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UPDATED: Jul 16, 2021
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Total Assets: $25.779 billionTotal Liabilities: $13.689 billionParent Company #18 on Fortune 500 (Global)Parent Company #4 on World’s Most Admired Companies (Fortune)
- GEICO General Insurance Company
- GEICO Indemnity Company
- GEICO Casualty Company
- GEICO Advantage Insurance Company,
- GEICO Choice Insurance Company
- And many others
Company History: Founder Leo Goodwin went into business determined that he could deliver automobile insurance at reduced prices by selecting prime customer groups and marketing directly to them. Goodwin succeeded in driving down operating costs and passed on the savings to policyholders up front as discounts. GEICO continues to find ways to manage its business costs in order to offer savings to customers today. In 1996, Warren Buffett purchased GEICO, as an indirect, wholly-owned subsidiary of Berkshire Hathaway, Inc. The insurance and reinsurance business activities are conducted through over 60 domestic and foreign insurance companies that provide insurance and reinsurance of property and casualty risks in the U.S. and worldwide.
Principle Sales Methods: Internet and call centers.
Life Annuity Business: Life coverages are purchased through non-affiliated, nationally-known, insurers but secured through Geico Ins. Agency, Inc.
Auto Business: GEICO auto insurance covers: bodily injury liability coverage, property damage liability coverage, medical payments/ no fault or personal injury coverage, uninsured/ underinsured motorist coverage, comprehensive physical damage coverage, collision coverage, emergency road service, rental reimbursement, and mechanical breakdown insurance. Coverages may vary depending on state. GEICO offers insurance discounts based on: vehicle equipment, driving history and habit, driver’s education, driver affiliations, and customer loyalty.
Homeowners Business: GEICO offers a variety of homeowners insurance policies based on different protection; however, standard policies normally covers: house/permanent structure damage, damage to property from causes specified in your chosen policy, limited coverage for stolen jewelry, personal liability exposures due to being a homeowner, additional costs because of a previously covered loss.