Allstate Corp. said it expects about $1.1 billion of losses from the wildfires that ravaged swaths of Los Angeles last month. The anticipated cost partly reflects the Northbrook-based insurer's decision to reduce market share beginning in 2007, the insurer said in a statement Wednesday, when it reported fourth-quarter results.

In the fourth quarter, catastrophe losses took $315 million out of Allstate’s homeowners insurance business, up from $21 million the year before.

U.S. primary insurer Allstate has estimated that its gross losses from the Los Angeles, California wildfires will be $2 billion, and after r

US insurer Allstate expects its losses from the recent Los Angeles, California wildfires will be around $1.1 billion, pre-tax and net of reinsurance,

The economic toll from the California wildfires is just starting to become clear. Allstate is the latest insurer out with numbers. The insurance company says it will pay out $1.1 billion in insured claims.

Allstate is anticipating its losses from the recent California wildfires to be about $1.1bn, pre-tax, net of reinsurance, the company disclosed in its Q4 2024 earnings report. The net figure reflects a “decision to reduce market share beginning in 2007 and a comprehensive reinsurance program,” president and CEO Tom Wilkins said in the statement.

The Bloomington-based insurer already has paid out more than $1 billion in claims from recent wildfires that have ravaged the Los Angeles area.

TheStreet’s Conway Gittens brings you the biggest news of the day, including the toll the California wildfires are taking on insurance companies.