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Real estate agents in New York City Dolly and Jenny Linz discuss the fires of Los Angeles and its impact on the local housing market on “Fox Business Live”.
Allstate said that the forest fires, in which southern California caught last month, would bring the insurance company a great loss.
CEO Tom Wilson said in a statement on Wednesday that the losses related to mysterious fires “are expected to reach about $ 1.1 billion, net tax, and a reinsurance network, which reflects a decision to reduce the market share that begins in 2007 and a comprehensive reinsurance program.”
The expected loss of Los Angeles fires in the insurance zone has been revealed in issuing the fourth quarter profits of the insurance company.
The entrance to the brokerage office in allstate is shown on February 7, 2024, in Chicago, Illinois. I reported Allstate Corp. Today about the fourth quarter profits, which exceeded Wall Street’s expectations. (Scott Olson/Getti Emiez) (Scott Olson / Getty Images / Getty Images)
The company’s share of the California home owners market reached 5.8 % at the end of 2023, a significant decrease from 12.6 % 15 years ago, according to the Easts.
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Mario Rizu, head of responsibility for property in allstate, said during the company’s call, that “she responded quickly and sympathy to help customers and societies after tragic forest fires in southern California.”
Many forest fires destroy the parts of the Los Angeles area last month, killing more than twenty people. One of the fire, Palisades fire, burned from 23700 acres and destroyed more than 6800 structures.
A view of the damaged structures and homes caused by forest fires in the Pacific Palisades neighborhood in Los Angeles on January 11, 2025, in Los Angeles, California. (Axelle/Bauer-Griffin/GC Images/Getty Images)
A view of the beach property that was transported from the fire that overlooks the Pacific Ocean, which was burned as a result of the Palisades fire on January 12, 2025, in Malibu, California. (Frederic J. Brown / AFP via Getty Images / Getty Images)
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“We have published the Centennial Centers on the mobile phone and more than 900 team members to help customers. Helping our customers to recover from fires is our main priority.” “The financial impact of forest fires reflects the risk and comprehensive return approach that we have taken to manage homeowners insurance.”
The estimated loss will appear $ 1.1 billion in the company’s profits in the first quarter.
| index | protection | last | Changing | % Change |
|---|---|---|---|---|
| everyone | Allstate Company. | 191.88 | 1.13 |
-59 % |
RISO said “Allstate” will continue to monitor the development of this event and submit an update later in February.
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The company produced $ 64.1 billion in 2024, including $ 16.6 billion in the fourth quarter. The average annual annual income came at $ 4.9 billion.
As of Friday, allstate shares have almost flat since the beginning of 2025. Over the past 12 months, they recorded an increase of more than 20 %.
