Berkshire’s 2020 underwriting profit got a shot in the arm from GEICO

Underwriting profit - Person holding out cash

The company’s income was black, even when its P/C reinsurance experience notable losses. Berkshire Hathaway recently reported that despite the widespread losses it saw in insurance on the whole, it managed to see property/casualty underwriting profit last year due to GEICO’s performance. The number two insurer in the United States managed to more than double its profits from 2019. The results GEICO brought Berkshire Hathaway brought its full-year property/casualty income into the black, despite having seen underwriting losses in P/C reinsurance in both 2019 and 2020. All tolled, GEICO brought…

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Do your employees need a supplemental accident benefit if they have a health plan?

Supplemental benefit accident health insurance with Allstate for small businesses explained #localagent #businessinsurance #accidentinsurance

Savvy employers are using this insurance to help workers to fill coverage gaps. A supplemental accident benefit, like other types of supplemental insurance policy, is a type of coverage that fills the gap left behind by many types of traditional health plan. Employers are increasingly offering this coverage as an appealing way to draw talented, loyal employees.  Employers give the employee the option to pay all or some of the costs of this coverage. Adding a supplemental accident benefit and other similar forms of “sidekick” coverage to a benefits package,…

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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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Insurers from Progressive to Lemonade adopt insurance customer service chatbots

Insurance customer service chatbots - person using mobile phone

The majority of consumers and policyholders are comfortable using the tech for basic questions. Providers from insuretech like Lemonade to established, traditional insurers like Progressive are looking to insurance customer service chatbots to boost the response possible in support of their agents. This technology is being used for low-complexity questions to leave agents open for more complex issues. Progressive has built out its insurance customer service chatbots from a text interaction exclusively over Facebook Messenger, through to a Google assistant conversational experience that is voice activated. That tech is powered…

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Allstate loses long-held second place in home state Illinois auto insurance market

Illinois auto insurance - image of Chicago, Illinois

The insurer has long held the number two position in the state, but Progressive’s growth was faster. Progressive has, for the first time, taken Allstate’s position in its Illinois auto insurance home state market. Based on a key measure, Allstate has lost the position it has been holding for decades. Based in Cleveland, Ohio Progressive now provides Illinois auto insurance for a larger number of vehicles than Allstate, which is based in Northbrook. This tally uses the figures filed with the state Department of Insurance. Possibly more importantly, Progressive’s rapid…

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Allstate issues caution against contractor and insurance fraud following severe weather

Insurance fraud - home repair - hammer and nail

The insurer has shared tips to its policyholders to help protect themselves against scams. The severe weather that struck the southern and middle states has provided a considerable opportunity for scammers interested in ripping people off through contractor and insurance fraud. Allstate is hoping that more people will learn its tips to keep themselves safe from scammers. The insurance company has issued these tips to equip Americans with the information they need to spot scams and stay away from them. Insurance fraud is already estimated to have reached about $40…

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Put a Dent in the Efforts of Car Hail Damage Fraudsters

car hail damage and what to look for

Whenever hailstorm clouds gather, responsible car owners take note of how they can best protect their cars. Your car may not come out unscathed if it is outside when the storm hits. In addition to worrying about your car, you actually need to be aware of scammers who will take advantage of a widespread storm by perpetrating fraud. However, you can deal with this stressful situation by raising your antennae when an unknown fixer knocks on your door. Here are some tips for spotting storm-damage scammers and what to do…

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