What does GEICO stand for?
Government Employees Insurance Company. Puzzled, are you? Well, the name goes back to the beginnings of the company. Founder Leo Goodwin first targeted a customer base of U.S. government employees and military personnel. Today, of course, the company has grown to provide insurance to a wide range of customers, whether they're employed by Uncle Sam or the private sector.
How many customers does GEICO serve?
More than 16 million auto policies in force and growing
GEICO insures more than 27 million vehicles
Just The Stats On GEICO
Tony Nicely, Chairman and CEO
Bill Roberts, President and COO
Second-largest private passenger auto insurer in the United States (A.M. Best)
One of the fastest-growing major auto insurers in the U.S.
Employs more than 39,000 associates
Maintains 16 major offices around the country
Provides 24-hour service, seven days a week, 365 days a year
Seven affiliated companies to meet insurance needs of drivers
What's the connection with Berkshire Hathaway?
In 1996, GEICO became a wholly owned subsidiary of Berkshire Hathaway, headed by Warren Buffett, one of the country's most successful investors. For the past several years, Fortune magazine has named Berkshire's property-casualty insurance operation the most admired in the country.
Who vouches for GEICO's financial strength?
Government Employees Insurance Company (GEICO) and its affiliate companies (GEICO General Insurance Company, GEICO Indemnity Company, GEICO Casualty Company, GEICO Advantage Insurance Company, GEICO Choice Insurance Company, GEICO County Mutual, and GEICO Secure Insurance Company) enjoy high ratings in the industry for financial strength and claims-paying ability:
AA+ rating from Standard and Poor's
Aa1 from Moody's
A++ from A. M. Best
Does GEICO offer more than car insurance?
Indeed! In addition to auto insurance, GEICO can help you with:
Motorcycle, ATV, RV, and Boat insurance
Homeowners, Renters, Condo, Co-op, and Mobile Home insurance
Overseas insurance
Identity Protection
Jewelry Insurance
save on your insurance in under 5 minutes
GEICO History
GEICO is built on ingenuity, perseverance, innovation, resilience and hard, honest work. From its humble beginnings in the midst of the Great Depression to its current place as one of the most successful companies in the nation, GEICO represents a quintessential American success story. Take a moment to review GEICO's milestones, or read the whole story and learn about the colorful people and events behind GEICO.
GEICO Milestones
1936 – GEICO is established by Leo and Lillian Goodwin.
1948 – Investment banker Lorimer Davidson joins the company and expands its pool of investors.
1951 – Columbia University business student Warren Buffett makes his first purchase of GEICO stock.
1958 – Leo Goodwin retires and is succeeded by Lorimer Davidson.
1959 – GEICO opens its new headquarters in Chevy Chase, MD.
1964 – GEICO passes the 1 million policies-in-force (PIF) mark.
1965-1966 – GEICO insurance premiums reach $150 million; net earnings double to $13 million.
1980 – GEICO introduces 24/7/365 telephone customer service.
1993 – New chairman Olza "Tony" Nicely implements a new strategy to expand the customer base; increased focus on advertising results in higher national visibility.
1996 – Warren Buffett purchases outstanding GEICO stock, making GEICO a subsidiary of Berkshire Hathaway, Inc.
1999 – The beloved GEICO Gecko® makes his debut in a wildly popular GEICO ad campaign.
2002 – GEICO passes the 5 million PIF mark.
2004 – The GEICO Caveman enters the scene with the "So easy a Caveman can do it" ad campaign.
2007 – GEICO passes the 8 million PIF mark.
2009 – GEICO passes the 9 million PIF mark and opens for business in Massachusetts making GEICO coverage and services available in all 50 states and the District of Columbia.
2010 – GEICO passes the 10 million PIF mark. GEICO is the first insurance company to offer the ability to purchase a policy in a mobile-friendly format via iPhone and Android mobile devices.
2012 – GEICO passes the 11 million PIF mark.
2013 – GEICO surpasses 12 million policies-in-force and insures more than 20 million vehicles.
2014 – GEICO passes the 13 million PIF mark and insures more than 22 million vehicles.
2016 – GEICO adds its 14 millionth policy.
2017 – In its best growth year ever, GEICO passes 15 million and 16 million PIF.
Today – GEICO protects more than 16 million policyholders and insures more than 27 million vehicles. The company looks forward to even more growth, founded on quality coverage and outstanding GEICO customer service.
Competition
GEICO's major competitors include Amica Mutual Insurance, Liberty Mutual Insurance, State Farm, Allstate, 21st Century Insurance, Reliance Partners, Progressive, Nationwide Insurance, and United Services Automobile Association.