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The insurer plans to take more rate throughout the year. -
The more important driver of past downswings in loss costs has been unemployment.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The insurer’s net premiums written in personal lines also increased by nearly $3bn to $36.2bn for 2021.
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The InsurTech’s net loss doubled to $70.3mn during the fourth quarter of 2021 from a $33.9mn loss in Q4 2020 as its loss ratio jumped 22 points to 98%.
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The InsurTech’s auto policies-in-force shrunk 7% to $354mn from Q3, driven by its workforce termination and underwriting remediation.
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The company said the unfavorable prior period development was due to “a handful of older large losses for which we under-reserved”.
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Root’s chief product officer, Hemal Shah, notified the company of his intention to resign, effective March 18 in a fresh executive departure.
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Too many groups have been looking for a free lunch, and when it comes to capital in insurance – you get what you pay for.
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The executive said the business model in the high-net-worth space “simply needs to change” as loss costs have risen, fueled by increased frequency and severity.
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On February 10, the Labor Department reported that the consumer price index showed a further rise to a 7.5% annual pace in January, a level not seen since 1982.
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Investors are taking a second look at private valuations, as they realize that an IPO or a SPAC exit is no longer an attractive option in the short term.
