Lemonade

The InsurTech filed its 2022 annual report with the SEC one day after it said it needed additional time to address the accounting in its Metromile takeover.

The New York-based InsurTech expects to complete the necessary work to file its annual report within the extension period provided by SEC rules.

Lemonade and Root both reported strong Q4 results, but will need to execute plans to near-perfection to turn things around.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Inside P&C’s news team runs you through the key highlights of the week.

Lemonade will lean more into growing its renter's book in 2023 than it has in the past while it waits to see the rate impacts in other books.

The firm’s net loss ratio improved one point to 97% as the personal lines sector is affected by rising inflation and higher frequency and severity in auto.

2022 marked a reversal from last year’s unprecedented levels of global investment in InsurTech as the macroeconomic scenario flipped and investors put lossmaking companies under a magnifying glass.

The state is the second largest in the US for the number of licensed drivers, according to the InsurTech.

InsurTechs’ mounting losses and continuing cash burn combined with reinsurance market hardening could spell trouble for the sector.

Our Trump/Biden note from yesterday discussed the rotation from growth stocks to value stocks playing out over 2022. Unfortunately, insurance technology stocks have had it the worst, with Lemonade stock down 49%, but still doing relatively better than Root (down 86%) and Hippo (down 80%).

The InsurTech reported that its Q3 net loss jumped 37.7% YoY to $91.4mnm, as its net loss ratio jumped 24 points to 105%.