U.S. property/casualty insurers returned nearly $13 billion in premiums in 2020 thanks to reduced exposures from the COVID-19 pandemic, AM Best said in new commentary. What’s more, a sizable part of the total came from Berkshire Hathaway’s various insurance properties.

Auto insurers returned premium in the greatest numbers, though general liability, workers compensation, event cancellation and inland marine sectors all reported returns of premium due to pandemic-related reductions in risk exposure, AM Best said.

Much of the return totals came during the first six months of 2020, when the initial pandemic lockdowns led to reduce driving and overall commerce in the greatest volume, according to the report.

The most common return of premium reached 15 percent, though numbers went as high as 35 percent in some cases, according to the commentary. Nearly 400 insurers reported specific amounts of return of premium related to the COVID-19 outbreak, AM Best said. That number came from more than 2,600 statutory statements and related disclosures the ratings agency reviewed for more than 2,600 U.S. P/C insurers.

Here are some of the largest premium returns as compiled by AM Best:

  • Berkshire Hathaway Insurance Group, $3.4 billion
  • Allstate, $1 billion
  • Progressive Insurance Group, $1 billion
  • USAA Group, $1 billion
  • American Family Group, $502 million
  • Liberty Mutual, $305 million
  • Travelers Group, $225.6 million
  • Nationwide, $143.6 million
  • Kemper PC Companies, $99.8 million
  • Great American P/C Insurance Group $78 million
  • Hartford Insurance Group, $75.8 million

A.M. Best’s full report is “P/C Insurers Return Nearly 413 Billion in Premiums as COVID-19 Reduces Exposure.”

Source: AM Best