Snap Poll of PC Insurers on Managing Premium Refunds due to Covid-19

Snap polls reflect questions posed by members of the Celent research panel. This question is focused on how insurers are processing Covid based refunds. This snap poll was conducted July 9 - 10, 2020.

The question that was posed was:

• For the lines of business that you write, what kind of actions are you taking on the premium side - mark all that apply (and ignore any lines that you don’t write):

– For personal auto, we are giving all customers a % of premium refund

– For personal auto, we are giving all customers a flat amount premium refund

– For workers compensation, we are reducing payroll for all customers

– For WC we are reducing payroll for customers on request.

– For GL we are reducing revenue for all customers

– For GL we are reducing revenue on request

– None of the above

– Other

•For those transactions, how are you processing it? Mark all that apply

– We are processing individual endorsements per policy

– We did a bulk change for the book of business

– Refunds were issued outside of the policy system

– Other

– N/A