By Katherine Hamilton
Allstate expects to record a $1.1 billion loss from the wildfires in Southern California in January, the company said..
The insurer said Wednesday it has been reducing market share in California since the beginning of 2007.
In the fourth quarter, catastrophe losses took $315 million out of Allstate's homeowners insurance business, up from $21 million the year before. The loss widened 18% in 2024 compared with the year prior.
The quarterly increase in losses was mainly due to Hurricane Milton and re-estimates for Hurricane Helene, Allstate said
Analysts have estimated the fires will cost the insurance industry around $30 billion. About 5% of Allstate's direct written premiums were located in Southern California as of 2023, an analysis from Keefe, Bruyette & Woods showed.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
February 05, 2025 17:29 ET (22:29 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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