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

It's estimated the damage from the Southern California wildfires will cost up to $45 billion to remedy. That's according to two analytic firms, Verisk and CoreLogic, which calculated property losses covered by insurance in the Palisades and Eaton fires.

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