1237 ET - Allstate expects California's state-backed FAIR insurance program to tack on charges due to the wildfires that decimated large swaths of the Los Angeles area. California's FAIR Plan is available to state residents and businesses who cannot obtain insurance through a regular insurance company. While overseen by the state, the program is supported by a pool of private insurers. "We think it's pretty likely that they're going to exceed their surplus levels and there will likely be an assessment," says Mario Rizzo, Allstate's president of property-liability. Allstate, which says a net loss of $1.1 billion will be reflected in 1Q 2025 earnings from the wildfires, says it has reduced its homeowners market share by more than 50% in California since 2008. (katherine.hamilton@wsj.com)
(END) Dow Jones Newswires
February 06, 2025 12:37 ET (17:37 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。