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US insurers offer motor premium refunds

UK market will be keenly watching the actions of US motor insurers A dramatic fall in vehicle use as coronavirus lockdown measures kick in has led to two major US insurers refunding part of their motor customers' premiums.

A dramatic fall in vehicle use as coronavirus lockdown measures kick in has led to two major US insurers refunding part of their motor customers' premiums.

Allstate Corp said it would return 15% of premiums in April and May, amounting to $600m (£480m), and American Family announced a $50 (£40.54) premium refund per car.

Allstate chief executive Tom Wilson said there had been "an unprecedented decline in driving". He added that the refund was "fair" because "less driving means fewer accidents".

Full story on Insurance Times

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May/Jun 2020
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