UPDATE 1-Allstate to return $600 mln in auto premiums to customers as pandemic cuts driving [Reuters (UK)]
Allstate Corporation (The) (ALL)
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Source: Reuters
Allstate to return $600 million in auto premiums to customers as pandemic cuts driving - Reuters 2 Min Read (Reuters) - U.S. insurer Allstate Corp ( ALL.N ) 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. The analysis, based on data that Allstate collects from tracking products that some customers agree to use in exchange for discounts, and other sources, showed no difference between states that had “shelter in place” orde
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