Overview of premium give-back programmes in light of reduced motor claims due to COVID-19 — solely a US phenomenon?

It seems that the dam has broken and insurers are initiating large scale give back programmes to pass on savings in claims esp. in motor insurance to their customers. Seems to be almost exclusively US-based for now, with French MAIF being the shining European exception?!. How long until insurers in Europe will follow suit?

When you do, please follow these rules

• Require active opt-in from customers
• Grant benefit for renewal policies or additional coverages only
• Update customer information and get marketing opt-ins
• Collect holistic risk information for later cross- and upselling

or even better yet, just give us a call… Everyone is talking about “customer engagement”, so by all means, don’t be afraid to engage! And it is ok to ask for data and opt-ins in return for a tangible benefit.

1. Chubb - 35% of April and May motor insurance premium (=$n/a) -https://news.na.chubb.com/2020-04-13-Chubb-Announces-Premium-Credit-for-U-S-Auto-Policyholders-to-Reflect-Changing-Driving-Habits-Due-to-the-COVID-19-Pandemic
2. Kemper -30% of May and June motor insurance premium (=$100m) -https://coverager.com/kemper-announces-premium-relief-to-policyholders-and-support-to-communities-amid-covid-19-pandemic/
3. State Farm Mutual - 25% of April and May motor insurance premium (=$2,000m) - https://coverager.com/state-farm-mutual-returning-2-billion-dividend-to-auto-insurance-customers/
4. Farmers - 25% of April motor insurance premiums (=$n/a) -https://coverager.com/farmers-and-21st-century-branded-automobile-customers-will-receive-a-25-reduction-in-their-april-premium/
5. 21st Century - 25% of April motor insurance premiums (=$n/a) -https://coverager.com/farmers-and-21st-century-branded-automobile-customers-will-receive-a-25-reduction-in-their-april-premium/
6. Progressive - 20% of April and May motor premiums (=$1,000m) - USA https://coverager.com/progressive-provides-1-billion-to-customers/
7. USAA - 20% of April and May motor premiums (=$520m)- https://coverager.com/usaa-to-return-520-million-to-members/
8. GEICO - 15% for renewal policies between April and October (=$1,500m) - https://coverager.com/geico-offers-2-5-billion-in-credits-to-customers/
9. Allstate - 15% of April and May motor premiums (=$600m) - https://www.allstatenewsroom.com/news/allstate-is-providing-more-than-600-million-to-auto-insurance-customers-amid-pandemic/
10. Liberty Mutual - 15% of April and May motor premiums (=$250m) - https://www.libertymutual.com/covid-19
11. The Hartford’s - 15% of April and May motor insurance premiums (=$50m) - https://coverager.com/the-hartfords-covid-19-personal-auto-payback-plan-to-provide-customers-with-relief-during-pandemic/
12. Hannover Insurance - 15 % of motor insurance premiums (=$30m) -https://coverager.com/the-hanover-responds-to-coronavirus-pandemic-with-initiatives-to-support-policyholders-and-local-communities/
13. Travelers - 15% of April and May motor insurance premium (=$n/a) -https://coverager.com/travelers-announces-stay-at-home-auto-premium-credit-program/
14. MetLife Auto - 15% of April and May motor insurance premium (=$n/a) -https://coverager.com/metlife-provides-relief-to-auto-insurance-customers/
15. Union Mutual - 15% of April and May motor insurance premium (=$n/a) - https://coverager.com/union-mutual-announces-auto-insurance-premium-credits/
16. Nationwide - 15% of April and May motor insurance premium (=$n/a) -https://coverager.com/nationwide-offers-50-rapid-relief-premium-refund-to-all-auto-policyholders/
17. Erie - undisclosed % of motor insurance premiums (=$200m) -https://coverager.com/erie-insurance-announces-200-million-in-auto-rate-cuts/
18. MAIF - undisclosed% of April and May motor insurance premium (=$109m) - https://www.icmif.org/news/maif-passes-eur-100-million-motor-claims-savings-its-member-policyholders-during-coronavirus
19. Farm Bureau - undisclosed % of motor insurance premiums (=$30m) -https://coverager.com/farm-bureau-insurance-distributing-30-million-in-coronavirus-response/