The damage is expected to far exceed the $16 billion in economic losses from Maui's wildfires two years ago. Weather now accounts for almost all of the $320 billion in annual natural catastrophe damages worldwide.

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.

A preliminary report by Accuweather estimated the cost of the wildfires ravaging L.A. County at more than $50 billion, a total that would make it one of the costliest natural disasters in recent U.S.