Consumer groups say some auto insurance rebates are too small

Consumer group | April 24, 2020

The Consumer Federation of America (CFA) and the Center for Economic Justice (CEJ) have updated their scorecard for insurance companies and their auto insurance premium rebate measures, concluding that some of the largest insurers in the US are short-changing their customers.
Both consumer groups noted that US auto insurers will return a total of over $7 billion in premium refunds and credits to customers through May. Despite this, the drop in auto insurance claims driven by reduced driving is far greater than $7 billion, CFA and CEJ noted.
According to the consumer groups, insurer’s relief to customers ranged from 10% to 35% of two months of premiums; the “vast majority” of insurers said that they would give back 15%.

Spotlight

Insurance is a huge yet fast-growing industry with unlimited market potentials. Global premium income is 4.8 trillion USD. With the development of the economy, insurance demands are growing rapidly all over the world. According to Global insurance review 2017, and outlook in 2018 from Swiss Re, the world economy will grow at a steady rate in 2018 and so will insurance premium. A global non-life premium will grow at 2.2% and 3.0% 2017 and 2018 respectively. Global life premium will grow 4.8% and 4.2% in 2017 and 2018 respectively.

Spotlight

Insurance is a huge yet fast-growing industry with unlimited market potentials. Global premium income is 4.8 trillion USD. With the development of the economy, insurance demands are growing rapidly all over the world. According to Global insurance review 2017, and outlook in 2018 from Swiss Re, the world economy will grow at a steady rate in 2018 and so will insurance premium. A global non-life premium will grow at 2.2% and 3.0% 2017 and 2018 respectively. Global life premium will grow 4.8% and 4.2% in 2017 and 2018 respectively.

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