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| Economy |
| GEICO closes all California offices, lays off workers |
| 2022-08-02 |
| [FOX] GEICO has reportedly closed all 38 of its agent offices in California, laid off hundreds of employees, and will no longer sell insurance through telephone agents in the state. Californians can still obtain GEICO policies in the state, but only through a computer or a mobile device, posing a challenge for those who are not technologically proficient. |
| Posted by:DarthVader |
| #7 Some actuary looked at the risl curve geometric progression over the last decade and notified the CEO of its impact. When you look at the truth, uninsured and illegal vehicle operators are liability-proof, so no subrogation on any claims. But since you can't say any of that in public, hide behind the looming recession and get out of the risk environment by just closing offices and keeping your mouth shut. |
| Posted by: NoMoreBS 2022-08-02 13:23 |
| #6 posing a challenge for those who are not technologically proficient ...and who don't buy insurance, anyway. |
| Posted by: Bobby 2022-08-02 10:22 |
| #5 My son owned a truck when we lived in California. He knew that it could not pass inspection so he sold it to an “immigrant” for cash. That confused me until I realized that if you are breaking one law, why obey any of them? |
| Posted by: Super Hose 2022-08-02 10:21 |
| #4 ^ More like so many uninsured drivers in the state they want to limit their exposure without any bad PR. |
| Posted by: M. Murcek 2022-08-02 10:00 |
| #3 Geico is closing all it's offices in Cali but still sells insurance there. Something changed in the state regulatory climate that makes physical offices or local employees undesirable? |
| Posted by: SteveS 2022-08-02 09:56 |
| #2 It's not a recession - INAR |
| Posted by: M. Murcek 2022-08-02 09:46 |
| #1 I understand the economy is in great shape and doing well. I heard it on TV from administration spox. |
| Posted by: JohnQC 2022-08-02 09:45 |