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A JPMorgan analysis estimates that the wildfires devastate Southern California could lead to insured losses of $20 billion, marking the highest cost in California's history. The fires have claimed at least five lives and damaged over 2,000 structures, with nearly 30,000 acres affected. The report predicts that economic losses may reach $50 billion, significantly surpassing previous records from the 2018 Camp Fire due to the fires impacting wealthier areas such as Pacific Palisades.
Source: YAHOO