Allstate said the wildfires blazed through Southern California last month will bring the insurance company a sizable loss – $1.1 billion.

Allstate insurance said it expects a $1.1 billion loss from claims caused by the wildfires that swept through Southern California in January

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

Some of the biggest insurers in California had the highest number of national claim denials in 2023, according to Weiss Ratings.

The economic toll from the California wildfires is just starting to become clear. Allstate is the latest insurer out with numbers. The insurance company says it will pay out $1.1 billion in insured claims.