Government Employees Insurance Company · Chevy Chase, MD United States
Company Description
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This link will open in a new window The Government Employees Insurance Company, widely known as GEICO, has found that driving down costs brings drivers by the droves into its fold. GEICO has traditionally provided auto and other insurance to preferred low-risk demographic groups (such as government and military employees) but has also begun to sell to nonstandard (high-risk) drivers. In addition to auto coverage, the company's offerings include motorcycle insurance and emergency road service. GEICO eschews agents in favor of direct marketing through such vehicles as direct mail, TV, radio, and the Internet. Its gecko mascot is one of the most recognized marketing icons. The company is a subsidiary of Warren Buffett's Berkshire Hathaway . To read the full description, subscribe now.
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Key Government Employees Insurance Company Financials
| Company Type | Subsidiary Headquarters |
| Fiscal Year-End | December |
| Employees | 10,000 |
Government Employees Insurance Company Executives
18 executives listed for Government Employees Insurance Company's Chevy Chase, MD location.
| Title | Name & Bio | Contact |
| Chairman, President, and CEO | Olza Nicely | Network |
| SVP and CFO | Mike Campbell | Network |
| SVP | Don Lyons | Network |
Competition
Competitive Landscape for Government Employees Insurance Company
Demand is driven by demographics and commercial transactions. Demand is also driven by legal or financial requirements. Consumers are usually required by states to buy auto insurance and by lenders to buy homeowners insurance, for example. The profitability of individual companies depends on effective marketing and on the ability to accurately estimate future payments. Large companies have big economies of scale in administration and in access to capital, as well as advertising and marketing. Small companies can compete successfully by specializing in particular products or industries. Average annual revenue per worker is around $400,000, so the industry is not labor-intensive. In the late 2000s recession, insurers saw revenues decline sharply when their investment portfolios lost value after the market fell. Insurance carriers rely heavily on their investment portfolios, which is where they invest premiums collected until they are needed to pay claims or benefits. In addition, deregulation of the insurance and financial services industries led to increased risk taking that hurt insurers' credit ratings. Insurance giant AIG was forced to accept $150 billion in government loans to stave off bankruptcy that was brought on by its overexposure to credit default swaps. Federal government bailouts have primarily targeted banks. Aside from AIG, insurance companies have not been as hard hit by the subprime mortgage meltdown. But some insurance companies are seeking relief from state regulators to allow them to operate with less capital. Other insurance companies are buying financial institutions to qualify for federal aid. To read the full description, subscribe now.Top Government Employees Insurance Company Competitors
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