Safeco is cutting homeowners insurance rates in Oregon by as much as 17.3 percent. The amount of the decrease varies by location, ranging up to 17 percent in the Eugene area.
Safeco reduced rates in the state after seeing improvements in both the number of claims and success in the company's ongoing efforts to reduce expenses. Recent overhauls to its underwriting and pricing models have allowed Safeco to take an increasingly sophisticated approach to the way it offers personal insurance products to its Oregon customers.
Safeco, in business since 1923, is a Fortune 500 property and casualty insurance company based in Seattle. The company sells insurance to drivers, home owners and owners of small- and mid-sized businesses principally through a national network of independent agents and brokers.