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New Jersey Directs Insurance Companies to Provide Premium Reductions to Drivers and Businesses

May 14, 2020 By CollisionWeek Editor

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 […]

Filed Under: News Tagged With: Auto Insurance, New Jersey, Premiums, Workers Compensation Insurance

Louisiana Insurance Commissioner Calls for Commercial Auto Insurance Premium Discounts

May 6, 2020 By CollisionWeek Editor

Louisiana Insurance Commissioner Jim Donelon has called upon commercial vehicle insurers to review their Louisiana policies and consider returning a percentage of premium to policyholders whose businesses have been impacted by the stay at home orders put in place as a result of the Coronavirus pandemic. Following these emergency declarations, many commercial fleet operators are […]

Filed Under: News Tagged With: Coronavirus, Insurance Commissioner, Louisiana, Premiums

Erie and AAA Groups Announce Auto Insurance Customer Discounts

April 22, 2020 By CollisionWeek Editor

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 […]

Filed Under: News Tagged With: AAA, Auto Insurance, Erie Insurance, Premiums

Additional Auto Insurers Provide Premium Relief

April 15, 2020 By CollisionWeek Editor

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 […]

Filed Under: News Tagged With: Auto Insurance, Coronavirus, Premiums

State Farm and USAA Announce Auto Insurance Premium Credits in Response to Coronavirus Impact on Driving

April 14, 2020 By CollisionWeek Editor

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). […]

Filed Under: News Tagged With: Auto Insurance, Coronavirus, Premiums

Progressive, Farmers and Travelers Join List of Auto Insurers Offering Credits and Rebates to Policyholders

April 9, 2020 By CollisionWeek Editor

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 […]

Filed Under: News Tagged With: Auto Insurance, Coronavirus, Premiums

GEICO and Liberty Mutual Joins List of Insurers Providing Credit for Auto Insurance Premiums in Wake of Pandemic Impact on Accidents

April 8, 2020 By CollisionWeek Editor

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 […]

Filed Under: News Tagged With: Auto Insurance, Coronavirus, GEICO, Liberty Mutual Insurance, Premiums, Safeco

Consumer Groups Applaud Allstate And American Family Shelter-In-Place Auto Insurance Refunds

April 7, 2020 By CollisionWeek Editor

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 […]

Filed Under: News Tagged With: Allstate Insurance, American Family, Auto Insurance, Center for Economic Justice, Consumer Federation of America, Coronavirus, Premiums

Allstate and American Family Announce Programs to Return Portion of Premiums to Auto Insurance Customers

April 6, 2020 By CollisionWeek Editor

Both Allstate Insurance and American Family announced programs to return a portion of paid insurance premiums back to customers given dramatic declines in driving and accidents in as a result of shelter-in-place orders from states around the country. As CollisionWeek reported on April 3, weekly fuel consumption declined substantially in the second half of March […]

Filed Under: News Tagged With: Allstate Insurance, American Family, Coronavirus, Premiums

Global Auto Insurance Market Grew 5.2% Annually Since 2010

November 30, 2015 By CollisionWeek Editor

According to a new research study released by Finaccord, worldwide, the value of auto insurance premiums in 2014 was $671.3 billion with this global market size having risen at a nominal compound annual growth rate of 5.2 percent since 2010, when premiums were worth $547.0 billion, though this growth rate was 3.2 percent in real […]

Filed Under: News Tagged With: Finnaccord, Global Auto Insurance Market, Premiums

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