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GEICO closes California insurance offices, lays off hundreds. State is ‘monitoring’
sacbee ^ | 08/01/22 | Randy Diamond

Posted on 08/01/2022 6:33:46 PM PDT by hapnHal

GEICO has closed all of its 38 California agent offices that sell auto and homeowners policies and other lines and has also ended the practice of selling insurance through telephone agents in the state.

Three offices in Sacramento, one in Roseville, three in Fresno and one in Modesto were among offices that have closed in the last few days. The closures are resulting in more than 35 layoffs in the Sacramento area and hundreds statewide.

The GEICO office in Roseville only opened in July 2021. GEICO put out a press release at the time saying it would meet the insurance needs of all Placer County residents.

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(Excerpt) Read more at sacbee.com ...


TOPICS: Business/Economy; News/Current Events; US: California
KEYWORDS: badbusiness; california; chat; localnews; looters; thieves
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To: Fai Mao

“Well, unless another explanation is supplied, I am going with “Defunded the police and crime is up which makes the state unprofitable for the company.”

We have a winner Alex!


21 posted on 08/01/2022 7:15:37 PM PDT by wjcsux (RIP Rush Limbaugh 12 Jan 1951- 17 Feb 2021. We really miss you. 😢)
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To: hapnHal

Sounds like it is pulling out of the state. Smart move.


22 posted on 08/01/2022 7:19:18 PM PDT by ought-six (Multiculturalism is national suicide, and political correctness is the cyanide capsule. )
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To: Jane Long

EXACTLY!!!!!!!


23 posted on 08/01/2022 7:19:52 PM PDT by Hambone 1934 (Dems love playing Nazis.....The republicans love helping them)
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To: hapnHal

Well hopefully more and more business isolates California by leaving...


24 posted on 08/01/2022 7:22:01 PM PDT by dpetty121263
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To: Ouderkirk

“Geico probably determined that P & C was a loser in California. Too many uninsured (read illegals).”

Not just that: California is a terrible legal and regulatory environment for insurers.


25 posted on 08/01/2022 7:22:29 PM PDT by ought-six (Multiculturalism is national suicide, and political correctness is the cyanide capsule. )
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To: Jane Long

And the irony is, Mexico is bitching about it, and wants to send them back to California!


26 posted on 08/01/2022 7:24:00 PM PDT by ought-six (Multiculturalism is national suicide, and political correctness is the cyanide capsule. )
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To: hapnHal

Spike in the California gecko unemployment rate.


27 posted on 08/01/2022 7:25:31 PM PDT by immadashell (Save Innocent Lives: Ban Gun Free Zones)
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To: ncfool

I think insurance agents are exempt from the law.

“A lengthy list of professions won exemptions from AB5, largely because they typically set their own prices and negotiate directly with their customers. They include doctors, dentists, psychologists, insurance agents, stockbrokers, lawyers, accountants, engineers, direct sellers, real estate agents, hairstylists, commercial fishermen, travel agents and graphic designer”


28 posted on 08/01/2022 7:31:09 PM PDT by CaptainK ("If life's really hard, at least its short")
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To: Ouderkirk
Geico probably determined that P & C was a loser in California. Too many uninsured (read illegals).

Could be the Oracle of Nebraska smells the faint smoke of a done-for real estate boom.

Things have certainly slowed down where I live & labor, but a good deal of that comes from the $10-20 million dollar get-aways all getting away.

29 posted on 08/01/2022 7:37:57 PM PDT by Fightin Whitey
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To: ought-six; Jane Long

And El Presidente de Mehico said “You know, Caleefornya, eets not sending us their best!”


30 posted on 08/01/2022 7:46:32 PM PDT by TigersEye (The Democrat Party is criminal, unAmerican and illegitimate )
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To: hapnHal

But but what about that cute GEICO gecko?


31 posted on 08/01/2022 7:48:01 PM PDT by SkyDancer ( I make airplanes fly, what's your super power?)
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To: hapnHal

They cancelled PA way back when i had them. Just cancelled my car insurance so i cancelled them. never again.


32 posted on 08/01/2022 7:49:14 PM PDT by kvanbrunt2
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To: Adder

Uninstall your adblock and give uBlock Origin a try.


33 posted on 08/01/2022 8:03:18 PM PDT by fretzer
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To: hapnHal

What I remember about GEICO is that they were like the first company to go after the boy scouts because they were not gay.
Now just look where things are.

You might say that GEICO is the father of the entire “Woke” movement.


34 posted on 08/01/2022 8:06:16 PM PDT by Revel
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To: hapnHal

not much the State can do about it ... if they piss of GEICO even more, GEICO could just pull out of the state all together ...


35 posted on 08/01/2022 8:08:22 PM PDT by catnipman (In a post-covid world, ALL "science" is now political science: stolen elections have consequences)
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To: Jane Long

Living as I am in a third world country, I can say with some authority that its quite easy to get auto and home insurance here. California regulatory problems are another matter entirely.


36 posted on 08/01/2022 8:20:43 PM PDT by buwaya (Strategic imperatives )
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To: hapnHal
EE799-DDF-D094-45-A1-ABC2-DCDC053-D42-AA
37 posted on 08/01/2022 8:22:08 PM PDT by The Louiswu (The U.S. is Willing to Fight Russia to the Last Ukrainian)
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To: Revel
What I remember about GEICO is that they were like the first company to go after the boy scouts because they were not gay.

Yeah, they made their bed. Let them lie in it.

38 posted on 08/01/2022 8:23:07 PM PDT by T.B. Yoits
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To: buwaya

;-)

Hopefully, you’re not in LA or SanFranFreako proper.

And, best of luck.

CA WAS THE most beautiful state, next to HI, in my book....until the leftists completely ruined everything they’ve put their greedy and filthy hands on.

At least you still have the gorgeous climate and the beautiful ocean views. Nothing compares, in the rest of the lower 48 (imo).


39 posted on 08/01/2022 8:28:36 PM PDT by Jane Long (What we were told was a “conspiracy theory” in 2020 is now fact. 🙏🏻 Ps 33:12)
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To: PeterPrinciple

Remember the bubble of 2008?
Insurance has been in a bubble state for a long time, exacerbated by Obamacare.
Add to it the practice of reinsurance and debt buying where debt is passed off as assets and you have a creaky Jenga tower going.
It’s more complicated than this, but it’s the cliffnote condensed version.
A hard enough knock to insurance companies, say a good portion of died unexpectedly, and the kit and kaboodle goes down.


40 posted on 08/01/2022 8:32:49 PM PDT by Darksheare (Those who support liberal "Republicans" summarily support every action by same. )
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