GEICO General Insurance Company Inc history

Since the largest pool of government employees in one place was, logically enough, in Washington, D.C., Goodwin and his wife, Lillian, moved to the city in 1937 and rechartered their company on November 30, 1937.

Each year Goodwin's underwriting losses declined, until 1940, when the company showed a $5,000 underwriting gain and a $15,000 profit.

In 1941, for instance, a large hailstorm severely damaged thousands of cars in the Washington area.

In 1946 the company's net income quadrupled, and premiums reached $2.5 million, 50 percent more than the previous year.

By 1948, GEICO's value had reached approximately $3 million.

Although their shares were traded separately on the stock exchange, they also shared services and office space, as well as key management with GEICO. By the end of 1949 the parent company of these new offspring had passed the $1 million mark in profits for the first time.

In 1950 GEICO expanded its geographical reach, winning a license to sell insurance in the key New York market as well as in nine other states.

1952: GEICO makes products available to all state, county, and municipal workers.

In 1956 GEICO took its first step toward automating its operations when it installed an IBM Type 500 Magnetic Drum Data Processing Machine at its operations facility.

In 1958, the company began serving other customers as well.

Also in 1960, GEICO extended the services it offered when it began to market a homeowners insurance package to its policyholders.

Along with this expansion in the types of coverage it offered, GEICO continued its geographical expansion in 1961 when it opened the company's first West Coast office, in San Francisco.

GEICO opened a number of sales and service offices for walk-in customers and its first drive-in claims office in 1965.

Net earnings doubled to $13 million in 1966.

By 1968, the company had offices in 24 states and three foreign countries: England, West Germany, and Japan.

By 1971, GEICO had become the fifth largest publicly held auto insurance company in the United States.

A network of regional offices with switchboards and operators also was being built, and the first center, a $13.1 million facility in Woodbury, New York, was dedicated in October 1973.

In 1975 GEICO reported a loss of $126.5 million, as high claims for hospital and auto repair fees battered its bottom line.

In May 1976 GEICO appointed a new chairman, and the company undertook an aggressive program to stay afloat.

In 1978 GEICO began to acquire the stock of its three sister companies in an effort to diversify the company's lines of business.

In 1980, GEICO became the first insurer to provide 24-hour customer service.

In 1981 the company formed Resolute Group, a reinsurance subsidiary set up to insure other insurers.

In 1982 the company bought a property casualty insurance company, which wrote standard insurance, and named it GEICO General.

In 1984 GEICO increased its level of automation, and this investment was rewarded with lower costs and higher profits.

Meanwhile, the company's earnings remained strong in the early part of 1995, with first quarter profits up more than 75 percent from the year before.

1996 – Warren Buffett purchases outstanding GEICO stock, making GEICO a subsidiary of Berkshire Hathaway, Inc.

1998: GEICO launches $100 million marketing campaign.

1999 – The beloved GEICO Gecko® makes his debut in a wildly popular GEICO ad campaign.

During this same period, an increase in the number of underwriting losses resulted in weaker profits for the company, and in the first quarter of 2000 GEICO suffered a total underwriting loss of more than $86 million.

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.

Building activities in Buffalo were completed in 2005 and associates moved into their new 250,000-square-foot regional center following a grand opening ceremony in October.

In 2006, GEICO marketing efforts, expanding Internet capabilities and customer outreach combined to attract the company's 7 millionth policyholder.

In 2008, the Caveman was voted America's favorite advertising icon of the year and joined the GEICO Gecko on the Advertising Week Walk of Fame.

In 2010, GEICO provided mobile users with a first in the insurance industry—the ability to quote and buy a policy from mobile-friendly pages on their iPhone and Android mobile devices.

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.