Net income up 95% for the month compared to last year. The Progressive Corporation (NYSE:PGR) reported yesterday that its total personal auto policies in force in April were 15,506,300, up 10 percent from 14,115,000 in April 2019. Agency channel auto policies in force totaled 7,237,100, up 8 percent from 6,687,200 last year. Direct channel personal […]
New Jersey Directs Insurance Companies to Provide Premium Reductions to Drivers and Businesses
The New Jersey Department of Banking and Insurance directed insurance companies in the state to provide premium reductions to consumers and businesses during the COVID-19 emergency. The bulletin issued May 12 by the department covers premiums that are paid during the public health emergency that began March 9th and applies to property and casualty insurance […]
Erie and AAA Groups Announce Auto Insurance Customer Discounts
More auto insurers announced customer discount and rebate programs as traffic volume and claims declined dramatically due to stay-at-home orders. Erie Insurance announced it will provide $200 million in dividends directly to personal and commercial auto insurance customers in the 12 states and the District of Columbia where the company does business. This immediate relief […]
Additional Auto Insurers Provide Premium Relief
The number of auto insurers offering their customers premium relief in the wake of decreased driving the resulting decline in claims continues to grow. Below are additional insurers offering discount programs to their customers. Plymouth Rock Assurance Plymouth Rock Assurance announced that it will apply a 25 percent premium credit on Liability and Personal Injury […]
State Farm and USAA Announce Auto Insurance Premium Credits in Response to Coronavirus Impact on Driving
State Farm and USAA announced programs to provide relief to customers on the auto insurance premiums as a result of the decline in driving due to stay-at-home orders. Collectively, U.S. auto insurers will return more than $10 billion to their customers nationwide, according to an estimate released April 11 by the Insurance Information Institute (Triple-I). […]
Progressive, Farmers and Travelers Join List of Auto Insurers Offering Credits and Rebates to Policyholders
Another three of the top 10 auto insurers have launched programs to provide credits or refunds on auto insurance premiums during the coronavirus crisis. Progressive Insurance, the third largest private passenger auto insurer in the U.S.; Farmers Insurance, the sixth largest auto insurer, and Travelers, the tenth largest auto insurer, announced programs over the past […]
GEICO and Liberty Mutual Joins List of Insurers Providing Credit for Auto Insurance Premiums in Wake of Pandemic Impact on Accidents
GEICO will provide $2.5 billion in credits to customers. Liberty Mutual refunding $250 million to Liberty and Safeco insureds. GEICO and Liberty Mutual separately announced that they would be providing relief to their auto insurance policyholders, joining Allstate and American Family that announced similar programs earlier this week. GEICO, the second largest private passenger auto […]
Consumer Groups Applaud Allstate And American Family Shelter-In-Place Auto Insurance Refunds
Groups urge other auto insurers to do the same. The Consumer Federation of America (CFA) and the Center for Economic Justice (CEJ) applauded insurers Allstate and American Family Insurance for promising premium relief to policyholders totaling $800 million. This reflects a sharp drop in auto insurance claims resulting from far fewer miles driven as millions […]
Majority of Top 10 Largest Auto Insurers Grew Market Share During 2019 in the U.S.
The overall market share of 10 largest private passenger auto insurers in the U.S. increased compared to 2018. The 10 largest private passenger automobile insurers saw their market share increase in 2019, after a slight decline in 2018 compared to the previous year. The top 10 insurers accounted for almost three out of every four […]
Consumer Groups Call on Regulators to Direct Auto Insurers to Offer Premium Relief Due to Lower Claims Costs Following COVID-19 Restrictions
State insurance regulators should direct insurance companies to offer customers premium offset payments to reflect the immediate reduction in expected insurance claims as a result of COVID-19 restrictions keeping drivers off the road, the Consumer Federation of America (CFA) and the Center for Economic Justice (CEJ) wrote in a letter to Commissioners on March 18. […]