Reinsurance News

Allstate announces $600mn payback scheme for customers amid COVID-19

6th April 2020 - Author: Luke Gallin

U.S. insurer The Allstate Corporation (Allstate) has announced the establishment of a Shelter-in-Place Payback scheme designed to assist its personal auto insurance customers during the ongoing COVID-19 pandemic.

Allstate logo newCustomers that insure their vehicle with Allstate, Esurance, and Encompass will receive 15% of their monthly premium in April and May, which amounts to more than $600 million.

At the same time, the insurer is offering the Allstate Identity Protection solution free for the rest of the year for U.S. residents, regardless of whether or not they are an existing Allstate customer, by signing up in April or May. Allstate notes that with more people now working remotely as a result of the pandemic, the exposure to cybercrime has increased.

Tom Wilson, Chair, President and Chief Executive Officer (CEO), commented: “Allstate has been helping customers overcome catastrophes for 89 years since our purpose is to make sure they are in Good Hands. We have learned to move quickly and put people first.

“This crisis is pervasive. Given an unprecedented decline in driving, customers will receive a Shelter-in-Place Payback of more than $600 million over the next two months. This is fair because less driving means fewer accidents. We are also providing free identity protection for the rest of the year to all U.S residents who sign up, since our lives have become more digital.”

In light of the current crisis, Allstate has also expanded its insurance coverage for customers who use their personal vehicles to deliver food, medicine and other goods for commercial purposes. Typically, standard auto insurance policies exclude this coverage but Allstate has extended its coverage to ensure those that need it have protection in the coming months.

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