The fires ravaging upmarket Los Angeles districts Pacific Palisades and Malibu will be the most expensive ever to hit California, according to experts, who expect premiums to rise in a region already abandoned by many insurers.
Analysts at JPMorgan estimated that the total cost of damage and insured damage had doubled in less than 24 hours to $50 billion and $20 billion respectively. And the flames were still advancing on several fronts Friday.
