LA wildfires set to become costliest in US history

The wildfires in Los Angeles are expected to become the costliest in US history, according to a report that cited analysts. Economic losses from the disaster are projected to hit nearly $50 billion, doubling the estimate from one day earlier, according to JPMorgan analyst Jimmy Bhullar, The Wall Street Journal reported on Thursday. The amount includes insured losses exceeding $20 billion, a figure that could rise if the fires are not brought under control.