Insurance claims from recent California wildfires will cost Seattle-based Safeco an estimated $35 million in pretax losses, the company said.
The insurer said the figure represents the estimated losses both from claims received through Tuesday and future expected claims. The estimated effect on fourth-quarter net income is $23 million after tax, or 24 cents per diluted share.
State Farm, without providing a dollar figure, said recently that it logged more than 5,407 claims, and 470 involve a total loss. The insurer said it had 700 additional auto claims.
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