Safeco Foresees $30-$35 Million in Attack Losses
Friday, September 21st, 2001 Catastrophe Life & Health Property Workers' CompensationSAFECO announced yesterday it estimated primary insurance losses of $25 million stemming from last week's attacks on New York and Washington, with an additional loss of $5-$10 million estimated for its Lloyd's of London operations. The figures are net of reinsurance. Estimates for the $25 million primary insurance total include approximately $24 million in property-casualty losses and $1 million in life insurance, disability and medical insurance losses, SAFECO said. The Seattle-based company also said that total losses stemming from last week's attacks are expected to affect SAFECO's third-quarter income by between $0.15 and $0.18 per share on an after-tax basis.
External References & Further Reading
http://www.nationalunderwriter.com/pandc/hotnews/ArcPC.asp?article=9_21_01_16_2739.xml
