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GEICO CORPORATION REPORTS ESTIMATES OF STORM LOSSES

 WASHINGTON, Dec. 21 /PRNewswire/ -- GEICO Corporation (NYSE: GEC) estimates gross losses from the storm which struck the northeastern part of the United States Dec. 10 through Dec. 13 will total approximately $13 million. GEICO claims adjusters are working diligently to settle as rapidly as possible the more than 4,700 claims expected. Also, gross losses from Hurricane Andrew are now estimated to be $145 million, an increase over the earlier estimate of $135 million announced on Oct. 9, 1992.
 Total gross catastrophe losses for 1992 are expected to exceed $190 million (with reinsurance recovery of $70 million), including losses from hail storms in the Orlando, Fla., area in March, Hurricane Andrew in August and the December storm in the northeast. The previous largest one-year total of weather-related losses of $28 million occurred in 1989, the year Hurricane Hugo struck.
 GEICO Corporation does not expect to achieve a statutory underwriting profit from its property and casualty insurance operations during the fourth quarter of 1992. As a consequence, an underwriting profit also is not expected for the full year 1992 because the results for the nine months ended Sept. 30, 1992, showed an underwriting loss of $3.5 million.
 GEICO Corporation will report its fourth quarter 1992 results on Feb. 18, 1993.
 GEICO Corporation is the parent company of Government Employees Insurance Company, which is referred to as GEICO. GEICO insures private passenger automobiles of preferred risk individuals employed by the federal government or the military. It also provides homeowner coverage and other types of insurance for qualified applicants. GEICO General Insurance Company, a subsidiary of GEICO, insures private passenger automobiles for preferred risks other than federal or military employees. GEICO Indemnity Company, also a subsidiary of GEICO, insures standard risk individuals.
 -0- 12/21/92
 /CONTACT: Carroll R. Franklin, director, investor relations, GEICO Corporation, 301-986-2055/
 (GEC)


CO: GEICO Corporation ST: District of Columbia IN: INS SU:

IH -- DC017 -- 0161 12/21/92 16:07 EST
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Publication:PR Newswire
Date:Dec 21, 1992
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