The cost of wildfires ravaging swaths of Los Angeles keeps rising, with new estimates of the total losses for the insurance industry now seen as high as $40 billion.

The fresh figure Jan. 14 from Keefe Bruyette & Woods analysts is double their rough initial estimate from just a day earlier. In a note to clients, they cited “continuing upside insured loss potential” as the fires across the region remain largely uncontrolled. Their most optimistic scenario implies insured losses of $25 billion.

(Editor’s Note: This story updates previously published content with a new headline and an additional insured-loss estimate from Keefe Bruyette & Woods, published originally by Bloomberg.)

Estimates from Wells Fargo & Co. and Goldman Sachs Group Inc. analysts significantly exceed an earlier prediction from JPMorgan Chase & Co. that the fires stood to cost insurers roughly $20 billion.

Home-insurance providers will bear the brunt of the cost. Allstate Corp., Chubb Ltd., American International Group. and Travelers Cos are the most exposed among the firms covered by Wells Fargo analysts, according to a note the bank sent to clients Jan. 12.

The most exposed insurers not covered by the bank include Mercury General Corp. and Cincinnati Financial Corp, according to the analysts.

Global property and casualty insurers are also beginning to acknowledge the disaster’s impact.

Japan’s Tokio Marine Holdings Inc. is “making group-wide efforts to pay insurance claims to those affected as quickly as possible,” President Satoru Komiya said at a briefing in Tokyo on Tuesday. It’s too early to estimate the impact of the LA wildfires on the insurer’s business performance, he said.

Tokio Marine, along with Japan’s MS&AD Insurance Group Holdings Inc. and Sompo Holdings Inc., are collectively exposed to about 3% of insured damage from the California fires, according to an estimate from Steven Lam, an analyst with Bloomberg Intelligence.

Los Angeles is grappling with a second week of wind gusts exacerbating wildfires and hindering firefighters’ efforts to contain them. At least 24 people have died and more than 12,000 buildings across over 40,000 acres in the Pacific Palisades and Altadena neighborhoods burned to the ground.

Goldman Sachs analysts estimated insured losses between $10 billion to $30 billion, likely rising to around $40 billion when taking into account uninsured losses, according to a note dated Jan. 13. The fires are expected to have a drag on US nonfarm payrolls growth of 15,000 to 25,000 in January, the bank added.

As of Monday, the Palisades and Eaton fires remained largely uncontrolled.

Top Photo: Debris around a pool in the aftermath of the Eaton Fire in Altadena on Jan. 13. Photographer: Benjamin Fanjoy/Bloomberg