Reports underwriting loss in quarter as losses and loss adjustment expense were up over 32%. Berkshire Hathaway reported its first quarter 2022 earnings, including details about its GEICO subsidiary, the second largest auto insurer in the U.S. According to the company, GEICO premiums written in the first quarter of 2022 were $10.265 billion, an increase […]
Berkshire Hathaway Reports GEICO Premiums Written Up Nearly 10% in 2021
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 […]
GEICO and Partners deliver 30 Recycled Rides on Giving Tuesday
On November 30, Giving Tuesday, GEICO, Enterprise Rent-A-Car, Pep Boys, and 18 collision repair centers across the country partnered to deliver 30 vehicles to individuals and charity organizations needing reliable transportation through the National Auto Body Council’s Recycled Rides program. GEICO donated the vehicles and local collision centers and their associates donated time and materials […]
Berkshire Hathaway Reports GEICO Underwriting Loss in Third Quarter of 2021
While premiums written grew, claims frequencies and severity up across all coverage types in first nine months as driving levels returned to near pre-pandemic levels. Berkshire Hathaway reported its third quarter and nine-month earnings on November 6, including details about its GEICO subsidiary, the second largest auto insurer in the U.S. According to the company, […]
GEICO Partners with Tractable on Estimating AI
Insurer will use artificial intelligence to improve the speed and accuracy of estimate review. GEICO, the second-largest auto insurer in the US, is partnering with Tractable to accelerate its auto claim and repair process. Tractable’s proprietary computer vision technology, trained on millions of historical claims, assesses vehicle damage like a human appraiser. Inserting artificial intelligence […]
GEICO Auto Policies in Force Up Over 4% in 2020
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 […]
GEICO Reports Collision Claims Severity Up 7-9% in First Nine Months of 2020
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 […]
Collision Repair Education Foundation Thanks Insurance Industry for Support of Critical Resources to Schools Impacted by COVID-19
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 […]
NSC Estimates U.S. Saw a 20% Jump in Motor Vehicle Death Rates in First Six Months of 2020 Despite Quarantines
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 […]
GEICO Reports Collision Claims Frequencies Were Down 24-26% in First Half of 2020
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 […]
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