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)
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