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

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.

Allstate Corp. said it expects about $1.1 billion of losses from the wildfires that ravaged swaths of Los Angeles last month.