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New York real estate agents Dolly and Jenny Lenz discuss the wild fires of Los Angeles and its impact on the local housing market on “Fox Business Live”.
According to Allstate, firefighters in South California last month cause a significant loss to the insurance company.
CEO Tom Wilson said in a statement on Wednesday that fire extinguisher losses are expected to be about $ 1.1 billion, pre-tax, reinsurance, reflecting the decision to reduce the 2007 market share and a comprehensive reinsurance program. “
The expected loss of Allstate from firefighters from Los Angeles was published in the fourth quarter of the insurance company.
The signboard will be presented at the entrance of an Allstate brokerage office on February 7, 2024, in Chicago, Illinois. Allstate Corp. today reported the fourth quarter revenue, which exceeded Wall Street expectations. (Photo: Scott Olson/Getty Images) (Scott Olson / Getty Images / Getty Images)
According to Allstate, the company had a share of the California homeowners market 5.8% at the end of 2023, from 12.6% to 12.6% 15 years ago.
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Mario Rizzo, president of the Allstate Real Estate Responsibility, said in a call for revenue that “he responded quickly and empathically to help customers and communities after tragic firefighters in South California.”
Last month, several wild fires destroyed the Los Angeles area, killing more than two dozen people. One of the flames, the Palisades fire, has a 23,700 hectares and explodes more than 6,800 structures.
Image of damaged structures and houses caused by the Palisades of the Silent Ocean in Los Angeles, January 11, 2025, in Los Angeles, California. (Axelle/Bauer-Griffin/GC Images/Getty Images)
Views of the fire-stricken seaside property, with a view to the Pacific, which burned in Malibu, California, Malibu, as a result of Palisades fire. (Frederic J. Brown / AFP through Getty Images / Getty Images)
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“Our most important priority is for mobile claims and more than 900 team members.” The financial impact of firefighters reflects the comprehensive risk and the return approach we took to control the homeowners’ insurance business. ”
It is estimated that a loss of $ 1.1 billion is expected in the first quarter of the company.
| Ticking | Security | Last | Change | Change % |
|---|---|---|---|---|
| ALL | Allstate Corp. | 190.24 | -1,64 |
-0.85% |
Rizzo said that Allstate “will continue to monitor the development of the event and will later be updated in February.
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The company generated $ 64.1 billion in 2024, including $ 16.6 billion in Q4. His annual net income was $ 4.9 billion.
From Friday, allstate shares were pretty flat from the beginning of 2025. More than 20% growth has been announced over the past 12 months.
