Collision claims frequency down 8-9 percent compared to 2023.
Berkshire Hathaway reported its 2024 earnings on Feb. 22, providing details on its GEICO subsidiary—the third-largest private passenger auto insurer in the U.S.
GEICO’s pre-tax underwriting earnings climbed to $7.813 billion in 2024, up $4.178 billion, or 114.9 percent, from $3.635 billion in 2023. The improvement came from higher average premiums per auto policy, lower claims frequencies and better operating efficiencies. Those gains were partly offset by less favorable developments in claims estimates for prior accident years, increased average claims severity and losses from catastrophic events.
Claims frequency fell across the
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