Officials say the two biggest wildfires ravaging the Los Angeles area this week have burned at least 10,000 homes, buildings and other structures

An analysis by J.P. Morgan estimates that the insured losses from the Southern California wildfires could exceed $20 billion and push overall economic losses to $50 billion.

We need to make it incredibly expensive to build in these kinds of environments,’ one expert told The Independent. ‘If the insurance industry refuses to sell policies, maybe people won’t risk it’

By Andy Sullivan The Pacific Palisades area ravaged by wildfires in Los Angeles is one of the most expensive neighborhoods in the U.S., home to Hollywood A-Listers and multimillion dollar mansions. And ahead of this week's disaster,