GEICO (an acronym for Government Employees Insurance Company) has found that driving down costs brings drivers by the droves into its fold. GEICO traditionally provided auto and other insurance to preferred low-risk demographic groups (such as government and military employees) but now sells to everyone; it has more than 16 million customers and is the second-largest auto insurer in the nation. In addition to auto coverage, the company's offerings include motorcycle, RV, and boat insurance as well as emergency road service and various business and property insurance. GEICO's gecko mascot is one of the most recognized marketing icons. The company is a subsidiary of Warren Buffett's Berkshire Hathaway.
GEICO's operating subsidiaries include GEICO General Insurance, GEICO Indemnity, and GEICO Casualty.
The company covers more than 27 million vehicles with its auto policies. It also provides coverage for motorcycles, all-terrain vehicles, RVs, boats, and small commercial fleets.
GEICO serves as a general agent for other products -- including homeowners, renters, and life insurance -- written by non-affiliated insurers.
GEICO does business in all 50 US states and the District of Columbia. It operates about 120 offices and claims centers in some 40 states. The company also has a couple of international offices.
Sales and Marketing
Rather than employing a sales force, GEICO utilizes direct marketing campaigns; customers sign up for coverage directly online or over the phone.
In 2019 GEICO became the official insurance partner of NASCAR.
GEICO's premiums earned has increased over the past couple of years. In 2018 premiums earned increased 13% to $33.4 billion.
GEICO enjoys strong business growth with lower costs thanks to its direct marketing campaigns which don't involve a company sales force. Premiums written in 2018 increased 18% over the prior year as the company signed new customers as raised rates. And although new business growth slowed down 5% in 2018, the firm had $2.4 billion in pre-tax underwriting gains that year. GEICO lost $450 million in 2017 due to claims from Hurricanes Harvey and Irma.
Leo Goodwin founded GEICO Government Employees Insurance Company in 1933. The company became a subsidiary of Berkshire Hathaway in 1996. By 2009, GEICO was operating in all 50 US states.
5260 WESTERN AVE
Chevy Chase, MD 20815-3701
Phone: 1 (301) 986-2500
Employer Type: Privately Owned
Vp: Robin Burdick
Assistant VP, Underwriting ReSearch: Paul Lavrey
Ad Adjuster: Daniel Nobles
Employees (This Location): 1,500
Employees (All Locations): 10,000
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