California-focused insurance and utility stocks suffered a setback Friday as firefighters in Los Angeles continued to try to contain wildfires that have destroyed thousands of buildings and killed at least 10 people.

Shares of Allstate (ALL), Travelers Companies (TRV), Chubb (CB), Mercury (MCY) and American International Group (AIG) — some of the state’s leading commercial real estate and home insurers — fell in early trading Friday.

Mercury shares suffered the biggest decline, falling almost 17%. According to Moody’s, about a fifth of the home insurance premiums the company collects in the U.S. come from California. Meanwhile, Chubb and Allstate fell about 2% and 4%, respectively. AIG and Travelers fell about 2%.

“It will take weeks or months to determine the amount of insured loss, but the Los Angeles wildfires are likely to be among the costliest wildfires in the state’s history,” Moody’s insurance analysts said in a note Thursday.

Analysts expect insured losses to “run into the billions of dollars given the high value of homes and businesses in the affected areas” and represent large losses for property and casualty insurers with significant shares of the Los homeowners and commercial real estate markets Angeles will cause. ”

The losses come as the state tries to lure insurers back as wildfires become more frequent and severe due to climate change.

JPMorgan doubled its estimate of insured losses from the fires to $20 billion on Thursday, compared with its previous estimate of $10 billion the day before. That estimate could rise as fires continued to rage Friday.

Utilities stocks also came under pressure. Shares of Edison International (EIX) — the parent company of Southern California Edison that supplies Los Angeles — posted a weekly loss of 13%. SCE said its equipment was not responsible for starting the fires.

If SCE is found responsible for starting the fire, its liability would be capped at $4 billion, JPMorgan insurance analysts wrote in a note Thursday.

As of Friday, approximately 246,000 Californians were without power, with approximately 173,000 of those residents shut off by Southern California Edison for safety reasons (to prevent the wildfires from spreading).

Shares of fellow utility Pacific Gas and Electric (PCG), which serves Northern California, fell more than 8%.

PG&E faced more than $30 billion in lawsuits over its role in past wildfires in California, prompting the utility to file for Chapter 11 bankruptcy in 2019 – dubbed the “first climate change bankruptcy” by Harvard researchers.

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