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Amendments to New York State Insurance Regulations Relative to COVID-19

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Subject to approval by state regulators, Progressive personal auto customers who have a policy in force as of April 30th will be credited 20% of their April premiums in May and personal auto customers with a policy in force as of May 31st will be credited 20% of their May premiums in June. We estimate that the sum of these two credits will total approximately $1 billion. We may offer additional credits in the upcoming months.

Customers will not need to take any actions to receive the benefits. The credits will be applied automatically to the customer’s policy and those customers who have paid in full will receive a payment of the credited amounts. Please be assured that this action will not affect commission payments. Customers will see it reflected in their accounts within a few weeks after month end.

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The regulation provides the following options for policyholders financially impacted by the COVID-19 pandemic:

• A 60 day grace period (starting on March 30, 2020) for the payment of premium and fees for any policyholder who demonstrates financial hardship as a result of the COVID-19 pandemic.
• Late payment fees and credit/collection reporting will be waived during the 60 day period.
• A policyholder who did not make timely premium payments due to financial hardship as a result of the COVID-19 pandemic (including a policyholder to whom the insured issued a non-payment cancellation notice prior to the effective date of the order) and can still demonstrate financial hardship will be permitted to pay such premium over a 12-month period.

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To ease the financial burden that many individuals and businesses are facing due to COVID-19, Travelers is expanding billing relief for all our U.S. customers.

Specifically, we will suspend cancellation and non-renewal of coverage due to nonpayment through May 15, 2020. We will not charge interest, late fees or penalties during this period, providing policyholders extra time to pay their premiums without risking cancellation.

We also launched the Stay-at-Home Auto Premium Credit Program, which will automatically give U.S. personal auto insurance customers a 15% credit on their April and May premiums.