Seattle-based property and casualty insurance company Safeco reported approximately $30 million in pretax catastrophe losses due to the Pacific Northwest windstorm that ripped through the Puget Sound area during the 2006 holiday season.
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. Safeco reported that they have completed full or partial payouts to those who made claims that stemmed from the windstorms. The company reported that members of its National Catastrophe Team were on-site as of late January to aid in the recovery efforts.
“December's windstorm was the worst to hit in the Pacific Northwest in more than a decade, but our National Catastrophe Team was on the ground the very next day,” said Paula Reynolds, Safeco president and chief executive officer. “As a result, most of our customers have repairs under way.”
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