American Family Insurance to Return $200 Million in Premium to Auto Customers
MADISON, Wis.–(BUSINESS WIRE[1])–As the COVID-19 pandemic continues to dramatically alter driving habits and create financial uncertainty for individuals and families across the country, American Family Insurance will return approximately $200 million to its auto insurance customers.
“American Family Insurance is doing this out of responsibility to our customers. They are driving less and experiencing fewer claims. Because of these results, they deserve premium relief,” said Telisa Yancy, American Family chief operating officer.
The premium relief will come in the form of a one-time full payment of $50 per vehicle covered by an American Family personal auto policy. The typical American Family household with auto coverage has two vehicles, meaning the average relief check will be $100. American Family expects to complete the printing and distribution of all 2.3 million checks within 60 days, while diligently applying social distancing practices.
“Our customers are at the center of everything we do,” said Yancy. “We are financially strong, and in a position to provide these payments to our customers at a time when it makes a meaningful difference.”
Checks will be mailed to customers in Wisconsin, where American Family Insurance is based, beginning this week, following recent approval from the state Office of Commissioner of Insurance. Payments to customers in the company’s additional 18 operating states will follow, pending approval from their insurance regulators.
Relief payments will be based on personal auto policies in force as of March 11, 2020, the date the World Health Organization declared COVID-19 a pandemic. Business written after that date is excluded.
Additional support for customers and communities
Premium relief isn’t the only way the company is supporting customers during this unprecedented time. American Family is also offering flexibility in several areas including payment deferral, payment plans, the removal of late fees, and suspending underwriting and non-renewal cancellations.
American Family has also extended private passenger automobile coverage to food delivery drivers hired by restaurants.
In addition, to support communities[2], the American Family Insurance group, the American Family Dreams Foundation and the Steve Stricker American Family Insurance Foundation could provide more than $6.8 million to COVID-19 relief and other non-profits, including through a 2-to-1 match for charitable donations given by its agency owners and employees in their local communities.
“We want to do our part to help during this trying time and be an industry leader in how we are giving back to our customers and communities,” Yancy said.
In addition to Wisconsin, American Family Insurance operates in Arizona, Colorado, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Nebraska, Nevada, North Dakota, Ohio, Oregon, South Dakota, Utah and Washington.
About the American Family Insurance Group
Based in Madison, Wisconsin, American Family Insurance[3] has been serving customers since 1927. We inspire, protect and restore dreams through our insurance products, exceptional service from our agency owners and employees, community investment and creative partnerships to address societal challenges. We act on our belief in diversity and inclusion by constantly evolving to meet customer needs and preferences. American Family Insurance group is the nation’s 13th-largest property/casualty insurance group, ranking No. 306 on the Fortune 500 list. The group sells American Family-brand products, primarily through exclusive agency owners in 19 states. The American Family Insurance group also includes CONNECT, powered by American Family Insurance (formerly Ameriprise Auto & Home[4]), The General[5], Homesite[6] and Main Street America[7]. Across these companies the group has more than 13,500 employees nationwide.
References
- ^ BUSINESS WIRE (www.businesswire.com)
- ^ to support communities (cts.businesswire.com)
- ^ American Family Insurance (cts.businesswire.com)
- ^ Ameriprise Auto & Home (cts.businesswire.com)
- ^ The General (cts.businesswire.com)
- ^ Homesite (cts.businesswire.com)
- ^ Main Street America (cts.businesswire.com)
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