FOR IMMEDIATE RELEASE

August 7, 2020

LDI Recognizes USAA for Returning Over $1 Billion in Dividends This Year

 

Louisiana Insurance Commissioner Jim Donelon commends USAA for returning an additional $270 million dividend to auto insurance policyholders across the country in August. This dividend follows an earlier announcement that USAA provided dividends nationwide totaling $800 million earlier this year. In total, USAA will return $1.07 billion to its policyholders. Louisiana policyholders will see a total of $19.5 million in dividends this year.

“Louisiana policyholders have seen over $210 million in rebates or refunds since the start of the pandemic crisis as well as premium decreases from some of our largest auto insurers,” said Donelon.  “I welcome these decisions to provide additional dividends to policyholders in Louisiana where we have experienced a significant impact from the Covid-19 virus.”

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 by insurers who provide coverage to 98% of Louisiana’s insured drivers. These rebates and rate reduction programs are a result of policyholders driving less miles resulting in fewer accidents and lower loss expenses for auto insurers nationwide during the ongoing pandemic. USAA policyholders will automatically receive the dividend as a credit applied to their auto and property insurance accounts in late August.

More Information

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.  Click here to download the LDI logo.

 

 

PRIVATE PASSENGER AUTOMOBILE

Companies Offering Premium Payback Due to COVID-19

Group/Company

2019 Market Share

COVID-19 Related Return Premium

# Months Return Premium

Projected Return Premiums

STATE FARM GRP

29.5%

25%

2.4

$ 71,099,231

BERKSHIRE HATHAWAY GRP

11.7%

15%

6

$ 42,895,623

PROGRESSIVE GRP

16.4%

20%

2

$ 26,769,931

ALLSTATE INS GRP

11.1%

15%

3

$ 20,255,162

UNITED SERV AUTOMOBILE ASSN GRP

6.0%

20%

3

$ 19,604,818

SOUTHERN FARM BUREAU CAS GRP

5.4%

15%

2

$ 6,566,488

LIBERTY MUT GRP

4.1%

15%

2

$ 4,949,089

GOAUTO INS CO

3.3%

15%

2

$ 4,076,990

SHELTER INS GRP

1.4%

30%

2

$ 3,491,034

ORPHEUS GRP

1.1%

10%

2

$1,626,660

AMTRUST NGH GRP

2.4%

15%

1

$ 1,309,333

AMERICAN NATL FIN GRP

0.9%

15%

2

$1,159,459

METROPOLITAN GRP

0.8%

15%

2

$ 1,031,830

HARTFORD FIRE & CAS GRP

0.6%

15%

3

$1,010,158

AUTO CLUB ENTERPRISES INS GRP

0.5%

20%

2

$848,445

KEMPER CORP GRP

0.7%

15%

2

$842,637

THE HANOVER INS GRP

0.4%

15%

2

$516,007

HORACE MANN GRP

0.4%

15%

2

$506,248

AMERICAN INTL GRP

0.1%

25%

3

$381,334

FARMERS INS GRP

0.1%

25%

2

$298,775

AMERICAN FAMILY INS GRP

0.3%

$50

5,919**

$ 295,950

ROOT INS CO

0.3%

10%

2

$ 254,725

CHUBB LTD GRP

0.1%

6%

12

$ 186,195

AMICA MUT GRP

0.1%

20%

2

$ 163,389

AMICA MUT GRP (2)

0.1%

10%

1

$ 40,847

PURE COMPANIES GRP

0.1%

15%

2

$ 159,441

TRAVELERS GRP

0.0%

15%

3

$ 47,861

PHARMACISTS MUT INS CO

0.0%

$25

570**

$ 14,250

MIDVALE IND CO

0.0%

15%

3

$ 2,047

MIDVALE IND CO (2)

0.0%

10%

5

$ 2,275

BROTHERHOOD MUTUAL INS CO

0.0%

15%

2

$ -

CLEARCOVER INS CO

0.0%

15%

1

$ -

TOTALS with Proposed Refunds

98.1%

 

 

$ 210,107,456

 

** These insurers are offering a flat payment per vehicle.