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.

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,

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.

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