Insurance companies are expected to face significant losses due to the wildfires in Southern California, though a report by Wells Fargo expects those will be "manageable."

In the months preceding the outbreak of the infernos now raging through Los Angeles County, home insurance carriers began withdrawing new coverage in response to the rising threat from wildfires, while also increasing premium amounts for existing customers.

The current California wildfires are on pace to be one of, if not the most expensive natural disasters in United States history with damage estimates totaling around $150 billion.