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,

My family, we hosted Christmas Eve and Christmas Day here and everybody was here, my little house that I loved." The wildfires raging across Los Angeles County have claimed at least 10 lives and forced tens of thousands to evacuate.

The potential cost for insurers of the devastation caus Los Angeles wildfires is now expected to surpass $20 billion, according to analysts at JPMorgan Chase & Co., doubling their estimate from just a day before.

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.