04-06-2020, 03:35 PM
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Allstate to return $600 million in auto premiums as pandemic cuts driving
Quote:
U.S. insurer Allstate Corp said on Monday that it would return more than $600 million in auto insurance premiums to customers as many Americans stay home and drive less due to "shelter-in-place" orders to curb the coronavirus outbreak.
Most customers will receive a "payback" of 15% of their monthly premium in April and May, the company said.
The payback, which will apply to 18 million policies issued by Allstate and its Esurance and Encompass units, follows a data analysis by the insurer that showed mileage is down between 35% and 50% in most states, Allstate Chief Executive Officer Tom Wilson said during a call with reporters on Monday.
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https://www.msn.com/en-us/money/comp...cid=spartandhp
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