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The Los Angeles wildfires could be the costliest in U.S.
history.
What that means for homeowners and the state's insurance market.
The crucial thing now is whether efforts to stabilize the market are going to succeed or whether, unfortunately, the losses from this are going to derail those attempts.
And five U.S.
presidents gather in Washington to honor Jimmy Carter.
Plus plus in the wake of its New Year's Day attack, New Orleans is taking a page from Las Vegas playbook to bring back tourists.
It's Thursday, January 9th.
I'm Alex Osola for the Wall Street Journal.
This is the PM edition of what's the top headlines and business stories that move the world today.
The fires in and around Los Angeles continue to wreak havoc.
They've already killed at least five people and have destroyed or damaged thousands of buildings.
And experts are just starting to get a handle on the fire's economic toll.
Some analysts are predicting that they could be the costliest in US history, with total losses pegged at close to $50 billion.
20 billion of that or more is estimated to be insured losses, which could make this disaster a very expensive one for insurance companies, some of which have already pulled back from California.
I'm joined now by Gene Eaglesham, who covers insurance for the Wall Street Journal.
Jean, what makes these fires potentially so costly?
We're seeing such high costs partly because these fires are burning some of the most expensive real estate in the country, also because the fires are spreading so fast, so these estimates doubled almost overnight.
They could still rise further.