Seattle-based Safeco announced that claims stemming from Hurricane Charley are estimated at $45 million in pre-tax catastrophe losses. This figure represents the estimated losses both from claims received through Aug. 24, 2004 and future expected claims from policyholders whose homes or businesses were destroyed or damaged in the storm. The effect on third-quarter net income is estimated at $29 million after tax, or $0.22 per diluted share. These estimates do not anticipate any reimbursement from the Florida Hurricane Catastrophe Fund or Safeco’s property catastrophe reinsurance. The estimated pretax losses include: $20 million in personal lines, primarily homeowners claims, and $25 million in small-business claims. Safeco has made partial or full payments on many claims so the rebuilding process can begin. The company will announce its third-quarter financial results on Oct. 19, 2004.
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