The ongoing wildfires in Los Angeles are projected to become some of the costliest in U.S. history, with losses potentially exceeding $135 billion.
According to preliminary estimates by private weather forecasting company AccuWeather, damages are expected to range between $135 billion and $150 billion as fires spread through some of the most expensive real estate in the United States, as reported by the BBC.
The insurance sector is also bracing for a significant hit. Analysts from firms like Morningstar and J.P. Morgan predict insured losses exceeding $8 billion.
Fire authorities have reported that over 5,300 structures have been destroyed by the Palisades Fire, while the Eaton Fire has razed more than 5,000 buildings.
A High-Risk Event for Insurers
Aon, a global insurance company, noted that the high property values in affected areas could make this fire one of the five costliest wildfires in U.S. history. Uninsured property losses are expected to push the total even higher.
The Los Angeles wildfires come just three months after Hurricane Helen caused widespread devastation along the East Coast, with damages estimated at $78.7 billion, making it the seventh costliest natural disaster in U.S. history. Historically, hurricanes have been the most expensive natural disasters in America.
In 2024 alone, the U.S. experienced 61,685 wildfires, burning more than 8.85 million acres, averaging 143.49 acres per fire, according to the National Interagency Fire Center’s annual report.
Top 10 Costliest Wildfires in U.S. History
Based on data from the National Fire Protection Association, here are the 10 costliest wildfires in U.S. history (excluding the ongoing Los Angeles fire):
10. Southern California Firestorm (2007)
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- State: California
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- Losses: $2.7 billion
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- Structures Destroyed: 3,108
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- Acres Burned: 518,000
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- Deaths: 10
9. CZU Lightning Complex Fire (2020)
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- State: California
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- Losses: $3 billion
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- Structures Destroyed: 1,490
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- Acres Burned: 86,509
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- Deaths: 1
8. Thomas Fire (2017)
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- State: California
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- Losses: $3.18 billion
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- Structures Destroyed: 1,063
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- Acres Burned: 281,893
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- Deaths: 2
7. Glass Fire (2020)
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- State: California
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- Losses: $3.54 billion
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- Structures Destroyed: 1,555
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- Acres Burned: 67,484
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- Deaths: 0
6. Atlas Fire (2017)
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- State: California
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- Losses: $3.81 billion
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- Structures Destroyed: 783
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- Acres Burned: 51,624
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- Deaths: 6
5. Tunnel/Oakland Hills Fire (1991)
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- State: California
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- Losses: $3.9 billion
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- Structures Destroyed: 2,900
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- Acres Burned: 1,600
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- Deaths: 25
4. Woolsey Fire (2018)
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- State: California
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- Losses: $5.2 billion
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- Structures Destroyed: 1,643
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- Acres Burned: 96,949
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- Deaths: 3
3. Lahaina Fire (2023)
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- State: Hawaii
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- Losses: $6.18 billion
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- Structures Destroyed: 3,000
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- Acres Burned: 2,170
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- Deaths: 101
2. Tubbs Fire (2017)
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- State: California
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- Losses: $11 billion
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- Structures Destroyed: 5,636
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- Acres Burned: 36,807
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- Deaths: 22
1. Camp Fire (2018)
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- State: California
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- Losses: $12.4 billion
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- Structures Destroyed: 18,804
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- Acres Burned: 153,336
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- Deaths: 85
Top 10 Costliest Natural Disasters in U.S. History
Natural disasters have caused enormous economic losses globally, with annual costs reaching $520 billion, according to the United Nations Conference on Trade and Development. The U.S. has borne a significant share, incurring $1.7 trillion in damages over the past 51 years.
Here are the 10 costliest natural disasters in U.S. history:
10. 1988 Drought and Heatwave
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- Losses: $54.6 billion
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- Deaths: 454
9. Hurricane Andrew (1992)
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- Losses: $60.5 billion
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- Deaths: 61
8. Hurricane Irma (2017)
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- Losses: $64 billion
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- Deaths: 97
7. Hurricane Helen (2024)
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- Losses: $78.7 billion
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- Deaths: 219
6. Hurricane Ida (2021)
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- Losses: $84.6 billion
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- Deaths: 96
5. Hurricane Sandy (2012)
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- Losses: $88.5 billion
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- Deaths: 159
4. Hurricane Maria (2017)
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- Losses: $115.2 billion
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- Deaths: 2,981
3. Hurricane Ian (2022)
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- Losses: $119.6 billion
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- Deaths: 152
2. Hurricane Harvey (2017)
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- Losses: $160 billion
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- Deaths: 89
1. Hurricane Katrina (2005)
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- Losses: $201.3 billion
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- Deaths: 1,833
Conclusion
While the ongoing Los Angeles wildfires are still unfolding, their estimated costs suggest they could become one of the top five costliest wildfires in U.S. history. As climate change intensifies the frequency and severity of natural disasters, the economic and human toll continues to rise, underscoring the urgent need for robust prevention and mitigation strategies.
