LOS ANGELES, California: The wildfires that broke out last week in Los Angeles County are still burning and are expected to be some of the most expensive natural disasters in U.S. history.

The fires have killed at least 11 people and destroyed over 12,000 structures since January 7, wiping out entire neighborhoods with multimillion-dollar homes. While the exact financial losses are still unclear, estimates suggest this could be the costliest wildfire disaster in U.S. history.

AccuWeather estimates the damage and economic losses so far at US$135 billion to $150 billion. For comparison, Hurricane Helene, which caused damage across six southeastern states last fall, had losses of $225 billion to $250 billion.

"These wildfires are likely the most expensive in California and U.S. modern history due to the high-value properties in densely populated areas around Los Angeles," said Jonathan Porter, AccuWeather's chief meteorologist. Their estimates include damage to homes, businesses, vehicles, infrastructure, healthcare costs, lost wages, and supply chain disruptions.

Insurance broker Aon PLC also believes the L.A. wildfires will surpass the Camp Fire in Paradise, California, in 2018. The Camp Fire caused $12.5 billion in damages (adjusted for inflation), killed 85 people, and destroyed about 11,000 homes.

The current wildfires, driven by strong Santa Ana winds and extreme drought, remain primarily uncontained. Losses are expected to grow significantly as the fires continue.

AccuWeather estimates the total economic impact of these wildfires could equal nearly four percent of California's annual GDP. Moody's also reported that these fires would likely be the most expensive in U.S. history, primarily because they have burned through densely populated, high-value areas like Pacific Palisades and Malibu, where many celebrities and executives live. Several stars have already lost homes.

"The scale and intensity of these fires, combined with their location, have resulted in immense human and economic losses," Moody's analysts wrote. However, they did not provide a preliminary cost estimate.

It may take months to determine the full financial toll of the wildfires.

"We're in the very early stages of this disaster," Porter said.