FOR IMMEDIATE RELEASE

April 15, 2020

 

Auto Insurers to Return More Than $187M in Premium to Louisiana Drivers Through Rebates, Reductions

Insurance Commissioner Jim Donelon acknowledges the auto insurers in Louisiana and across the country for providing premium reductions and rebates to policyholders during the ongoing crisis brought on by COVID-19. Because most drivers are following the stay at home order, there are less miles being traveled which has resulted in fewer accidents. As a result of this dynamic, many auto insurers are now sharing their savings with consumers.

“I applaud our auto insurers on supporting their policyholders and our economy with these programs,” said Commissioner Donelon.  “Here in Louisiana, the economic impact of these rebate programs is greater than $187 million in payments returned to the pockets of consumers at a time when it is sorely needed. This list includes 13 of the top 20 auto insurers doing business in Louisiana and it is my hope that the other seven auto insurers will follow suit in this time of crisis for their policyholders brought on by the ongoing COVID-19 pandemic.”

At the time of publication, the insurers below have announced or provided the Louisiana Department of Insurance (LDI) with the details of a rebate or rate reduction program.

 

PRIVATE PASSENGER AUTOMOBILE

Companies Offering Premium Payback Due to COVID-19

Group/Company

2019 Written Premium

2019 Market Share

COVID-19 Related Return Premium

# Months Return Premium

Projected Return Premiums

STATE FARM GRP

$ 1,442,012,580

29.5%

25%

2.37

$ 71,099,231

PROGRESSIVE GRP

$ 803,097,944

16.4%

20%

2

$ 26,769,931

BERKSHIRE HATHAWAY (GEICO)

$ 571,941,640

11.7%

15%

6

$ 42,895,623

ALLSTATE INS GRP

$ 540,137,655

11.1%

15%

2

$ 13,503,441

USAA GRP

$ 294,072,269

6.0%

20%

2

$ 9,802,409

FARM BUREAU GRP

$ 262,659,515

5.4%

15%

2

$ 6,566,488

LIBERTY MUT GRP

$ 197,963,554

4.1%

15%

2

$ 4,949,089

GOAUTO INS CO

$ 163,079,583

3.3%

15%

2

$ 4,076,990

SHELTER INS GRP

$ 69,820,682

1.4%

30%

2

$ 3,491,034

METROPOLITAN GRP

$ 41,273,185

0.8%

15%

2

$ 1,031,830

KEMPER CORP GRP

$ 33,705,462

0.7%

15%

2

$ 842,637

HARTFORD GRP

$ 26,937,539

0.6%

15%

2

$ 673,438

HANOVER INS GRP

$ 20,640,280

0.4%

15%

2

$ 516,007

AMERICAN FAMILY GRP

$ 14,207,687

0.3%

$50.00

**

$ 256,500

FARMERS INS GRP

$ 7,170,609

0.1%

25%

2

$ 298,775

AMICA MUT GRP

$ 4,901,655

0.1%

20%

2

$ 163,389

CHUBB LTD GRP

$ 4,819,446

0.1%

35%

2

$ 281,134

TRAVELERS GRP

$ 1,276,289

0.0%

15%

2

$ 31,907

TOTAL ALL COMPANIES

$ 4,458,444,389

92.1%

$ 187,249,854

 

** American Family is offering a flat $50 per vehicle

 About the Louisiana Department of Insurance: The Louisiana Department of Insurance works to improve competition in the state’s insurance market while assisting individuals and businesses with the information and resources they need to be informed consumers of insurance. As a regulator, the LDI enforces the laws that provide a fair and stable marketplace and makes certain that insurers comply with the laws in place to protect policyholders. You can contact the LDI by calling 1-800-259-5300 or visiting www.ldi.la.gov.