The potential cost for insurers of the devastation caus Los Angeles wildfires is now expected to surpass $20 billion, according to analysts at JPMorgan Chase & Co., doubling their estimate from just a day before.

A new wildfire was reported today at 4:10 p.m. in Los Angeles County. The wildfire has been burning on private land. At this time, the containment status is unknown and the cause of the fire remains undetermined.

Out-of-control wildfires are ripping across parts of Los Angeles, leading to at least five deaths, burning down hundreds of buildings, and prompting more than 130,000 people to flee their homes in America's second-largest city.