The LA Fires are very likely going to be in the top 5 most expensive natural disasters in world history.

#1 - Chernobyl (Ukraine) $500-700B
#2 - 2011 Tohoku Tsunami (Japan) 250-300B
#3 - Hurricane Katrina (US) 200B
#4 - Hurricane Harvey (US) 160B
#5 - (Likely) 2024 LA Fires (US) 150B

And the LA Fire has been limited in scope to mostly small retail and residential. All the others in the list took out commercial and industrial operations as well. 

To put this in perspective, the 1906 San Francisco Earthquake and subsequent fires, when adjusted for inflation only "cost" ~12B even though it killed over 3000 people approximately 1% of the population and destroyed the majority of the city. 

This shows you just how over-inflated the asset class of real estate has become.  This is probably the worst case scenario for insurers and utilities.