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

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Celent have reviewed this profile and believe it to be accurate.
2020/07/12
Karlyn Carnahan

Available Only for Members of the NA Property Casualty Celent Research Panel

Abstract

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

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Insight details

Industry
Property & Casualty Insurance
Subscription(s) required to access this Insight:
Insurance
Insight Format
Reports
Geographic Focus
North America