The U.S. history's costliest wildfires may occur in Los Angeles.

• According to JPMorgan's estimates, this week's fires may result in insured losses exceeding $20 billion.
• The losses from the recent event would surpass the harm caused by the 2018 Camp Fire, the most expensive wildfire in the U.S.

The devastating wildfires in Los Angeles could result in the most expensive blaze in U.S. history.

According to JPMorgan's estimates published on Thursday, the insured losses from this week's fires may surpass $20 billion, which is significantly higher than the $12.5 billion in insured damages caused by the 2018 Camp Fire, the most expensive blaze in U.S. history, according to Aon's data.

Since Tuesday, 29,000 acres of land around Los Angeles have been burned by five wildfires caused by dry conditions and strong winds, with the two largest fires, Palisades and Eaton, remaining uncontained.

JPMorgan analyst Jimmy Bhullar stated in a research note that the fires have not been contained and are still spreading, indicating that the estimated economic and insured losses are likely to increase.

According to the LA County Sheriff, nearly 180,000 individuals are still under evacuation orders, while the death toll from the fires remains unknown.

The largest of the five fires in California is the Palisades Fire, which has burned over 17,000 acres and destroyed over 1,000 structures, according to authorities. The Pacific Palisades, an affluent area with a median home price of over $3 million, is where the fire occurred.

Since Wednesday, the estimated economic losses from wildfires have more than doubled to nearly $50 billion, according to an investment bank. According to AccuWeather's estimates, the economic losses could reach $57 billion.