Live Insurance News

GEICO Executive Chair Tony Nicely retiring at the end of 2021

December 24, 2021December 23, 2021 Live Insurance News

The announcement was made that he would be stepping down at the end of the year after a 60-year career. GEICO Executive Chair Tony Nicely has announced his retirement and that he will be stepping down from his position at the end of the year following his 60-year career in the industry. Before taking his current position with the insurance company, Nicely had been chair and CEO for 25 years. Under Nicely as CEO, chair and GEICO executive chair, the insurance company experienced its most powerful growth period, becoming one…

Allstate auto insurance market share tanking at fastest pace in 20 years

February 8, 2021February 5, 2021 Nordstrom

Allstate auto insurance market share - down arrow

This slip has occurred despite the priority the insurer has placed on growth and gains in this category. Top priority was given to the Allstate auto insurance market share last year, but despite its efforts, 2020 caused the company to see sizable growth rate reductions. In fact, the insurer saw the lowest policy renewal rates it has experienced since at least 2001. One of the factors having the hardest impact on the Allstate auto insurance market share last year was the sudden price competition driven by the 2020 COVID-19 pandemic…

Geico to offer $2.5 billion in auto insurance credits due to coronavirus stay-at-home orders

April 9, 2020April 8, 2020 Julie Campbell

Auto insurance credits - person riding motorcycle

The car insurer announced that it would be offering these discounts to motorcycle and vehicle policyholders. Geico announced this week that it would offer about $2.5 billion in auto insurance credits. The offers will go out to 19 million vehicle and motorcycle policyholders whose policies will renew between April 7 and October 7, 2020. The announcement was made by the car insurer in a published statement as well as in a tweet. The statement explained that Geico customers don’t need to take any additional action to take advantage of the…

Alabama auto insurance fines hit hard, even when renewing one day late

February 12, 2020February 11, 2020 Marc

The state has skyrocketed its fines for motorists who allow their vehicle coverage to lapse. Alabama auto insurance fines are heading skyward and drivers who allow their policies to lost – even for a single day – are about to suffer an unpleasant shock. The penalty for allowing a policy to lapse, even for one day, is $200 under the new rules. Probate judge and Cleburne County Commission chairperson Ryan Robertson spoke during one of the commission’s work sessions last week. There, he explained to the attendees that Alabama auto…

Will State Farm lose its US auto insurance dominance to Geico?

January 16, 2020January 14, 2020 Julie Campbell

If current trends continue, the United States will have a new top vehicle insurer by 2022. For decades, State Farm has held onto the top spot among US auto insurance companies. That said, if recent trends keep up as they have been, it won’t be long before it loses its crown to a much younger rival. State farm has suffered business losses as a result of several steep rate hikes in recent years. The leader in US auto insurance has suffered steep losses after a spectrum of notably large rate…

Geico auto insurance rates headed skyward in Illinois

December 12, 2016December 10, 2016 G. Turner

The average premiums increase is expected to be 3.5 percent, according to state records. Geico auto insurance will be increasing its rates in Illinois next year. The company, which is owned by Berkshire Hathaway, will raise premiums by an average of 3.5 across the state. The new Illinois auto insurance rates will become effective on February 6, 2017 for policy renewals. This is not the only increase being issued by Geico auto insurance. In fact, the insurer has been making similar announcements across the country. Throughout 2016, the average policy…

Auto insurance premiums at GEICO and Allstate are going up

May 11, 2015May 11, 2015 G. Turner

Certain large national insurers will be increasing their rates following a decline in underwriting results. It looks as though even the auto insurance companies that are known for providing affordable premiums are not immune to the need to increase rates every now and then, as GEICO has joined the national insurers that have been increasing their rates. The first quarter’s decline in underwriting profits were down and will be increasing rates to compensate for it. During the first quarter, GEICO saw underwriting profits of $160 million. When compared to the…