The most destructive wildfires ever for Los Angeles may cause billions of dollars in insured losses, ratings agencies said on Thursday, though many homes are likely uninsured. The wildfires burning in the Pacific Palisades,

The potential cost for insurers of the devastation caus Los Angeles wildfires is now expected to surpass $20 billion, according to analysts at JPMorgan Chase & Co., doubling their estimate from just a day before.

The Los Angeles wildfires are now expected to exceed $20B, J.P. Morgan analyst Jimmy Bhullar estimated Thursday, doubling his estimate from a just a day earlier. "Since yesterday morning, the Los Angeles area wildfires have worsened,

The potential cost for insurers of the devastation caused by the Los Angeles wildfires is now expected to surpass $20 billion, according to analysts at JPMorgan Chase & Co., doubling their estimate from just a day before.

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.

NBC News’ Christine Romans details the estimated economic costs caused by the devastation of the California wildfires and explains what it means for homeowners and insurance companies.