Collision claim frequency was down in range of 6-7% in the quarter, but severity was up.
Berkshire Hathaway reported its earnings for the second quarter of 2024 on August 3, including details about its GEICO subsidiary, the third largest private passenger auto insurer in the U.S.
GEICO’s pre-tax underwriting earnings in the first six months of 2024 reflected higher average premiums per auto policy, lower claims frequencies and improved operating efficiencies compared to 2023, partially offset by a rise in average claims severities and less favorable development of prior accident years’ claims estimates.
Premiums written increased $1.0 billion, or 10.7%,
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