Second largest auto insurer reports average collision coverage severity up in 15-16% range.
Berkshire Hathaway reported its 2021 earnings, including details about its GEICO subsidiary, the second largest auto insurer in the U.S. According to the company, GEICO premiums written in 2021 increased $3.5 billion (9.9%) compared to 2020, which included a reduction of approximately $2.9 billion attributable to the GEICO Giveback program. Premiums earned in 2021 increased $2.6 billion (7.4%) compared to 2020. The GEICO Giveback Program reduced earned premiums by approximately $2.5 billion in 2020 with the remainder of the impact included in 2021.
The company reported auto