Among many misinformed takes—I've noticed this one a lot: people are conflating total damages from the fires (estimates as high as $150B) with insured losses (estimates to $20B). Those are different things! 

Total damages include a broader impact on public infrastructure, uninsured / underinsured properties, business interruptions, health impact from smoke, lost tax revenue, impact on tourism, emergency response costs, environmental degradation & other long-term economic setbacks. They will be huge, sadly.

Insured losses refer strictly to the portion of damages that insurance policies will pay out, which will be much much smaller.... in part because many of these properties were underinsured, having to use the FAIR plan or in some cases go uninsured because carriers weren't willing to write the risk, and in part because total losses are always far more than insured losses.