Analysts estimate economic losses at more than $135bn as the fires burn through some of the most expensive property in the US.

With strong winds, dry conditions and no immediate end in sight, analysts project total economic losses of as much as $150 billion.

The Los Angeles wildfires are set to be the costliest blaze in U.S. history, analysts said Thursday, as the first initial estimates of damage from the infernos soared with their unchecked spread. Total economic losses from the fires are now pegged at close to $50 billion,