February 26, 2024
Even though Berkshire Hathaway’s latest annual report featured Warren Buffett’s forecast that the days of “eye-popping performance” for the giant conglomerate are over, readers focused on property/casualty insurance saw numbers that jumped off the pages. Among them were: A 2023 …
January 5, 2024
Insurer GEICO has been dealt a setback in its efforts to get back $2.3 million in what it alleges were fraudulent medical and chiropractic service charges it paid to several clinics under New Jersey’s no-fault insurance law. The 14 counts …
October 20, 2023
In a letter to employees, GEICO president and chief executive officer Todd Combs said the Berkshire Hathaway company is laying off 2,000 associates, or about 6% of the workforce. “This will allow us to become more dynamic, agile, and streamline …
August 18, 2023
Jumps in rates and written premiums did little to move the needle on underwriting profits for U.S. personal auto insurers, Fitch Ratings reported based on a recent review of midyear results of nine big market players. Profitability challenges in the …
June 30, 2023
Insurer GEICO has agreed to pay $805,000 total to settle class action lawsuits by claims adjusters alleging they were entitled to unpaid wages for overtime worked between May 27, 2019 and May 27, 2022. The settlement affects 91 plaintiffs involved …
June 30, 2023
Insurer GEICO is suing to recover more than $1.8 million in allegedly fraudulent and unlawful no-fault insurance charges it says it has paid to several New Jersey health centers since 2018. The charges were for a range of medical services …
May 19, 2023
GEICO must defend itself against a class-action lawsuit that alleges it failed to include the cost of sales taxes and purchasing fees when it paid total loss auto collision claims in Texas, depriving policyholders of actual cash value. A panel …
May 8, 2023
Even though Berkshire Hathaway’s GEICO achieved a 93 first-quarter combined ratio, an enviable result measured against industry peers, the leader of Berkshire’s insurance operations said the figure is not a true indication of where the business is today. Answering a …
May 8, 2023
Warren Buffett, whose economic insights are craved for Berkshire Hathaway Inc.’s deep ties to the American economy, had a gloomy prediction for his own businesses: the good times may be over. The billionaire investor expects earnings at the majority of …
April 3, 2023
A Kirkland, Washington man pled guilty to committing insurance fraud after an investigation by Insurance Commissioner Mike Kreidler’s Criminal Investigations Unit. Jerame Thurik pled guilty to false claims or proof on March 27 in King County Superior Court. He was …