UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                    FORM 8-K
                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                                     5/19/03
                Date of Report (Date of earliest event reported)

                               Safeco Corporation
               (Exact name of registrant as specified in Charter)

WASHINGTON                      1-6563                          91-0742146
(State or other                 (Commission                     (IRS Employer
jurisdiction of                 File Number)                 Identification No.)
incorporation)

Safeco Plaza, Seattle Washington                                98185
(Address of principal executive offices)                       (Zip Code)

                                 (206) 545-5000
              (Registrant's telephone number, including area code)



                                TABLE OF CONTENTS

Item 5 Other Events and Regulation FD Disclosure
Signature



Item 5. Other Events and Regulation FD Disclosure


The following press release was furnished today by Safeco Corporation.

FOR RELEASE AT 1:30 PACIFIC TIME
INVESTOR RELATIONS CONTACT:                 Neal Fuller, 206-545-5537
                                            Christine Mead, 206-925-1448
MEDIA RELATIONS CONTACT:                    Paul Hollie, 206-545-3048




                          SAFECO ESTIMATES STORM LOSSES

     SEATTLE -- (May 19, 2003) -- Safeco  (NASDAQ:  SAFC)  announced  today that
claims stemming from the recent string of Midwest and Southern tornadoes,  added
to losses from violent hailstorms in Texas earlier in the quarter, are estimated
at nearly $90  million in pretax  catastrophe  losses.  This  figure  represents
losses  through May 16, with six weeks  remaining in the quarter.  The effect on
second-quarter  net income is currently  estimated to be $0.42 per diluted share
on an after-tax basis.

     "Insurance is about  delivering on promises,"  said Mike  McGavick,  Safeco
chairman  and chief  executive  officer.  "These  horrible  storms  show why our
product is so important.  By providing fast, personalized claims service, we can
help the people affected. That's exactly what we are doing."

     Safeco's   National   Catastrophe   Team  began   assessing  the  situation
immediately  after the first  tornadoes  touched  down on May 4.  Surveyors  and
adjusters were in the field within hours,  issuing  payments to Safeco customers
for emergency repairs and living expenses.  As the storms continued,  additional
claims staff from around the country  supplemented  the national  team to assist
with the volume of claims.

     In Safeco's  first-quarter  earnings  announcement on April 28, the company
stated that losses from Texas  hailstorms in early April  totaled  approximately
$30  million,   ending  the  recent  trend  of  relatively  low  weather-related
catastrophe  losses. The tornadoes and other severe weather events in six states
are expected to add more than $55 million in losses.

     Safeco will announce its second-quarter  financial results on Monday,  July
28.

     Safeco,  in business  since 1923, is a Fortune 500 company based in Seattle
that sells insurance and related financial  products through  independent agents
and financial advisors nationwide.

                                      ###







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                  FORWARD-LOOKING INFORMATION CONTAINED IN THIS
                NEWS RELEASE IS SUBJECT TO RISK AND UNCERTAINTY
Statements, analysis and other information contained in this news release that
relate to anticipated financial performance, business prospects and plans and
similar matters are "forward-looking statements" as defined in the Private
Securities Litigation Reform Act of 1995. Statements in this news release that
are not historical information are forward-looking. The operations, performance
and development of our business are subject to certain risks and uncertainties
that may cause actual results to differ materially from those contained in or
suggested by the forward-looking statements in this news release. The risks and
uncertainties include, but are not limited to:

o    the ability to obtain rate increases and decline or non-renew underpriced
     insurance accounts;

o    achievement of premium targets and profitability;

o    realization of growth and business retention estimates;

o    achievement of overall expense goals;

o    success  in  implementing  a new  business  entry  model for  personal  and
     commercial lines;

o    success in obtaining  regulatory approval of price-tiered  products and the
     use of insurance scores, including credit scores as a component;

o    the ability to freely enter and exit lines of business;

o    changes in the mix of Safeco's book of business;

o    driving patterns;

o    the competitive pricing  environment,  initiatives by competitors and other
     changes in competition;

o    weather  conditions,  including  the  severity  and  frequency  of  storms,
     hurricanes, snowfalls, hail and winter conditions;

o    the occurrence of significant natural disasters, including earthquakes;

o    the occurrence of  significant  man-made  disasters,  such as the attack on
     September 11, 2001 or war;

o    the occurrence of bankruptcies that result in losses under surety bonds,
     investment losses or lower investment income;

o    the  adequacy of loss and benefit  reserves for the Property & Casualty and
     Life & Investments businesses;

o    the  ability to run off the  Lloyds of London  business  without  incurring
     material unexpected charges;

o    the availability of, pricing of, and ability to collect reinsurance;

o    the  ability  to price  for,  exclude  and  reinsure  the risk of loss from
     terrorism;

o    interpretation of insurance policy provisions by courts, court decisions
     regarding coverage and theories of liability, trends in litigation and
     changes in claims settlement practices;

o    the outcome of any litigation against us;

o    legislative and regulatory  developments affecting the actions of insurers,
     including requirements regarding rates and availability of coverage;

o    changes in tax laws and regulations that affect the favorable taxation of
     certain life insurance products or that decrease the usefulness of life
     insurance products for estate-planning purposes;

o    the effect of current insurance and credit ratings levels on business
     production and the effect of negative changes to our ratings;

o    inflationary pressures on medical care costs, auto parts and repair,
     construction costs and other economic sectors that increase the severity of
     claims;

o    availability of bank credit facilities;

o    the  profitability of the use of derivative  securities by Safeco Financial
     Products, Inc. (SFP);

o    fluctuations in interest rates;

o    performance of financial markets; and

o    general economic and market conditions.

We assume no obligation to update any forward-looking statements contained in
this news release.

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                                    SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                          Safeco Corporation
                                          Registrant


Dated: May 19, 2003                By:    /s/Christine B. Mead
                                          -----------------------
                                          Christine B. Mead
                                          Senior Vice President,
                                          Chief Financial Officer and Secretary