The Los Angeles wildfires, which have reduced entire neighborhoods to smoldering ruins and left an apocalyptic landscape, could become the costliest wildfires in U.S. history in terms of insured losses if analysts' estimates of up to $20 billion materialize.

As hundreds of Los Angeles residents return to find homes reduced to ashes due to a devastating wave of wildfires, many are fearful that their insurance policies may not cover the rebuild cost and that future premiums will be astronomical.

Wildfires have decimated more than 37,000 acres of the Los Angeles metropolitan area over the last several days, charring more than 12,000 structures, displacing over 150,000 residents and leaving at least 16 people dead.

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.

A confirmed 16 people have died and 16 others are reported missing in relation to the Los Angeles area wildfires, authorities confirmed during the latest updated provided on Sunday (January 12) via NBC News.