Travelers (TRV) Extends Credit Program Amid Coronavirus Woes

The Travelers Companies, Inc. TRV has extended its Stay-at-Home Auto Premium Credit program to June. The company’s U.S. personal auto insurance customers will be entitled to receive a 15% credit on their June premiums.

Travelers initiated the Stay-at-Home Auto Premium Credit program in April 2020 to reward its personal auto insurance customers by refunding an amount equal to 15% of auto premiums payable by members for the month of April and May in their accounts. This initiative was taken to provide relief to its clients across the United States amid the COVID-19 crisis, which dealt a huge blow to the U.S. economy. The company will continue to credit the accounts of its customers in a bid to provide relief amid this pandemic.

The program has been extended in order to aid customers, agents, brokers and communities who have contributed equally to the efforts for preventing the spread of the disease by staying indoors. As suggested by data, the decrease in driving and auto claims, as seen in April and May, is projected to continue into June. Travelers is happy to provide the credit extension to its customers.

As clients are increasingly using personal automobiles to fetch daily essentials during this period, Travelers continues to make constant efforts to provide coverage for their automobiles.

Not only for its members but the company is also providing financial assistance to its agents and brokers by offering billing relief and making commission payments of nearly $100 million.

Shares of this Zacks Rank #3 (Hold) property and casualty insurer have lost 27.1% in the past year compared with the industry’s decline of 10.4%. Nonetheless, the company’s policy to ramp up its growth profile and capital position should drive shares higher.

Stocks to Consider

Some better-ranked stocks from the property and casualty insurance sector include National General Holdings Corp. NGHC, The Allstate Corporation ALL and Palomar Holdings Inc. PLMR. While National General Holdings carries a Zacks Rank #1 (Strong Buy), Allstate and Palomar carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

National General is a specialty personal lines insurance holding company, provides various insurance products and services in the United States, Bermuda, Luxembourg, and Sweden. Its earnings beat estimates in two of the last four quarters and missed in the other two, the average positive surprise being 5.68%.

Allstate provides property and casualty, and other insurance products in the United States and Canada. It surpassed estimates in each of the last four quarters, with the average positive surprise being 18.45%.

Palomar provides specialty property insurance. It offers personal and commercial specialty property insurance products, including residential and commercial earthquake. It surpassed estimates in two of the last four quarters, with the average positive surprise being 10.93%.

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