Insured losses from J.P. Morgan estimated Wednesday the ongoing wildfires in Southern California could approach $10B, although that is a "very preliminary estimate to help investors gauge the likely impact on financials than to provide a precise impact of the likely claims.

An analysis by J.P. Morgan estimates that the insured losses from the Southern California wildfires could exceed $20 billion and push overall economic losses to $50 billion.

The massive fires that have destroyed much of Pacific Palisades and demolished more than 2,000 homes in Los Angeles County threaten an effort to fix California's troubled home insurance market.

Lynne Levin-Guzman stood in the front yard of her 90-year old parents’ home in Los Angeles County, California, trying to protect it with a garden hose — because their insurance company no longer would.

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.

Several California insurers have cut policies in wildfire-prone areas of the state in recent years, leaving homeowners scrambling for options.