U.S. insurance stocks slid on Friday as analysts estimated insured losses from the wildfires menacing Los Angeles could reach as high as $20 billion, potentially making it the costliest disaster in California's history.

The Los Angeles wildfires continue to burn out of control, with the death toll now at seven and expected to climb. Nearly 180,000 people have been ordered to evacuate and at least 10,000 buildings have been destroyed, L.A. Sheriff Robert Luna stating in a press conference that some of the impacted areas "look like a bomb was dropped in them."

The Palisades Fire has destroyed businesses, homes, and historic buildings in Los Angeles. The latest images capture the aftermath.

Street after street, there is little but dark ash and ruin where a wealthy seaside enclave favored by celebrities once stood. Blackened trees stand out amid the rubble, and the occasional mansion remains,