GEICO is often spoken of as a great insurance company. There are awards to prove it. For the 20th consecutive year, Wards has announced its 50 top group of financial high performing insurers with GEICO at the top.
By achieving safe, consistent levels of surplus in premiums, net income, risk based capital ratio and compound annual growth, US insurers are added to the list. These companies also need to produce excellent returns on average equity and assets.
Total revenue, growth in revenue, surplus to written premium and combined ratio of five-year averages are also considered. This is very significant for GEICO. Over the past 20 years they’ve introduce new business strategies that lead to managing an anonymous number of new policies. Those who make it into Ward’s 50 are analyzed by many different financial performance measures.
GEICO first made the list in 1991 when the ratings were first created by the Ward’s group. GEICO is well known for its auto insurance but they also provide insurance for motorcycles, all terrain vehicles, boats, homes, apartments and mobile homes. You can also get commercial auto insurance and life insurance.
Not everybody has a favorable relationship with their insurance provider. But by looking at the numbers, GEICO is currently the King of the insurers.