At least 10 people have been killed in the Los Angeles fires this week, with over 9,000 structures destroyed, according to the latest estimates cited by the L.A. Times.
What Happened: Several wildfires broke out on Tuesday and Wednesday in Los Angeles following a strong windstorm. While officials are slowly containing the blaze, the economic damage amounts to the most devastating in the city’s history.
The windstorm created a severe fire risk and several fires are still burning on Friday, the Los Angeles Times reported.
The blaze that began in Pacific Palisades burned over 20,000 acres of land. As of Friday, it is 8% contained.
The Eaton Fire in Altadena and the San Gabriel Valley has burned over 13,000 acres and is merely 3% contained. Other fires are burning north of Calabasas and near Santa Clarita.
Over 200,000 Californians were without power on Friday, according to Power Outage.
Experts attribute the increase in wildfires in recent years to the effects of climate change.
Why it Matters: Several companies with operations in Los Angeles are exposed to the fires.
Shares of Edison International (NYSE:EIX), the region’s utility provider, have tumbled more than 18% since Monday. Sempra (NYSE:SRE), another utility provider, saw its shares sink more than 10%.
Insurance providers Chubb Ltd (NYSE:CB), Travelers Companies Inc (NYSE:TRV) and Allstate Corp (NYSE:ALL) saw their share prices deep in the red on Friday. Shares of Mercury General Corp (NYSE:MCY) fell over 20%.
Also Read:
- Wall Street Tumbles On Blowout Payrolls, Oil Rallies To $76, US Dollar Hits 26-Month Highs: What’s Driving Markets Friday?
Image: Shutterstock
