Is geico an oligopoly

Answer 1

Wikipedia lists 46 property and casualty insurers with a national presence. (http:/enzperiodzwikipediazperiodzorg/wiki/List_of_United_States_insurance_companies#Property_and_casualty_insurance) This doesn't include the hundreds of local and regional insurers available to consumers. Auto insurance is not only a very competitive industry, it is also very highly regulated. This regulation occurs because auto insurance is mandatory, therefore there is an obligation by the government mandating auto insurance coverage to also oversee the insurance products and protect the consumer. Because of the large number of companies offering property and casualty insurance, and the strict regulation by the states, it is unlikely that there could ever be an oligopoly in auto insurance by GEICO or any other company.