OKLAHOMA CITY – As the insurance industry “navigates these challenging times,” many companies are stepping forward to “provide much-needed relief to their policyholders,” State Insurance Commissioner Glen Mulready said recently.
During the coronavirus public health emergency, the Oklahoma Insurance Department 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,” Mulready said.
Consequently, many insurance companies that operate in Oklahoma have announced refunds, dividends, credits or other appropriate premium adjustments for their customers. Most cited reduced policyholder mileage and the receipt of fewer claims amid the COVID-19 crisis as their reason for these offers, the commissioner said.
“These companies are taking the lead in helping ease some of the financial burdens many are experiencing during this crisis,” he said.
The Insurance Department is “working diligently with insurers to approve these relief program requests and get money into consumers’ hands as quickly as possible,” Mulready said.
Information about insurance companies offering premium relief and assistance programs to Oklahoma consumers can be found at https://www. oid.ok.gov/covid19_relief/.