The wildfire may be the costliest disaster in California history. U.S. insurance stocks slid as analysts estimated insured losses from the wildfires menacing Los Angeles could reach as high as $20 billion,

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

The most destructive wildfires ever for Los Angeles may cause billions of dollars in insured losses, ratings agencies said on Thursday, though many homes are likely uninsured. The wildfires burning in the Pacific Palisades,