JPMorgan "estimated 73 trillion L.A. forest fire damage"...estimated by U.S. wildfire ever

The damage from the three-day Los Angeles wildfire in the United States is estimated to be around 70 trillion won so far, the highest among all wildfires.

CNN and others reported on the 9th local time, citing JP Morgan, that the economic loss from the L.A. wildfire is estimated to reach $50 billion and 73 trillion won in Korean money.

Among them, the amount of damage that insurers have to bear is expected to exceed $20 billion.

Experts say that if there is no progress in the current evolutionary work, the damage will be greater.

The largest amount of damage ever recorded among U.S. wildfires so far was $12.5 billion recorded during the 2018 Camp Fire in Northern California, which is worth 18.25 trillion won in Korean money.

The forest fire was found to be so large that it was comparable to the amount of damage left by other natural disasters such as typhoons and earthquakes.

The worst-ever natural disaster was Hurricane Katrina, which hit the southeast, including New Orleans, USA, in 2005, and the damage amounted to $120 billion and about 148.9 trillion won.

It was followed by Hurricane Ian in 2022, which suffered $56 billion in damage, and the 2011 Great East Japan Earthquake, which lost $48 billion.

CNN and others predicted that the L.A. wildfire will be a significant blow to the California insurance industry and reinsurers.