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LA blaze damage likely to be largest wildfire insured loss in US history
The Los Angeles wildfire loss estimates are critical as they underscore the escalating financial risks posed by climate-related disasters, highlighting potential implications for the insurance industry and the broader economic resilience.
A burnt car is parked on a street, as the Eaton Fire continues, in Altadena, California, U.S. January 13, 2025. REUTERS/Shannon Stapleton / Reuters
The Los Angeles wildfires, which have reduced entire neighborhoods to smoldering ruins and left an apocalyptic landscape, could become the costliest wildfires in U.S. history in terms of insured losses if analysts' estimates of up to US $20 billion materialize.
Dangerously high winds were expected to resume on Jan. 13 in Los Angeles, potentially hampering efforts to extinguish two stubborn wildfires that have claimed the lives of at least two dozen people.
The Los Angeles wildfire loss estimates are critical as they underscore the escalating financial risks posed by climate-related disasters, highlighting potential implications for the insurance industry and the broader economic resilience.
AccuWeather forecasts total economic losses from the disaster to range between US$135 billion and US$150 billion, signaling a challenging recovery and likely surging homeowners' insurance costs.
Here is an overview of the top 10 costliest wildfires ever to hit the U.S.:
Rank Name Year State Adjusted
insured losses in 2024 dollars
1 Los Angeles 2025 California US$20 billion
wildfires based on preliminary estimates
2 Camp Fire 2018 California US$12.76 billion
3 October Fire 2017 California US$11.34 billion
Siege
4 Woolsey Fire 2018 California US$5.36 billion
5 Oakland 1991 California US$3.98 billion
firestorm
6 August Complex 2020 California US$3.64 billion
7 Fire Siege 2020 California US$3.09 billion
8 Southern 2017 California US$2.94 billion
California wildfires
9 Dixie Fire 2021 California US$2.88 billion
10 Glass Fire 2020 California US$2.78 billion
Biggest losses globally from natural disasters:
Year Affected Event Insured Economic
2005 U.S. Hurricane Katrina US$105 - US$225 billion
2022 U.S. Hurricane Ian US$64 US$124 billion
2011 Japan Tohoku earthquake US$49 - US$293 billion
2017 U.S. Hurricane Irma $45 US$77 billion
2012 U.S. Hurricane Sandy US$39 $96 billion
2017 U.S. Hurricane Harvey US$39 - US$115 billion
2017 U.S. Hurricane Maria US$38 - US$99 billion
2021 U.S. Hurricane Ida US$36 - US$85 billion
1992 U.S. Hurricane Andrew US$35 - US$59 billion
1994 U.S. Northridge US$32 - US$93 billion
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