Palisades and Eaton Fires in Los Angeles remain 0% contained. The blazes could become California's most costly ever.

• Wildfires are rampaging across Los Angeles County this week.
• Hundreds of thousands of people are under evacuation orders or warnings.
• Insured losses could top $20 billion, JPMorgan analysts estimated — the most-ever in California.

The Los Angeles area battled a series of massive wildfires Thursday that continued to rip through its picturesque mountains and hillsides — creating a hellscape of burned-out neighborhoods and livelihoods that could end up being the most costly fire disaster in California history.

JPMorgan analysts said the blazes tearing through the region could lead to more than $20 billion in insured losses — and around $50 billion in total economic losses. That would make these conflagrations "significantly more severe" than the Camp Fires that struck the state in 2018 and racked up $10 billion in insured losses, the current record.

As of Thursday morning local time, an additional 200,000 people had been placed under evacuation warnings — with officials advising them to get ready to leave their homes if the fires raging near their residences got closer.

Thick bands of smoke could be seen in several directions from the city's downtown core — with at least five fires burning throughout the 4,000 square-mile county that's home to nearly 10 million people.

More than 27,000 acres have burned so far — and at least five deaths have been reported, officials said. Authorities wouldn't confirm an exact death toll at a Thursday briefing.

They said "thousands" of homes and other structures had been destroyed so far.

Los Angeles District Attorney Nathan Hochman described the scene in LA as apocalyptic.

"Not since the 1990s, when Los Angeles was hit with the fires, the flood, the earthquake, and the riots, have I seen such disaster occur here in our city," Hochman said at the briefing, referring to the Northridge Earthquake and the disturbances in the wake of the Rodney King verdict.

Two of the largest fires, the Eaton Fire and the Palisades Fire, are still at zero percent containment, officials said. The National Weather Service predicted the "red flag warning" that signals high fire danger will persist for LA County and nearby Ventura County through Friday.

But there was some brightening on the horizon: Officials said weather conditions are beginning to turn favorably for firefighters.

Meanwhile, 20 people have been arrested on suspicion of looting in areas affected by the fires, Los Angeles County Sheriff Robert Luna said at Thursday's briefing.

And he issued a stern warning to the public: Anyone who remains in areas under mandatory evacuation orders is guilty of a misdemeanor, and his officers will begin enforcing that. Beyond that, crimes like looting could reach the felony level, he said.

As for people still in their homes, around 95,000 power customers remain in the dark, Janisse Quiñones, the CEO and chief engineer of the city's Department of Water and Power, said. Satellite images of the LA fires showed the destruction left in their wake.

Here's a look at the latest happenings in the main fires spreading throughout the area:

Palisades Fire

The Palisades Fire in the Pacific Palisades area north of Santa Monica was the first fire to strike the region on Tuesday morning. It has spread to nearly 20,000 acres, with zero percent containment, making it one of the worst natural disasters in LA history, officials said Thursday.

The blaze has reduced thousands of structures to rubble, but exact numbers are not yet known, the officials said.

Wind gusts in the area have tamed down some since their Tuesday highs of nearly 100 mph but remain up to 60 mph. They were expected to continue through Thursday.

Los Angeles City Fire Chief Kristin Crowley would not confirm reports that the fire started in a resident's garden, saying the origin is still under investigation.

Some celebrities have lost homes in the blaze, including Paris Hilton and Billy Crystal.

Eaton Fire

The second-largest fire in Los Angeles County is the Eaton Fire, which started on Tuesday evening in the Pasadena-Altadena area at the foothills of the Angeles National Forest.

The blaze has spread to over 13,000 acres and reduced at least 1,000 homes to ash as of Thursday, officials said. Like the Palisades Fire, it is zero percent contained.

Still, LA County Fire Chief Anthony Marrone said the fire's growth has been "significantly stopped," and the cause remains unknown.

Hurst Fire

The Hurst Fire, which began late on Tuesday night in the northern part of the San Fernando Valley, spread to around 855 acres, according to data from CalFire, a state agency.

LAFD's Crowley said the Hurst Fire was zero percent contained, while CalFire data estimated it was 10% contained.

Crowley said firefighters have been able to hold the fire within a containment area and have established a perimeter.

Sunset Fire and others

The Sunset Fire broke out in the Runyon Canyon area of the Hollywood Hills on Wednesday evening, quickly spreading to scorch over 40 acres and threaten major LA landmarks.

As of Thursday morning, firefighters were able to stop the fire's forward progress, Crowley said. Crews are still working to "put out spot fires within the perimeters to keep the wind from spreading any additional embers," she said.

All evacuation orders related to the Sunset Fire were lifted as of 7:30 a.m. Thursday, Crowley said.

Meanwhile, a large structure fire broke out nearby, consuming two large homes in the Studio City area. Still, firefighters were able to stop its forward growth at just one acre and prevent another brushfire, Crowley said.

Another fire, the Kenneth Fire, started on Thursday afternoon near Calabasas and Hidden Hills, north of the Palisades Fire. The fire quickly grew from 50 acres to nearly 800 acres in less than a few hours, according to Cal Fire.

A mandatory evacuation order was issued for several neighborhoods near the fire.

An evacuation notice intended for residents impacted by the Kenneth Fire was mistakenly sent out across LA county due to a "technical error," County Supervisor Janice Hahn said in an X post.

Yet another fire, the Lidia Fire, started Wednesday afternoon in Acton near the Antelope Valley, about 20 miles northeast of the San Fernando Valley. It spread to consume 348 acres but has been 40% contained, with forward progress stopped, LA County's Marrone said.

One of this week's fires has been 100% contained. The Woodley Fire, which began Wednesday morning in the southern part of the San Fernando Valley, has been suppressed and there are no current threats, Crowley said. Patrols were monitoring the area for any flare-ups, she said.

Events canceled and landmarks closed as smoke chokes LA

Major and minor events alike have been canceled or postponed across the LA area as the city battles the fires.

The 30th Annual Critics Choice Awards, set for Sunday night, were rescheduled for January 26. A National Hockey League game between the Los Angeles Kings and the Calgary Flames, scheduled for Wednesday night at Crypto.com arena, was postponed. The LA Lakers rescheduled Thursday night's game. And music venues across the city were also canceling or postponing their shows, including The Troubadour, The Wiltern, The Echo, the Kia Forum, Walt Disney Concert Hall, and others.

Flights into and out of LAX, Hollywood Burbank Airport, Ontario International Airport, and Santa Ana's John Wayne Airport were also experiencing delays and cancellations.

The fires are also shuttering tourist attractions in and around Los Angeles, which attracts nearly 50 million visitors a year.

The fires forced some Los Angeles-area landmarks to close, including the Hollywood sign, the Los Angeles Zoo, the Broad Museum, the Norton Simon Museum, the Getty Villa and Getty Center, Universal Studios Hollywood and Universal CityWalk, and the Griffith Observatory.

Airbnb told CNN that it would be allowing refunds for bookings in areas affected by the wildfires, following a viral social media post from a customer who said the company refused to offer her a refund.

California already struggled with an insurance crisis

The devastating fires this week will likely only worsen California's ongoing insurance crisis, where many homebuyers already struggle to get approved for loans, home insurance, and fire insurance — even in areas outside the typical risk zones.

In recent years, some insurance companies, like State Farm, have stopped accepting new home insurance policies in the state entirely, as wildfire risks have only increased.

Experts told Business Insider that prices are likely to continue rising for those who can still get insurance.

"I've seen numbers go up 200%, 300%, even 500% in a year," Nick Ramirez, the owner of a California insurance agency, told BI.

And as the fires' estimated damages already climb into the billions of dollars, some homeowners will have to rebuild without the help of insurance payouts.

"These fires will likely be the costliest in history, not the deadliest, and that is the only silver lining right now," Daniel Swain, a climate scientist with UCLA, told LAist.

This a developing story. Please check back for updates.