Officials say the two biggest wildfires ravaging the Los Angeles area this week have burned at least 10,000 homes, buildings and other structures

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.

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

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.