GEICO News

GEICO’s ‘Eye-Popping’ 2023 Insurance Profits, Falling Employee Counts

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 …

Court Says Bulk of GEICO’s $2.3 Million Fraud Case Belongs in Arbitration

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 …

GEICO Lays Off 6% of Workforce and Will Require More In-Office Time

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 …

Rate Hikes Not Bringing Profit to US Auto Insurers: Fitch

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 …

GEICO to Pay $805K to Settle Overtime Wage Disputes With Claims Adjusters

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 …

GEICO Suit Alleges $1.8M in Fraudulent Billings by New Jersey Healthcare Providers

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 …

5th Circuit Clears Texas Class-Action Suit Against GEICO

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 …

Berkshire’s Jain on GEICO Profit: ‘Don’t Take It to the Bank’

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 …

Warren Buffett Predicts Earnings Decline at Berkshire Units

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 …

Washington Man Pleads Guilty to Filing False Auto Insurance Claim

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 …