GEICO reports over 20 percent drop in property damage and collision claims last year

Property damage - car accident - damage

The auto insurer’s data showed its claims fell through the floor throughout the first year of the pandemic. In 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.…

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