Safeco Loses $16 Million From Fires

Safeco Loses $16 Million From Fires

By Mark E. Ruquet

NU Online News Service, Nov. 17, 1:52 p.m. EST? Safeco said the company's losses from recent California wildfires will amount to $16 million

In a statement, the Seattle-based insurer said it estimates that losses from the wildfires would total $13 million in homeowners insurance and $3 million in small business claims. Safeco has a 3.4 percent share of the homeowner's market in California.

State Farm and Farmers Group hold the majority of homeowner's market share in California. Neither has released loss estimates.

The number-three insurer, Allstate, said last week that it estimates its losses from the fire to range between $290 million and $330 million.

Jersey City, N.J.-based Insurance Services Office Inc. said today that its preliminary estimate for total insured losses is $2.04 billion in homeowners and business property losses. It said insurers expect more than 19,000 claims for homeowner, business and auto. They said more than 3,300 homes and businesses were destroyed.

The Insurance Information Network of California's current estimate for total insured losses from the fires, which began Oct. 21, stands at $2 billion. Moody's and Standard and Poor's have issued loss estimates ranging from $2.5-to-$3.5 billion.

As of Friday last week, IIN of California said 7,924 claims have been filed.