Berkshire Hathaway’s GEICO is the top auto insurer in Florida, and has the most at risk with Hurricane Irma possibly headed for landfall on the state’s east coast.
In 2016, GEICO had a 20.68% market share of all auto policies in Florida.
The Category 5 storm. which has been leaving a trail of destruction through the Caribbean, could hit Florida in the early morning hours of Sunday.
The magnitude of the hurricane has Florida Gov. Rick Scott warning that the damage could be greater than 1992’s Hurricane Andrew, which caused 65 fatalities and $26.5 billion in damage.
“I want everybody to understand the importance of this. This is bigger than Andrew,” Gov. Scott said.
GEICO will be sending its Catastrophe Response (CAT) teams to Florida. The CAT teams include auto damage adjusters, supervisors and managers, and IT personnel.
Last week, GEICO sent CAT teams to Houston in the wake deal with the estimated 50,000 vehicles the company insures that were damaged by Hurricane Harvey.
© 2017 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.