Insurers Could Face $20 Billion In Loses From California Wildfires, Double Original Estimates

Homes along the Pacific Coast Highway in Malibu, Calif., are burned to the ground by the wildfires that engulfed areas around Los Angeles. (Credit: CECILIA SANCHEZCECILIA SANCHEZ/AFP via Getty Images)

Insured losses from the wildfires scorching Southern California could hit $20 billion and possibly higher, making it the most expensive disaster in the state's history, according to reports on Friday.

J.P. Morgan doubled its forecast of insured losses to more than $20 billion if the fires continue unabated.