New York Attorney General Letitia James and New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris today secured $11.3 million in penalties from two auto insurance companies, the Government Employees Insurance Company (GEICO) and The Travelers Indemnity Company (Travelers), for having poor data security which led to the personal information of more […]
GEICO Reports Premiums Written Up 7.3% in Third Quarter
Collision claim frequency was down 8-9% in the third quarter compared to last year. Berkshire Hathaway reported its earnings for the third quarter of 2024 on November 2, including details about its GEICO subsidiary, the third largest private passenger auto insurer in the U.S. GEICO’s pre-tax underwriting earnings were $5.747 billion in the first nine […]
Seth Ingall Named Chief Legal Officer at Crash Champions
Ingall served more than 35 years at GEICO in various leadership capacities. Crash Champions today announced the appointment of longtime insurance industry executive Seth Ingall as the organization’s Chief Legal Officer. Ingall brings more than 35 years of industry experience to the position, most recently serving as Senior Vice President & Chief Legal Officer at […]
U.S. Auto Insurers’ Strong Performance Recovery to Continue Through 2025
Fitch Ratings says premium increases and moderating claims severity benefiting auto insurance companies. The improving, more favorable mid-year 2024 results of U.S. personal auto insurers are likely to continue through the end of 2024 and into 2025, Fitch Ratings says. Several rounds of material price increases and a moderation of claims severity trends has vastly […]
GEICO Reports Premiums Written Up 10.7% in Second Quarter
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 […]
GEICO Partners with AsTech to Use Rules Engine on Pre/Post Diagnostic Scan Reimbursement for ARX Shops
In an email to GEICO Auto Repair Xpress (ARX) direct repair facilities, the third-largest private passenger auto insurance company in the U.S. announced a new partnership with asTech that the insurer will use to standardize pricing and speed approvals for diagnostic, programming, and calibration operations. Under the new initiative GEICO ARX facilities can speed reimbursement […]
GEICO Reports Premiums Written Up 7.3% in First Quarter
Collision claim frequency was down in range of 4-5% in the quarter, but severity was up 4-6%. Berkshire Hathaway reported its earnings for the first quarter of 2024 on May 4, including details about its GEICO subsidiary, the third largest private passenger auto insurer in the U.S. GEICO’s premiums written were $10.796 billion in the […]
GEICO Offering Discount for New Personal Auto Policies
S&P Global Market Intelligence reported that GEICO has recently begun submitting personal auto rate filings in several states that offer a “Welcome Factor” discount to new customers. The plan offers a temporary discount that applies to new policyholders and would be phased out in each subsequent renewal period. The discount first appeared in its Virginia […]
Top Three Private Passenger Auto Insurers Are Also Top Three Most Trusted P&C Insurance Carriers
Insurity’s P&C Consumer Pulse survey gauges consumer sentiment toward major P&C insurance carriers. Insurity, the provider of cloud software for insurance carriers, brokers, and MGAs, announced findings from its latest P&C Consumer Pulse survey, which offers insights into consumer attitudes toward major P&C insurance carriers. The survey identifies the top three P&C insurance companies deemed […]
GEICO Reports Underwriting Profit of $3.6 Billion
Loss ratio was 81% in 2023, down 12.1 percentage points from the previous year when the company reported a $1.88 billion pre-tax underwriting loss. Berkshire Hathaway reported its 2023 earnings on February 24, including details about its GEICO subsidiary, the third largest private passenger auto insurer in the U.S. GEICO’s pre-tax underwriting earnings in […]
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