Warren Buffett's Geico offers $2.5 billion in credits as coronavirus cuts driving [CNBC]
Berkshire Hathaway Inc. (BRK.A)
Last berkshire hathaway inc. earnings: 8/4 05:00 pm
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Source: CNBC
Shareholder's visit the Geico display that the 2015 Berkshire Hathaway Annual Shareholder's Meeting in Omaha, Nebraska on May 2, 2015.Lacy O'Toole | CNBCGeico, part of billionaireWarren Buffett'sGeico said it has about 18 million auto customers and 1 million motorcycle customers.The announcement came one day afterAllstateMany 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-normal levels as the pandemic subsides."The ongoing crisis has widespread effects that will linger," Geico Chief Executive Todd Combs said in a statement. "Our customers have been loyal, and we are committed to doing all we can to help them."State Farm andgressiveGeico earned $35.57 billion of premiums in 2019, and paid out $28.94 billion, or 81.3%, to cover loss claims.Pre-tax underwriting gains totaled $1.51 billion, after accounting for underwriting expenses.Berkshire, based in Omaha, Neb
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