More than 35,000 acres have burned so far, and at least 10 deaths have been reported, in what could be the most costly fire in California history.

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.

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.