Attorney Chris Davis Discussing Insurance Company Settlement Tactics
Almost 7% of all motor vehicle insurance policies in Washington state are covered by Safeco Insurance.
Safeco sells personal automobile, homeowners and specialty products through 10,000 independent insurance agencies. The company reported $8 billion in revenue in 2015. Safeco's parent company Liberty Mutual had $37.6 billion in revenue.
Safeco is motivated to minimize payouts on claims. Safeco makes a profit by taking in premiums and paying out as little as possible on claims – even valid claims. Their policyholder’s insurance premiums finance the massive profits Safeco and other insurers make each year.
Safeco Insurance and its subsidiaries are frequently the focus of investigations into unfair claims practices because of the volume of bad faith complaints — particularly with respect to motor vehicle accident claims. The Washington State insurance commissioner's office investigates consumer and policyholder complaints against insurance companies.
Thousands of people file automobile collision insurance-related complaints each year. Between 2014 and 2016 there were 117 consumer automobile insurance complaints filed against Safeco.
Secret Tactics Safeco Uses Against Victims
Safeco Insurance is well-known for stalling and using delay tactics, which often take injury victims with valid claims well past the statute of lamentations, leaving them with no way to get compensation for their injuries. The company also has a reputation for "nickel and diming" accident victims in an effort to reduce the settlement amount.
While the ethics behind these practices are highly questionable, the tactics are unfortunately implemented by an extremely high percentage of insurance companies. These strategies have been devised as both a money-making and a money-saving technique.
Settlements & Verdicts Against Safeco Insurance
If you or a loved one has been seriously injured in a motor vehicle accident in Washington State contact attorney Chris Davis and the team at Davis Law Group at (206) 727-4000 to schedule your free legal consultation.
Below are just a few of the settlements and jury verdicts Davis Law Group has secured against Safeco Insurance.
- $700,000. Settlement for man injured in T-bone accident when at-fault driver ran stop sign.
- $645,000. Jury verdict for pedestrian struck by truck in marked crosswalk.
- $550,000. Settlement for bicyclist that was struck by car and suffered spinal injury.
- $400,000. Settlement for woman in a wheelchair that was involved in a severe motor vehicle accident.
- $300,000. Settlement for our client after an out of control driver caused a massive pileup crash.
- $250,000. Jury verdict for a man that was hit while riding his bike while in a marked bicycle lane in Seattle.
- $146,148. Settlement for our client who was rear-ended by a drunk driver.
- $130,000. Settlement after a rear end accident on Interstate 405 near the Interstate 90 interchange.
- $100,000. Settlement for man who was rear-ended twice by the same driver.
- $100,000. Settlement for man who was injured while riding motorcycle on the highway.
Safeco Insurance Company Profile
In 2008 Safeco Corporation was acquired by Liberty Mutual Group, making the combined company the fifth largest U.S. property/casualty insurer and second largest surety writer.
Safeco appeared in the 2008 Fortune 500 company listing. Every year Fortune the American business magazine compiles, ranks and publishes a list of the top 500 U.S. public corporations based on their gross revenue. The Top Fortune 500 Company list provides Fortune magazine readers with facts and information about the top companies and their contributions to the American economy. Companies eligible for inclusion in the Top Fortune 500 Company list are are those incorporated in the United States and whose revenues are publicly available.
Safeco Advertising Slogans
- "What matters to you?"
- "Safeco. What's right."
- "Do more."
- Safeco Mission Statement: "Helping people live safer, more secure lives."
Safeco Insurance Executive Salary Scandals
Mike McGavick, Safeco's CEO in 2005, received a reported compensation package worth $8.4 million in his last year, including a salary of $1.1 million. Source: Safeco CEO gets $14 million for first year , The Seattle Times, Apr 3, 2007
Emma Schwartzman, the great, great granddaughter of a Safeco founder, announced the filing of a lawsuit on behalf of Safeco shareholders against former CEO Mike McGavick. The central claim in the suit is that McGavick was not entitled to the $28 million he received from Safeco after he resigned as Safeco’s CEO. Source: Granddaughter of Safeco Founder Sues Former CEO Mike McGavick and Board, Insurance Journal, August 2, 2006