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.