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GEICO Corp.'s relentless growth knew no geographic boundaries again in 2013.
A review of disclosures made on the state pages of the 2013 annual statements of Government Employees Insurance Co. and its affiliates finds that GEICO generated increases in private-passenger auto direct premiums on an annual basis in 2013 in all 50 states and the District of Columbia for a second consecutive year. The broad top-line strength contributed to overall growth in the private auto direct premiums written achieved by GEICO of 11.3%, the highest rate of year-over-year growth achieved by the auto insurer since 2005.
Results referenced in this article reflect data for the GEICO P&C subgroup as consolidated by SNL, adjusted to exclude business attributable to GEICO County Mutual Insurance Co. Formerly known as Fireman's Fund County Mutual Insurance Co. through the time of its December 2013 sale to GEICO, the company is a Texas-licensed carrier that generated annual private auto premium volume in excess of $20 million between 1999 and 2001, but at steadily declining levels thereafter.
The GEICO subgroup captures most, but not all, of the private auto business written by Berkshire Hathaway Inc. companies. GEICO also reports a comparatively small amount of written premiums in select business lines outside private auto that are not referenced in this article.
SNL's definition of private auto business includes private-passenger auto physical damage, other liability and no-fault premiums as they are reported on the state pages of annual P&C statements. Group- and subgroup-level results are subject to change based on future SNL revisions and/or acquisition activity. Statutory results reported in annual statements may differ from public-company disclosures in SEC filings.
GEICO's growth rates were...