GEICO Reports Over 20 Percent Drop In Property Damage And Collision Claims Last Year
Monday, March 8th, 2021 Auto PropertyIn a recent statement from the company, GEICO shared data showing that its collision claim frequency fell by ‘twenty-three to twenty-four percent’ and property damage dropped by even more.
The dropping claims frequency during the pandemic’s first year led to far greater year-over-year profits.
The onset of the COVID-19 crisis in 2020 vastly reduced the property damage and collision claims, allowing GEICO to more than double its profitability when compared to 2019.
This was the case despite the premium cost cuts it implemented for its policyholders.
The second-place auto insurance company in the country reported pre-tax underwriting earnings to be up to almost $3.43 billion in 2020. Comparatively, that same figure in 2019 was almost $1.51 billion.
