GEICO: The Government Employees Insurance Company (GEICO) is an American auto insurance company with headquarters in Chevy Chase, Maryland. It is the second largest auto insurer in the United States, after State Farm. GEICO is a wholly owned subsidiary of Berkshire Hathaway that provides coverage for more than 24 million motor vehicles owned by more than 15 million policy holders as of 2017. So we from www.geicoo.org present you with all the information regarding GEICO through the below sections of this article.
GEICO writes private passenger automobile insurance in all 50 U.S. states and the District of Columbia. The insurance agency sells policies through local agents, called GEICO Field Representatives, over the phone directly to the consumer, and through their website. Its mascot is a gold dust day gecko with a Cockney accent, voiced by English actor Jake Wood. GEICO is well known in popular culture for its advertising, having made a large number of commercials intended to entertain viewers. Bookmark our official page at Geicoo for further interesting updates.
GEICO – Best Insurance Company for your Car & More
GEICO was founded in 1936 by Leo Goodwin Sr. and his wife Lillian Goodwin to provide auto insurance directly to federal government employees and their families. Since 1925, Goodwin had worked for USAA as an insurer who specialized in insuring only military personnel. He decided to start his own company after rising as far as a civilian could go in USAA’s military-dominated hierarchy. Based on Goodwin’s experience at USAA, GEICO’s original business model was predicated on the assumption that federal employees, as a group, would constitute a less risky and more financially stable pool of insureds compared to the general public.
GEICO has also offered other types of insurance besides auto, including homeowner’s insurance from 1962 to 1996. A sister company, the Government Employees Life Insurance Company (GELICO), offered life insurance from 1975 to 1985. Although GEICO has since focused on its core auto insurance competency (selling GELICO to Legal & General), it uses its established direct sales infrastructure to market homeowner’s and other types of insurance underwritten by other companies.
GEICO Outspaces other big Auto Insurers in Illinois
Illinois’s three biggest vehicle underwriters, all headquartered in the Land of Lincoln, saw their annual growth rates dwarfed by that of GEICO, a new study shows. Nationally, Geico, which sells mostly through the Internet, has surpassed Allstate to become the nation’s second-biggest auto insurer. GEICO’s cost advantage is the factor that has enabled the company to gobble up market share year after year. Also, GEICO’s growth rate in Illinois was its fastest in the state on a year-over-year basis since 1999.
Northbrook-based Allstate Corp., long the nation’s second-largest seller of auto insurance, was topped by GEICO for the first time in the first three months of the year. GEICO, a unit of Berkshire Hathaway, sold $4.72 billion in private-passenger auto premiums in the first quarter, compared with Allstate’s $4.53 billion, according to data firm SNL Financial. Allstate’s private-passenger auto premiums have risen on a year-over-year basis for three straight quarters, but GEICO has grown faster, SNL found.
Allstate declined to comment on the report. SNL noted that Geico’s business tends to be more seasonal than Allstate’s, suggesting that Allstate could regain its No. 2 spot when second-quarter numbers are tallied. Separately, SNL also has determined that Allstate’s advertising spending in 2012 was up 15 percent to $829 million, surpassing State Farm’s $778 million, which was down 4 percent. Topping them is GEICO, which spent $1.1 billion on advertising in 2012, SNL said.
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