Fortune 500 property and casualty insurer, Safeco Insurance, reported approximately $30 million in pretax catastrophe losses due to the Pacific Northwest windstorm that ran through the Puget Sound area during the holiday season. Full and partial payments have already been made to Safeco's claimants for the December windstorm.
The company estimated the storm losses based on property value, knowledge of severity and reporting patterns from past storms, damage projections based on wind speed, and anticipated costs for a surge in demand for goods and labor to complete repairs.
Prolonged power outages in the Puget Sound area caused policyholders to delay making claims. Members of Safeco's National Catastrophe Team are still on site to aid in the recovery efforts.
Interested in more catastrophe news and in-depth articles? Head over to Claims' catastrophe channel for more information.
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