section_path: Impact/Economic impact
section_name: Economic impact
paragraph_text: Economic impact
  
  According to JPMorgan estimates published on January 9, the insured losses from the fires were projected to exceed $20 billion, which would set a new record for wildfire-related insurance claims in US history. This figure would substantially surpass the previous record of $12.5 billion in insured damages set by the 2018 Camp Fire, as documented by Aon. A total economic loss of $50 billion was predicted by JPMorgan. JPMorgan noted that these figures could rise further due to the fires' continued spread and lack of containment. It was estimated that European reinsurance companies will also be impacted due to financial losses from wildfires, including Swiss Re, Hannover Re, and Société Commerciale de Réassurance.
  
  According to JPMorgan estimates published on January 9, the insured losses from the fires were projected to exceed $20 billion, which would set a new record for wildfire-related insurance claims in US history. This figure would substantially surpass the previous record of $12.5 billion in insured damages set by the 2018 Camp Fire, as documented by Aon. A total economic loss of $50 billion was predicted by JPMorgan. JPMorgan noted that these figures could rise further due to the fires' continued spread and lack of containment. It was estimated that European reinsurance companies will also be impacted due to financial losses from wildfires, including Swiss Re, Hannover Re, and Société Commerciale de Réassurance.