Financial analysts at Wells Fargo Securities estimated that insured losses from the Southern California wildfires could exceed $30 billion based on their latest analysis.

The fires in the Los Angeles areas could result in $30B in insured losses, Wells Fargo said Monday. According to a note from a team led by analyst Elyse Greenspan, the Palisades and Eaton fires are 11% and 15% contained,

Severe and frequent natural disasters have hastened the insurance industry's retreat from high-risk areas, particularly Florida and California.