The estimated loss includes $5m in commercial property claims
Safeco, the American property and casualty insurer, said that claims stemming from the recent California wildfires are estimated at $35m in pretax catastrophe losses.
The figure represents the estimated losses both from claims received through November 6, 2007 and future expected claims. The estimated effect on fourth-quarter net income is $23m after tax, or $0.24 per diluted share.
The pretax estimated losses include $5m in commercial property and £3om in personal lines property.
Paula Rosput Reynolds, Safeco president and chief executive officer, said: “Safeco has been on the ground with our customers since Day One of the fires. “We appreciate the support of the Department of Insurance and local law enforcement in allowing us to respond quickly to our customers.”
Safeco will announce its fourth-quarter financial results on January 31, 2008.