ever for Los Angeles may cause billions of dollars in insured losses, ratings agencies said this week, though many homes are likely uninsured.

The wildfires burning in the Pacific Palisades, Eaton, Hurst and other Los Angeles neighbourhoods may lead to insured losses of more than $8 billion, analysts at Morningstar DBRS said in a note.

This surpasses the 2018 Woolsey fire in California, which caused more