Read about George Joseph’s net worth, age, wife, children, height, family, parents, salary, and Mercury Insurance as well as other information you need to know.
George Joseph is an American business mogul. He is famous as the founder of the general-line insurance firm Mercury General Corporation of Los Angeles.
|Net Worth||$1.4 billion|
George Joseph was born on September 11, 1921 (age 101 years) in Beckley, West Virginia, United States. His parents immigrated from Lebanon to the US. His father worked as a coal miner and storekeeper.
Joseph served in the United States Air Force as a B-17 navigator in World War II, serving in some 50 missions. In 1949, he earned a degree in Physics and Mathematics from Harvard University in 3 years on the GI Bill.
George Joseph took a job with the Occidental Life Insurance Company in Los Angeles as a systems analyst after he graduated from the university. In the evenings, he sold life insurance door-to-door. Knowing that many of his customers would inquire about other lines of insurance (auto, property), Joseph proposed that Occidental expand its offerings.
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Joseph left Occidental after being rebuffed in 1954 and started his own insurance agency in California that bundled the life insurance policies he was already selling with property and casualty insurance and automobile insurance policies.
At the time, the automobile insurance industry was not flexible, with all drivers paying the same rate, regardless of their driving record or experience.
George Joseph founded Mercury Insurance in 1962. Mercury offered auto insurance policies with differing rates, based on a driver’s record and experience, a first in the industry. As of 2013, Mercury employs 4,000 agents and has $4 billion in assets.
Joseph remains actively involved in the operations of Mercury Insurance as the chairman of the board, but the CEO of the company is now Gabe Tirador. He was active in the opposition to California Proposition 103 which regulated providers of insurance to individuals in California.
California Proposition 103 requires insurance carriers to file rates and receive prior approval before using the rates, and required all insurance carriers to roll back rates by 20%.
George Joseph fought to repeal parts of the law in 1993, based on the grounds that the law promoted increased litigation in the insurance industry and that the law restricted competitive actions by insurance carriers.
George Joseph is a married man with 5 children. As of 2023, George Joseph, his wife, and his children reside in Los Angeles. He stands at an appealing height of 1.75m and has a good body weight which suits his personality.
George Joseph net worth
How much is George Joseph worth? George Joseph net worth is estimated at around $1.5 billion. His main source of income is from his primary work as a businessman. George Joseph’s salary per month and other career earnings are over $100 million dollars annually. His remarkable achievements have earned him some luxurious lifestyles and some fancy car trips. He is one of the richest and most influential insurance gurus in the United States.
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