Geico will provide its 19 million cars and motorcycle Reflecting the reduction in the number of drivers, the number of car accidents caused by the coronavirus pandemic has also decreased. of Insurance companyBillionaire Warren Buffett's part of Berkshire Hathaway Group Holdings will provide 15% for renewed policies between April 8 and October 7 Credit limit. The average premium for each car policy is about $ 150, and the average premium for each motorcycle policy is about $ 30. Full details of Geico's reward points program can be found here.
Announced one day later Allstate announced its in-situ asylum planThis will return more than US $ 600 million to policyholders, mainly by recovering 15% of the April and May premiums of about 18 million policies.
Geico said that although the pandemic has subsided, it is expected that traffic accidents will be greatly reduced, although it is expected to return to near normal levels.
Gedd CEO Todd Combs said in a statement: "The ongoing crisis will continue to have widespread impact." "Our customers have always been loyal and we are committed to helping them as much as we can."
According to Reuters, state-owned farms and progressive companies are also reviewing their quality practices in light of the decline in driving.
Liberty Mutual and its subsidiary Safeco issued a 15% refund for two months of premiums, approximately US $ 250 million, which will be refunded to consumers. These companies will also suspend non-payment cancellations and will not issue late fees.
American family insurance company said it will issue a $ 200 million refund, $ 50 per refund It guarantees the car.
Progressive and State Farm are studying this issue.
Geico earned US $ 35.57 billion in premiums in 2019 and paid US $ 28.94 billion (81.3%) to make up for loss claims. After deducting underwriting expenses, the pre-tax underwriting income totaled $ 1.51 billion. Berkshire Hathaway, headquartered in Omaha, Nebraska, has owned all of Geico ’s shares since 1996.
This report uses Reuters materials.