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GEICO CORPORATION REPORTS REVISED ESTIMATE OF HURRICANE ANDREW INSURED LOSSES

 GEICO CORPORATION REPORTS REVISED ESTIMATE
 OF HURRICANE ANDREW INSURED LOSSES
 WASHINGTON, Oct. 12 /PRNewswire/ -- GEICO Corporation (NYSE: GEC) estimates gross losses from Hurricane Andrew will total $135 million or more. This estimate, an update of an $80 million estimate released on Sept. 23, is based on a review of all auto and property losses reported through Oct. 8, 1992. Not all claims have been settled but $85 million has been paid to policyholders. While the number of claims reported has not increased substantially above the prior estimate, the estimated cost per claim continues to increase as the rebuilding process progresses. An expanded staff of adjusters remains in Florida to help settle claims as quickly as possible.
 Aftertax losses, net of catastrophe reinsurance, are estimated to be $46 million. This estimate would reduce GEICO Corporation's 1992 third quarter earnings by 64 cents per share.
 The corporation will release its third quarter earnings report on Nov. 6, 1992.
 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- 10/12/92
 /CONTACT: Carroll R. Franklin, director, investor relations, GEICO Corporation, 301-986-2055/
 (GEC) CO: GEICO Corporation ST: District of Columbia IN: INS SU:


DS -- DC003 -- 8722 10/12/92 08:41 EDT
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Publication:PR Newswire
Date:Oct 12, 1992
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