Analysts estimate economic losses at more than $50bn as the fires burn through some of the most expensive property in the US.

Former L.A. Fire Air Ops. crew chief Mike Dubron provides his assessment of the scope and response to the California wildfires and discusses the aerial firefighting capabilities.

The Los Angeles wildfires are set to be the costliest in U.S. history, analysts said Thursday, as the first initial estimates of damage from the infernos soared with their unchecked spread. Total economic losses from the fires are now pegged at close to $50 billion,

The wildfires wreaking devastation in the Los Angeles area could become the costliest blaze in U.S. history. The insured losses from this week’s fires may exceed $20 billion, according to estimates published by JPMorgan on Thursday.

The damage is expected to far exceed the $16 billion in economic losses from Maui's wildfires two years ago. Weather now accounts for almost all of the $320 billion in annual natural catastrophe damages worldwide.

"This is likely to end up being one of the most expensive wildfires in modern California history," said AccuWeather's chief meteorologist.