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Insurance

BRIEFLY

April 18, 1994|From Times Staff and Wire Reports

Farmers Raises Quake Loss Estimate: Like nearly every other large California insurer, Farmers Insurance Group has raised its estimate of claims from the Jan. 17 Northridge earthquake. Farmers, which initially estimated its gross claims losses at up to $600 million, now says a better estimate is between $600 million and $800 million, according to a statement by BAT Industries, Farmers' British-based parent company. State Farm Insurance Group, Allstate Insurance Co. and 20th Century Insurance Co. have also raised their quake loss estimates recently. The industry's official estimate of total insured damage leaped from $2.5 billion to $4.5 billion last week, and many analysts believe that still understates the toll.

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