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

California utility company Southern California Edison on Thursday said its equipment “may be associated with” the ignition of the Hurst Fire, which burned alongside the Eaton and Palisades fires during January’s Los Angeles firestorms.

Allstate Corp. said it expects about $1.1 billion in losses from the wildfires that destroyed Los Angeles County communities in January.

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

TheStreet’s Conway Gittens brings you the biggest news of the day, including the toll the California wildfires are taking on insurance companies.