JP Morgan equity analysts have dramatically increased their loss estimates for the ongoing wildfires in Los Angeles, now predicting insured losses could surpass $20 billion, up from $8 billion. This catastrophic event could lead to $50 billion in overall economic losses, with up to 2,000 structures impacted, especially in high-value areas like Pacific Palisades. The escalating destruction has implications for insurance and reinsurance markets, heightening concerns over financial losses as the situation remains volatile. Source and details of the news