An analysis by J.P. Morgan estimates that the insured losses from the Southern California wildfires could exceed $20 billion and push overall economic losses to $50 billion.

The wildfires wreaking devastation in the Los Angeles area could become the costliest blaze in U.S. history. The insured losses from this week’s fires may exceed $20 billion, according to estimates published by JPMorgan on Thursday.

After devastating fires in Los Angeles County, California lawmakers will consider changes to the state's troubled insurance marketplace.

The home of Vice President Kamala Harris in the Brentwood neighborhood of Los Angeles has been placed under an evacuation order by local authorities, making her one among tens of thousands of Californians whose homes have been threatened by wildfires raging through parts of Los Angeles County.

Actor Mel Gibson denounced California Governor Gavin Newsom over the ongoing Los Angeles area wildfires while appearing on a Thursday episode of The Joe Rogan Experience podcast. Newsom, a Democrat, has been facing heavy criticism from Republicans including President-elect Donald Trump since several major fires erupted and quickly spread out of control in Southern California earlier this week.

Trump has said he would turn on “a very large faucet” that could send millions of gallons of water from the Columbia River to Los Angeles.

As several fires spread across Southern California, President-elect Donald Trump is pointing fingers, blaming policies from California Gov. Gavin Newsom and President Joe Biden for causing the outbreak.