JPMorgan released a report stating that the losses caused by the historic wildfires in the Los Angeles area have soared to nearly 50 billion dollars and are still increasing. The report estimates that Insurance losses could exceed 20 billion dollars, and depending on when the wildfires are ultimately brought under control, this figure could rise further. In contrast, the total damage and economic losses from the 2023 Maui wildfires are estimated to be between 13 billion and 16 billion dollars. (CCTV News)