San Diego County Supervisor Jim Desmond Discusses Impact of California’s Policies on Residents Amid Uncontained Wildfires
A new analysis by JPMorgan estimates that the overall economic losses and insured losses caused by the deadly wildfires impacting Southern California are likely to be the most costly in state history. The report notes that nearly 30,000 acres have been impacted by the fire and nearly 15,000 houses and buildings are considered to be at risk.
The report estimates that expectations of economic losses stemming from the fires have more than doubled since yesterday to closer to $50 billion, and insured losses from the event could exceed $20 billion. This would make this event significantly more severe than the 2018 Butte County Camp fires, the highest insured loss wildfires in California’s history previously.
The report notes that most of the damage and insured losses in the Camp Fire came from personal property losses, which accounted for 86% of the losses. JPMorgan analysts expect that the insured losses will be higher in the current wildfires due to the impact on larger population centers.
The ongoing wildfires in Southern California are being driven by strong Santa Ana winds, and firefighters have struggled to contain the blazes. At least five people have been killed in the fires and over 2,000 homes, businesses, and other structures have been damaged or destroyed.