The most destructive wildfires ever for Los Angeles may cause billions of dollars in insured losses, ratings agencies said on Thursday, though many homes are likely uninsured.

Wildfires engulfing entire swaths of Los Angeles are expected to be one of the nation’s costliest natural disasters, with insurers potentially incurring losses of more than $10 billion.

Los Angeles is in the grip of unprecedented wildfires that are destroying homes and ending lives. A fire that started in the Pacific Palisades neighborhood of Los Angeles on Tuesday morning quickly blazed out of control,