Voluntary policies increased by over 1 million last year. Claims frequency declined, but severity increased.
Berkshire Hathaway reported its 2019 earnings on February 22, including details of its GEICO Insurance operations.
GEICO’s premiums written and earned in 2019 increased 5.5% and 6.6%, respectively, compared to 2018. According to the company’s annual report, these increases were primarily attributable to voluntary auto policies-in-force growth of 6.4% over the past twelve months, partially offset by a decrease in average premiums per auto policy due to coverage changes and changes in state and risk mix. The increase in voluntary auto policies-in-force primarily resulted from