News Coronavirus watch20 Nov 2020

US:Insurer to increase COVID-related premium relief to $500m

| 20 Nov 2020

American Family Insurance (AmFam) has announced its third round of premium relief for personal auto insurance customers due to decreased driving and claims from COVID-19, increasing the total amount of relief to $500m since the pandemic began.

The company said it will extend a 10% credit currently applied to monthly personal auto insurance bills until the end of March 2021, pending regulatory approval. The credit was set to expire at the end of this year.

The 10% credit, which started with July bills, was AmFam’s second round of premium relief. The first round was announced in March, with customers receiving a check for $50 per vehicle insured by an American Family personal auto policy in force as of 11 March. Those first two rounds combined provided $425m in premium relief, which included expanded discounts.

“We exist to protect and help our customers,” said AmFam CEO Telisa Yancy. “While driving mileage and claims have recently trended up, we anticipate the numbers will continue to be less than previous years. We want to continue this relief as our customers take measures to safeguard their families and reduce the spread of the virus.”

AmFam said that monthly bills for coverage within the January-March 2021 time period will reflect the 10% premium credit. Customers who have paid in full for coverage that extends into that time period will receive their credit via check. New and existing customers will see the savings on their bills for November and December coverage, plus receive the credit for coverage through 31 March 2021.

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