Buffett's Geico offers $2.5 billion credits as coronavirus cuts driving [Reuters]
Berkshire Hathaway Inc. (BRK.A)
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Source: Reuters
Buffett's Geico offers $2.5 billion credits as coronavirus cuts driving (Reuters) - Geico Corp, part of billionaire Warren Buffett’s Berkshire Hathaway Inc, said on Tuesday it will offer about $2.5 billion of credits to its 19 million auto and motorcycle policyholders, reflecting the decline in driving stemming from the coronavirus pandemic. The insurer said it will offer a 15% credit on policies up for renewal between April 8 and Oct. 7, averaging about $150 per auto policy and $30 per motorcycle policy. Geico said it has about 18 million auto customers and 1 million motorcycle customers. The announcement came one day after Allstate Corp said it would return more than $600 million to policyholders, mostly through a “payback” of 15% of premiums for April and May on about 18 million policies. [nL1N2BU0PO] Many Americans are driving less because of stay-at-home orders aimed at curbing the pandemic. Geico said vehicle accidents are down considerably, though it expects a return to near-no
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