SafeAuto | November 17, 2021
While many Americans celebrated the holidays at home last year, more families are expected to travel and gather once again, which could lead to an uptick in drunk driving.
A new national survey of over 1,900 US adults ages 21+, conducted by The Harris Poll on behalf of SafeAuto, reveals 40 percent of Americans ages 21-34 say they are more likely to drive after consuming alcohol over the holidays than other times of the year. The survey also found more than 6 in 10 Americans ages 21+ (62%) worry they've been a passenger in a vehicle when they've known the driver has had too much to drink, while 49% of those 21-34 say they themselves have regretted driving after having too much to drink.
To encourage drivers to celebrate safely, SafeAuto is launching the We Got You: Drive Sober Get Rewarded campaign to help drivers make a plan when alcohol is involved, giving away Uber rides and hotel stays to help them do so.
"Drunk driving is always more prevalent during the holidays, with Thanksgiving and the week between Christmas and New Year's Eve often among the deadliest for drivers. We want everyone to play it safe this holiday season, and that starts by having a plan to avoid drunk driving such as using rideshare, having a designated driver, or making arrangements to stay somewhere for the night."
- Amber Yeray, Marketing Leader, SafeAuto.
Whether behind the wheel or as a passenger, SafeAuto wants to make sure consumers don't end up in a dangerous situation when alcohol is involved over the holidays. Only about 3 in 5 Americans ages 21+ (62%) say they always make a plan to get home safely after drinking alcohol. To help drivers make a plan to celebrate safely, SafeAuto is giving away over $35,000 in Uber rides and hotel stays through the We Got You: Drive Sober Get Rewarded campaign. For a chance to win all consumers must do is:
This survey was conducted online within the United States by The Harris Poll on behalf of SafeAuto between October 19-21, 2021 among 2,006 US adults ages 18+, among whom 1,936 are ages 21+. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. Complete methodology is available upon request.
Safe Auto Insurance Group Inc., an Allstate Company, has been a leading provider of affordable state minimum coverage since its founding in 1993. SafeAuto has always been proud to call Columbus, Ohio home. With an unwavering entrepreneurial spirit and the idea that everybody has the right to have insurance, we're now providing options in 28 states for drivers who are looking to save hard-earned dollars. SafeAuto offers flexible payment plans, immediate coverage, and 24/7 customer service through the phone and web. Whether you're looking for auto, commercial, home, life, motorcycle or renters insurance, our dedicated team rides with you around the clock to ensure we are providing you the coverage that fits your needs.
La Capitale | July 06, 2020
La Capitale and SSQ Insurance have jointly announced that their merger is now official creating Canada’s largest mutual insurance company with more than 3.5 million members and clients. Mutual members of the respective companies gave their approval for the deal in March. And last month, the merger received regulatory approval from the National Assembly of Quebec, followed by the Autorité des marchés financiers and the Minister of Finance.
Willis Towers Watson | May 08, 2020
Willis Towers Watson projects will see a $51 billion reduction in claims costs this year, while returning an estimated $16 billion to consumers through refunds.
Refunds estimated so far are estimated at $10 billion and insurers will likely kick more back to customers if stay-at-home orders continue.
COVID-19 may add $16.7 billion to U.S. workers’ compensation losses and increase losses in the U.S. and U.K. by $11 billion for business-interruption.
If the novel COVID-19 pandemic is brought under control soon, the disease’s impact on the insurance industry as a whole may be pretty much a wash.
It not, the industry may be on the verge of an historic catastrophe.
A report by Willis Towers Watson projects that personal and commercial auto insurers in the United States and United Kingdom will see a $51 billion reduction in claims costs this year, while returning an estimated $16 billion to consumers through refunds. Refunds estimated so far are estimated at $10 billion and insurers will likely kick more back to customers if stay-at-home orders continue, the analysis says.
On the other hand, COVID-19 may add $16.7 billion to U.S. workers’ compensation losses and increase losses in the U.S. and U.K. by $11 billion for business-interruption and event-cancellations, $4 billion for credit and sureties, $1.5 billion for employment practices liability and $1.5 billion for directors and officers insurance, the report says.
Read More: PUSH TO CLAIM COVID-19 BUSINESS INTERRUPTION COVERAGE FAILS IN D.C.
Calculating the net decrease in losses for auto ($35 billion) and comparing that to the sum of the increased losses in the other lines ($34.7 billion) results in the two numbers pretty much cancelling each other out.
Those projections follow Willis’ “moderate scenario,” which assumes that four months of strict and two months of light social distancing will be effective at controlling the spread of the novel coronavirus fairly quickly. The moderate projection also assumes economic growth will resume before this fall and consumer confidence will return by winter.
There are reasons to be skeptical as to whether strict social distancing will last that long. As of Friday, more than half of the U.S. states had allowed some businesses to reopen. In Georgia, consumers can even go get a tattoo or a haircut.
If a “severe” scenario projected by Willis plays out, the insurance industry could be in dire straits. While social distancing will reduce U.S. and U.K. auto claims by $77 billion, the pandemic could increase costs for other lines — primarily workers’ compensation and general liability — by $140 billion. That is more than a third of the entire $365 million in premiums reported by U.S. property and casualty insurers in 2018.
The severe scenario assumes that social distancing lasts for 12 months and a global economic contraction continues until early next year.
For true doomsday believers, Willis offered a “limited success” scenario that assumes governments lift social distancing rules after three months because of the catastrophic economic cost and the virus spreads until finally controlled by “herd immunity.” If that plays out, Willis projects $92 billion increase in workers’ compensation losses, a $27 billion increase for general liability and $22.7 billion more in event cancellation losses, as well as increases in losses to other lines.
Willis also offers an “optimistic” scenario for those who see the glass as half full. That assumes government mitigation measures are highly effective and are able to control COVID-19 within three months, while consumer demand for get-away time returns within four months. In that case, auto claims drop by only $28 billion, offset by an additional $1.1 billion in business interruption and event cancellation claims and $600 million more for directors and officers claims. A $3.3 billion increase in workers’ compensation claims from the health care sector is largely wiped out by a $3.1 billion decrease in claims from workers outside of health care in the optimistic scenario.
“We have not associated probabilities with these scenarios, but we we regard all of them as possible and at his point should not be considered extreme tail scenarios (although some of them may have been before the COVID-10 outbreak),” the report says.
Workers’ Comp Losses
Workers’ compensation line will suffer the greatest losses from the pandemic compared to other lines in each of the scenarios. Ultimate losses will vary greatly depending on how many workers are infected, and what share of those who’re infected must be hospitalized or eventually die.
Willis estimated that each COVID-19 claim will bring $35,000 in medical treatment costs and $3,000 in temporary disability. Some of those will be death claims that cost an average of $1 million for physicians and $750,000 for other health care workers, the study says.
In its moderate scenario, Willis assumed that 20% of hospital-employed physicians and nurses will be infected and 12.5% of other healthcare workers will be infected. That amounts to 1.1 million infected workers, with. 9.5% of them requiring hospitalization and 9,300 of them dying from the disease.
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In the worst-case, “limited success” scenario, Willis projects a 75% infection rate for all health care workers, resulting in 7.9 million cases and 129,000 deaths.
The broad range of scenarios that Willis included in the report mirrors an analysis released earlier this month by the National Council on Compensation Insurance. That report projected losses ranging from $2 billion to $81 billion, depending on infection rates and the number of claims that are deemed to be compensable.
In conclusion, Willis said the cumulative impact of the pandemic could “substantially exceed” losses from the Sept. 11, 2011 terrorist attack on the World Trade Center. Along with those losses, the industry faces a serious risk that its reputation will suffer, the report says.
A good portion of these losses will probably be considered to have been unintended, arising from broad wordings in smaller commercial policies, It will also beg a question however as to the full extent this should be transferred into the industry, which after all exists to provide continuity for just this type of event.
- A report by Willis Towers Watson projects.
AboutWillis Towers Watson
Willis Towers Watson (NASDAQ: WLTW ) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has more than 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance.