UPDATE 5-Allstate to return $600 mln in auto premiums as coronavirus cuts driving [Reuters]
Allstate Corporation (The) (ALL)
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Source: Reuters
Allstate to return $600 million in auto premiums as coronavirus cuts driving (Reuters) - Allstate Corp ( ALL.N ), one of the largest U.S. auto insurers, said on Monday it would return more than $600 million in premiums to customers as many Americans drive less due to stay-at-home orders aimed at curbing the coronavirus outbreak. Most customers will receive a “payback” of 15% of their monthly premium in April and May, the company said. State Farm and Progressive Insurance Corp ( PGR.N ), also among the largest U.S. auto insurers, are also looking into the driving decline and its potential impact on premiums. State Farm is “considering how best to take this into account and return value to our auto insurance policyholders” while Progressive is “exploring how to best return some premium to customers,” representatives for the companies said. Both companies expect to make decisions soon, they said. “There are very few silver linings out there, but auto insurance companies are definitel
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