Written premiums down 3% due to coronavirus rebates, collision claims down 23-24%.
On February 27, Berkshire Hathaway Inc. reported its fourth quarter and full year earnings, including details about its GEICO subsidiary, the second largest auto insurer in the U.S. According to the company, GEICO’s pre-tax underwriting earnings for 2020 reflected significant declines in losses and loss adjustment expenses attributable to lower claims frequencies from the effects of less driving by policyholders during the COVID-19 pandemic that were partially offset by the effects of the GEICO Giveback program on earned premiums.
Claims frequencies in 2020 were lower for property damage,
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