Companies return $800M in premiums because no one is driving [MSN Money]
Berkshire Hathaway Inc. (BRK.A)
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Source: MSN Money
© Josh Edelson/AFP/Getty ImagTwo 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 ls during the coronavirus crisis.Load ErrorAllstate said it will refund about 5% of premiums paid by its customers in April and May, which com to a total of about $600 million."Giv an unprecedted decline in driving, customers will receive a Shelter-in-Place Payback," said Allstate CEO Tom Wilson "This is fair because ls driving means fewer accidts."Allstate's paymts 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 serv customers in 9 stat, also said its paymts would go to all of its customers.American Family Insurance said it will give back about $50 per car that a household has insured with the company via a one-time paymt. It said that will total about $00 million.All
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