Safeco said it estimates pre-tax catastrophe losses from Hurricane Wilma will come in at $45 million, translating into an after-tax loss of $29 million, or 23 cents per share.

The Seattle-based carrier said the figures represent estimated losses from both claims received through Nov. 9 and future expected claims from policyholders with hurricane damage.

The carrier said it does not anticipate reimbursement from the Florida Hurricane Catastrophe Fund or the company's property catastrophe reinsurance for losses related to Wilma.

Mike McGavick, Safeco chairman and chief executive officer. said even as the hurricane season is ending, the company still has hundreds of Safeco claims personnel working with customers, agents and brokers on Hurricane Wilma claims. He noted that the storm has been "more costly by industry estimates than any one of Florida's four 2004 hurricanes."

Safeco said it has a 0.7 percent share of the Florida homeowners market and 2.4 percent share of the commercial multi-peril market. The company said its loss estimate is less than proportionate to the company's market share, due to strict underwriting guidelines in areas susceptible to coastal storms.

The carrier said it estimated losses for Hurricane Wilma using its knowledge of severity and reporting patterns from past storms as well as claims data and assumptions specific to this catastrophe.

Wilma struck Florida on Oct. 24, causing an estimated $2-to-$10 billion in damages, according to catastrophe modelers.

Special Reports /

Safeco Wilma Loss: $45M Pre-tax

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