Analysts are evaluating the financial impact of the wildfires that have charred hillsides, homes, and streets in Los Angeles County, with initial estimates suggesting total insured losses could reach as high as $20 billion.

The wind-driven wildfires burning out of control in the Los Angeles area couldn't have emerged at a more perilous moment for California's homeowners, as officials try to rehab what they concede is a deepening "insurance crisis.

The wildfires that destroyed homes in multiple sections of the Los Angeles area will test California’s efforts to stabilize the state’s insurance marketplace after many insurers stopped issuing residential policies due to the high fire risk.