Auto insurance firms return $800 million in premiums as no one's driving [CNNMoney.com]
Berkshire Hathaway Inc. (BRK.A)
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Source: CNNMoney.com
Auto insurance companies return $800 million in premiums because no one is driving New York (CNN Business) Two insurers -- Allstate and American Family Insurance -- announced Monday they will give back about $800 million to their auto insurance customers because people are driving far less during the coronavirus crisis. Allstate ( ALL ) said it will refund about 15% of premiums paid by its customers in April and May, which comes to a total of about $600 million. "Given an unprecedented decline in driving, customers will receive a Shelter-in-Place Payback," said Allstate CEO Tom Wilson "This is fair because less driving means fewer accidents." Allstate's payments will go to all US and Canadian customers with personal auto insurance, whether or not their state has any kind of stay-at-home order. American Family, which only serves customers in 19 states, also said its payments would go to all of its customers. American Family Insurance said it will give back ab
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