Last Updated Aug 20, 2007 5:15 PM EDT
California Insurance Commissioner Steve Poizner thinks that Gecko is setting the bar, saying in a statement, "As a top insurer in California, Geico is an excellent example that insurers can serve the best interests of their customers and operate profitably at the same time."
With a $66 million dollar loss in revenue, that seems hard to believe. But Geico has proven in the past that it can offer lower rates without negatively impacting its financial strength. It will be interesting to see when competitors follow suit, and if once again Geico proves their business strategy (if you lower it, they will come) effective.