(Bloomberg) — Geico, the auto insurer owned by Warren Buffett's Berkshire Hathaway Inc., will charge drivers more after margins worsened.
The pretax underwriting gain at Geico fell to $160 million in the first quarter from $353 million a year earlier, according to a report Friday from Omaha, Nebraska-based Berkshire.
"We experienced increases in claims frequencies and severities in several of our major coverages," according to the filing. "As a result, we are implementing premium rate increases as needed."
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