coronavirus discounts News

Geico Sued for Alleged ‘Woefully Inadequate’ Coronavirus Auto Insurance Discount

Berkshire Hathaway’s Geico, the country’s second largest auto insurer, is being targeted by a potential class action for allegedly overcharging its policyholders during the pandemic. A lawsuit filed in federal court in Illinois alleges that the 15% “Geico Giveback” premium …

UK Regulator Announces Pandemic Relief Measures for Insurance Customers

The Financial Conduct Authority (FCA) announced a set of measures to help insurance customers who may be suffering financial difficulties as a result of coronavirus pandemic. The measures include premium reductions, discounts, waiving fees and premium payment deferrals. FCA explained …

Allstate Credits Risk Management During Q1; Eyes Second Coronavirus Driver Refund

Allstate Corp. reported that its adjusted net income rose 47% in the first quarter to $1.14 billion, a jump of 47%, thanks to higher underwriting income and lower catastrophe costs, compared with the quarter one year ago. The highlights for …

Updated: Insurance Premium Discounts, Other Relief Offered During Coronavirus Crisis

The group of property/casualty insurers offering auto insurance premium discounts to recognize that insureds are driving less during the coronavirus crisis continues to grow, and now includes all major auto insurers. Most discounts are for personal lines auto customers, however …

North Carolina Farm Bureau Insurance to Give Insureds 20% Dividend on Auto Premiums

North Carolina Farm Bureau Insurance will provide a 20% dividend payment to its automobile policyholders for April and May 2020 in light of the COVID-19 pandemic. The company announced the “Here for You Promise” 20% dividend was approved by its …

Analysts See Auto Insurers’ Coronavirus Rebates As a Solid Short-Term Move

Auto insurers have seen something new with the coronavirus pandemic: an historic reduction in driving due to millions of customers staying home and sheltering in place. That change led to carriers issuing between $8 billion and $10.5 billion in customer …

Farm Bureau Insurance of Tennessee to Distribute $30M to Policyholders

Farm Bureau Insurance of Tennessee said it will issue $30 million in special payments to its auto policyholders in the state in response to economic stresses caused by the coronavirus emergency. The special payment is based on approximately 24% of …

North Carolina Creates Process for Insurers to Legally Offer Pandemic Premium Relief

The North Carolina Department of Insurance says it is working with insurers to allow them to offer financial relief to policyholders without filing for department approval or risking violating state law during the current coronavirus pandemic. Many automobile insurers are …

Alabama Regulator Eases Process for Auto Insurers to Reduce Policyholder Premiums

The Alabama Department of Insurance says it will waive filing fees and allow for immediate implementation of premium reductions by insurers in an effort to provide some relief to Alabama consumers. In a bulletin issued last week, Alabama Insurance Commissioner …

Auto Insurers Offering $8-$10B in Discounts in Coronavirus Relief Effort; Updated List

The group of property/casualty insurers offering auto insurance premium discounts to recognize that insureds are driving less during the coronavirus crisis continues to grow, and now includes all major auto insurers. State Farm and Nationwide late last week joined the …