'Largest single event wildfire-loss in US history': Analyst describes LA fires amid insurance anxiety - Video

The recent wildfires in Los Angeles have been described by analysts as the "largest single event wildfire-loss in US history."

Mark Friedlander, a director at the Insurance Information Institute, highlighted the unprecedented scale of the destruction, noting that the economic losses could reach between $20 billion and $30 billion. This surpasses previous records and underscores the severity of the situation.

The fires have not only destroyed thousands of homes and businesses but have also disrupted lives and livelihoods. The insurance industry is bracing for a massive influx of claims, which could lead to increased premiums and stricter underwriting practices in the future.