At least 10 people are reported to have died and over 100,000 residents have been forced to flee in the wake of raging wildfires in the Los Angeles region, as firefighters have struggled to contain several blazes that continue to be fanned by strong winds.

Major fires across Los Angeles this week have killed at least five people, forced 180,000 to flee their homes, and destroyed thousands of structures

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.

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.

A preliminary report by Accuweather estimated the cost of the wildfires ravaging L.A. County at more than $50 billion, a total that would make it one of the costliest natural disasters in recent U.S.