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GEICO Reports Collision Claims Severity Up 7-9% in First Nine Months of 2020

November 9, 2020 By CollisionWeek Editor

GEICO Q3 2020 and First Nine Months Results

Frequency remained down 24-26% so far this year compared to 2019. On November 7, Berkshire Hathaway Inc. reported its third quarter earnings, including details about its GEICO subsidiary, the second largest auto insurer in the U.S. According to the company’s quarterly report, GEICO generated a pre-tax underwriting earnings of $276 million. The company reported significant […]

Filed Under: News Tagged With: Berkshire Hathaway, Earnings, GEICO

Collision Repair Education Foundation Thanks Insurance Industry for Support of Critical Resources to Schools Impacted by COVID-19

September 15, 2020 By CollisionWeek Editor

The Collision Repair Education Foundation (CREF) publicly thanked the insurance industry for rallying behind it during a time when raising funds is extremely difficult. Six extremely generous insurance organizations have stepped in to offer their support, donating funds that can help CREF make good on its mission of connecting the next generation of collision repairers […]

Filed Under: News Tagged With: Allstate, Career and Technical Education, Collision Repair Education Foundation, Donations, Erie Insurance, Farmers Insurance, GEICO, Liberty Mutual Insurance, Nationwide Insurance, State Farm, USAA

NSC Estimates U.S. Saw a 20% Jump in Motor Vehicle Death Rates in First Six Months of 2020 Despite Quarantines

September 15, 2020 By CollisionWeek Editor

Preliminary estimates from the National Safety Council (NSC) based on the first six months of data from all 50 states tell an erratic story about the nation’s driving behaviors and the impact of COVID-19 on roadway safety. The U.S. experienced an estimated 20% jump in the death rate – an indicator of how safely drivers […]

Filed Under: News Tagged With: Claim Severity, Coronavirus, GEICO, National Safety Council, Traffic Fatalities

GEICO Reports Collision Claims Frequencies Were Down 24-26% in First Half of 2020

August 10, 2020 By CollisionWeek Editor

GEICO’s underwriting results

Collision severity up for first half. Overall premiums written were down 7% in the quarter and 1.1% for first six months. On August 8, Berkshire Hathaway Inc. reported its second quarter earnings, including details about its GEICO subsidiary, the second largest auto insurer in the U.S. According to the company’s quarterly report, GEICO generated pre-tax […]

Filed Under: News Tagged With: Berkshire Hathaway, Claim Frequency, Claim Severity, Earnings, GEICO

GEICO and Liberty Mutual Joins List of Insurers Providing Credit for Auto Insurance Premiums in Wake of Pandemic Impact on Accidents

April 8, 2020 By CollisionWeek Editor

GEICO will provide $2.5 billion in credits to customers. Liberty Mutual refunding $250 million to Liberty and Safeco insureds. GEICO and Liberty Mutual separately announced that they would be providing relief to their auto insurance policyholders, joining Allstate and American Family that announced similar programs earlier this week. GEICO, the second largest private passenger auto […]

Filed Under: News Tagged With: Auto Insurance, Coronavirus, GEICO, Liberty Mutual Insurance, Premiums, Safeco

GEICO Reports Auto Policies in Force Up 6.4% in 2019

February 25, 2020 By CollisionWeek Editor

GECIO

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 […]

Filed Under: Feature Tagged With: Earnings, GEICO

GEICO Files Federal RICO Lawsuit in California Alleging Glass Shop Fraudulently Inflated Claims

February 19, 2020 By CollisionWeek Editor

Government Employees Insurance Company, et al. v. Winaffix Auto Glass, et. al.

Insurer seeks to recover over $150,000 in alleged fraudulent billing and declaration it doesn’t owe over $50,000 in outstanding claims. Following similar lawsuits in Arizona and Florida, GEICO has filed a federal lawsuit in California alleging an auto glass repair facility submitted fraudulent glass repair bills. GEICO seeks to recover damages alleging violations of the […]

Filed Under: Feature Tagged With: Auto Glass, California, GEICO, Insurance Fraud, Lawsuits

Todd Combs Named CEO of GEICO

January 3, 2020 By CollisionWeek Editor

Bill Roberts, GEICO’s president and CEO, has announced that he will retire from GEICO in December 2020. Roberts began his career with GEICO in 1984 as an officer in the Marketing department. Over his 35-year career, he has helped lead GEICO to become the second largest auto insurance company in the U.S. Roberts became vice […]

Filed Under: News Tagged With: GEICO, People

NABC Partners Donate Four Vehicles to Veterans During New Jersey Event

August 15, 2019 By CollisionWeek Editor

August 2019 Recycled Rides Presentation

The National Auto Body Council’s Recycled Rides program joined insurance partners and collision repair companies to donate vehicles. Four deserving New Jersey area veterans were presented with vehicles that provide them independence and the ability to work and take care of their families thanks to the National Auto Body Council (NABC) Recycled Rides program along […]

Filed Under: News Tagged With: Auto Pro Collision, Caliber Collision Centers, GEICO, National Auto Body Council, New Jersey, Recycled Rides, Son's Collision Centers

Shane Wheeler Named VP of Claims at GEICO

July 18, 2019 By CollisionWeek Editor

The GEICO Board of Directors has promoted Shane Wheeler to vice president in charge of the company’s claims operations. Wheeler will be based at GEICO corporate headquarters in Chevy Chase, Maryland. Since 2016, he had served as assistant vice president of claims for GEICO’s regional operations in Tucson, Arizona. Before that, he was the liability […]

Filed Under: News Tagged With: GEICO, People

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