Multiple fires raging across the Los Angeles area will cost insurers as much as $30 billion, Wells Fargo and Goldman Sachs estimated in a report released this week. After accounting for non-insured damages, the total costs will balloon to $40 billion, the report said.

Massive fires continue burning after igniting in the foothills of Pacific Palisades, and Altadena, forcing thousands to evacuate amid a life-threatening and destructive windstorm slamming Southern California.