GEICO is part of Berkshire Hathaway, the publicly traded company run by famed investor Warren Buffett.
Not a thing. He recognizes that Ca. (big cities) are sh!tholes, and a losing proposition, as I’m sure most of us know that to be the case also.
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.