Root will increase rates by at least 10% to keep ahead of loss costs: CEO Timm
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Root will increase rates by at least 10% to keep ahead of loss costs: CEO Timm

Kyoung-son Song
November 10, 2022
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Root will increase its pricing by at least 10% to remain above a 9%-10% loss cost trend, as the InsurTech grapples with pressures associated with a high inflationary environment, CEO Alex Timm said.

On a call with analysts, Timm noted that “whether it’s from social inflation, medical inflation, labor inflation [or] parts inflation”, the entire industry needs to take rate to keep up with ever-rising claim costs.

“I

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News Root InsurTech Earnings
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Kyoung-son Song
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