The Palisades Fire could cause more than $10 billion in damages, further straining the state’s fragile insurance market. On Tuesday, after a ferocious Santa Ana windstorm blew through Southern California,

U.S. insurance stocks slid on Friday as analysts estimated insured losses from the wildfires menacing Los Angeles could reach as high as $20 billion, potentially making it the costliest disaster in California's history.

The massive fires that have destroyed much of Pacific Palisades and demolished thousands of homes and structures in Los Angeles County threaten an effort to fix California's troubled home insurance market.