New York Dolly real estate agents and Jenny Lenz discuss the Los Angeles forest fires and the impact he will have on the local housing market on “Fox Business Live”.
Allstate said the forest fires that were part of South California last month will lead to a considerable loss of the insurance company.
CEO Tom Wilson said in a statement on Wednesday that forest fire losses should “be around 1.1 billion dollars, before tax, reinsurance net, reflecting a decision to reduce the market share to from 2007 and a complete reinsurance program. “
The expected loss of allstate of forest fires in the Los Angeles region was disclosed in the outlet of the results of the fourth quarter of the insurance company.
A sign is shown on the entrance to an Allstate brokerage office on February 7, 2024 in Chicago, Illinois. Allstate Corp. announced today results in the fourth quarter which exceeded the expectations of Wall Street. (Photo of Scott Olson / Getty Images) (Scott Olson / Getty Images / Getty Images)
The share of the company California owners market According to Allstate.
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The president of the responsibility of the Allstate property, Mario Rizzo, said when calling the company’s profits he had “responded quickly and empathetic to help customers and communities after tragic forest fires of California “.
Several forest fires devastated from the Los Angeles region Last month, killing more than two dozen people. One of the flames, the fire of the palisades, burned 23,700 acres and shaved more than 6,800 structures.
View of the structures and damaged houses caused by forest fires in the Pacific Palisades in Los Angeles on January 11, 2025, in Los Angeles, California. (Axelle / Bauer-Griffin / GC Images / Getty Images)
A view of the beach property ravaged by fires overlooking the peaceful ocean, which burned following the fire of Palisades on January 12, 2025 in Malibu, California. (Frederic J. Brown / AFP via Getty Images / Getty Images)
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“We have deployed mobile complaint centers and more than 900 team members to help customers. Helping our customers get back fires is our main priority,” said Rizzo. “The financial impact of forest fires reflects the complete risk and return approach that we have adopted to manage the home insurance company.”
The estimated loss of $ 1.1 billion will appear in the profits of the company’s first quarter.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| ALL | The allstate corp. | 190.24 | -1.64 |
-0.85% |
Rizzo said that Allstate “Would continue to monitor the development of this event and give an update later in February.
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The company generated $ 64.1 billion in 2024, including $ 16.6 billion in the fourth quarter. Its adjusted annual net income came to $ 4.9 billion.
Friday, Allstate’s actions were almost stable from the beginning of 2025. In the past 12 months, they have posted an increase of more than 20%.
