As I described earlier today, California is facing a massive wildfire crisis. At least 30,000 people were under evacuation orders and as many as 1,000 structures in Pacific Palisades, between Malibu and Santa Monica, have been destroyed.
The fires aren’t even under control yet, but already estimates of the damage suggest it could be $10 billion thanks to the high property values in the Palisades.
Insured losses from the wildfire that broke out Jan. 7 primarily impacting the residential neighborhood of Pacific Palisades in Los Angeles could approach $10 billion, according to a note Wednesday from J.P. Morgan.
The bank emphasized the preliminary nature of the estimate but noted the 2018 Camp fire in Butte County caused inflation-adjusted insured losses of roughly $10 billion and that the current area affected “is an affluent residential area” with a…
