How much money is lost each year because of fire?

Each year, fires cause significant economic losses, with estimates suggesting that the total cost in the United States alone exceeds $14 billion. This figure includes property damage, loss of life, and firefighting expenses. Globally, the financial impact is even higher, as various countries face devastating wildfires and urban fires that contribute to billions of dollars in losses annually. The exact amount can vary depending on the severity and frequency of fires in a given year.