Fortune 500 property and casualty insurer, Safeco Insurance,reported approximately $30 million in pretax catastrophe losses dueto the Pacific Northwest windstorm that ran through the Puget Soundarea during the holiday season. Full and partial payments havealready been made to Safeco's claimants for the Decemberwindstorm.
|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 asurge in demand for goods and labor to complete repairs.
|Prolonged power outages in the Puget Sound area causedpolicyholders to delay making claims. Members of Safeco's NationalCatastrophe Team are still on site to aid in the recoveryefforts.
|Interested in more catastrophe news and in-depth articles? Headover to Claims' catastrophe channel for more information.
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