Geico News

New York Fines GEICO $9.75M, Travelers $1.5M Over Auto Insurance Cyber Breaches

Two auto insurers will pay fines totaling $11.3 million for data breaches of online insurance quoting systems that New York officials say compromised personal information of an estimated 120,000 customers in total. New York Attorney General Letitia James and New …

Nationwide Plans 5% Reduction in Employee Headcount

Insurer Nationwide said it is reducing its headcount by about 5% over the next year. “We can’t speculate on the total number of job impacts,” said Nationwide in a statement. “Eligible associates are able to apply for any of the …

GEICO to Pay $6 Million to Settle Auto Adjusters’ Claims of Unpaid Overtime Hours

Insurer GEICO has agreed to pay $6 million to settle claims by auto damage claims adjusters who allege the insurer failed to pay them for all hours they worked “off-the-clock.” The settlement affects 806 adjusters countrywide who worked for GEICO …

GEICO Tops Progressive With Higher J.D. Power Scores

Although Berkshire Hathaway’s Warren Buffett and Ajit Jain told investors last month that GEICO is playing catch-up with Progressive to improve technology and connect rate to risk, Berkshire’s personal auto insurer still surpasses Progressive on customer satisfaction. According to the …

Berkshire’s ‘Most Important’ Biz Drives Q1 Results; GEICO Still Behind on Tech

Berkshire Hathaway continued to deliver eye-popping results for its insurance and reinsurance operations during the first quarter of 2024, with underwriting profits for personal auto insurer GEICO and reinsurance operations topping any prior first quarter in the last decade. Across …

Geico Settles Case Claiming It Encouraged Employees to Call the Cops on Pro-Union Co-Workers

Geico has settled allegations by the US labor board that it illegally threatened and interrogated upstate New York employees about unionization efforts. The insurance company agreed to post a notice informing employees of their rights and vowing to comply with …

Auto Insurer’s $10M Fraud Claims Against Doctors Are Subject to Arbitration, Court Rules

A federal appeals court has sided with three chiropractors in ruling that claims under New Jersey’s personal injury protection statute concerning insurance fraud are subject to arbitration. GEICO has lost its bid to pursue litigation alleging fraud against the chiropractors. …

Rate Hikes Not Bringing Profit to U.S. 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 …

5th Circuit Clears Class-Action Suit in Texas 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 …

Federal Judge Clears Class-Action Suit Alleging Geico Underpaid Auto Claims

Geico General Insurance Co. must face a class action suit alleging that it has been underpaying benefits to its insureds injured in automobile accidents. U.S. District Court Judge Dora L. Irizarry in federal court in Eastern New York has certified …