The ongoing wildfires in Southern California are on track to become the most damaging in US history, with significant implications for the regional economy and the insurance industry, according to analysis from Moody’s.
The fires, which remain uncontained in Los Angeles, Riverside, San Bernardino, and Ventura counties, are causing unprecedented destruction in densely populated and high-value property areas.
Moody’s noted that while the fires are unlikely to impact the national economy, their regional effects could be profound. Even if contained soon, the current wildfires are projected to generate greater economic losses than any previous US wildfire event…