For Immediate Release:
April 17, 2020
Insurance Commissioner Recognizes Industry Efforts to Provide Premium Relief During COVID-19
OKLAHOMA CITY – The COVID-19 pandemic has impacted every type of business and service around the globe, including the insurance industry. As the insurance community navigates these challenging times, many companies are stepping forward, providing much–needed relief to their policyholders.
During this public health emergency, the Oklahoma Insurance Department (OID) has received requests from several property/casualty insurers to return a percentage of paid premiums to their policyholders. Most major auto insurers recognize that their customers are driving less during the COVID-19 crisis. Many insurance companies who operate in Oklahoma have announced refunds, dividends, credits or other appropriate premium adjustments to their customers. Most cited reduced policyholder mileage and the receipt of fewer claims amid the COVID-19 crisis as their reason for these offers.
“I want to recognize and thank the insurance industry for doing the right thing,” Insurance Commissioner Glen Mulready said. “These companies are taking the lead in helping ease some of the financial burdens many are experiencing during this crisis. I want to express my appreciation and gratitude for their leadership, community service and assistance during this difficult and unusual time.”
The OID is working diligently with insurers to approve these relief program requests and get money into consumers’ hands as quickly as possible. To see information about insurance companies offering premium relief and assistance programs to Oklahoma consumers, visit https://www.oid.ok.gov/covid19_relief/
If you have questions about other insurance issues, contact the Oklahoma Insurance Department at 1-800-522-0071 or visit our website at www.oid.ok.gov.
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