New York City real estate agents Dolly and Jenny Lentz discuss the Los Angeles wildfires and the impact of “Fox Business Live” on the local housing market.
Allstate said the wildfire that burned Southern California last month would cause significant losses to insurers.
CEO Tom Wilson said in a statement Wednesday that wildfire-related losses “reflecting decisions to cut market share and cut comprehensive reinsurance programs starting in 2007, with approximately $1.1 billion in taxes. “We expect to be net reinsurance before the withdrawal.”
Allstate's expected losses from the Los Angeles area wildfires were revealed in the insurance company's fourth quarter revenue release.
On February 7th, 2024, the sign will appear at the entrance to the Allstate Brokerage Office in Chicago, Illinois. Allstate Corp. today reported fourth quarter revenue exceeded Wall Street's expectations. (Photo: Scott Olson/Getty Images) (Scott Olson/Getty Images/Getty Images)
According to Allstate, the company's share in the California homeowner market was 5.8% at the end of 2023, down significantly from 12.6% 15 years ago.
State Farm asks California to approve post-wildfire fee hikes
In a call for revenue from the company, President Mario Rizzo said “we responded quickly and empathically to support our customers and our community after the tragic wildfires in Southern California.”
Last month, multiple wildfires in the Los Angeles area were destroyed, killing more than 20 people. One of the flames, the Palisade fire, burned 23,700 acres and destroyed more than 6,800 structures.
The views of damaged structures and homes caused by wildfires in the Pacific Palisades area of Los Angeles, California, January 11, 2025. (Axelle/Bauer-Griffin/GC Images/Getty Images)
View of the beach facility that caused a fire overlooking the Pacific Ocean burning on January 12, 2025 as a result of the Palisade fire in Malibu, California. (Frederic J. Brown/AFP via Getty Images/Getty Images)
Click here to get your Fox business on the go
“To help our customers, we deployed a mobile claims centre and over 900 team members. Helping our customers recover from the fire is our main priority,” Rizzo said. Masu. “The economic impact of wildfires reflects the comprehensive risk and return approach we have taken to managing our homeowner insurance business.”
The estimated $1.1 billion losses will be reflected in our first quarter revenues.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| all | Allstate Corp. | 191.88 | -1.13 |
-0.59% |
Rizzo said Allstate will continue to monitor the development of this event and provide an update in late February.
LA businessman Rick Caruso launches foundation for rebuilding after wildfires
The company generated $64.1 billion in 2024. This includes $16.6 billion in the fourth quarter. Adjusted annual net income was $4.9 billion.
As of Friday, Allstate shares had remained pretty flat since the beginning of 2025. Over the past 12 months, they have recorded an increase of over 20%.
