{"id":912,"date":"2022-11-12T12:00:18","date_gmt":"2022-11-12T17:00:18","guid":{"rendered":"https:\/\/www.wikifri.com\/?p=912"},"modified":"2022-11-11T13:50:51","modified_gmt":"2022-11-11T18:50:51","slug":"3-things-20221111","status":"publish","type":"post","link":"https:\/\/www.wikifri.com\/3-things-20221111\/","title":{"rendered":"3 Things – Public Insurtech Q3, Other Results, Embedded Auto & a Lawsuit"},"content":{"rendered":"

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Hello Friends!\u00a0 It is a good week to be in insurance as our tried and true industry marches forward even amidst catastrophes and inflation, just ask the crypto world who is reeling with the collapse of FTX.\u00a0 This week we are following public insurtech results, other results, embedded auto insurance news and State Farm suing Amazon:<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Public Insurtech Q3 Results<\/strong><\/p>\n

We have been waiting to see how the most prominent public insurtech unicorns fared in what has been a tough quarter for loss costs due to Ian and inflation.\u00a0 Root’s\u00a0Q3 letter to shareholders<\/a>\u00a0highlights they are reducing headcount by 17%, transforming from direct to embedded distribution and increasing rates 35%.\u00a0 As expected,\u00a0Lemonade’s<\/a>\u00a0loss ratio spikes due to their Metromile acquisition and Ian.\u00a0 They are making similar moves to slow down. \u00a0Hippo<\/a>\u00a0largely avoided Ian losses by ‘stroke of luck’ and reports a reasonable loss ratio claiming their technology and risk selection is working.\u00a0 Overall, it remains to be seen when all of these companies will become profitable and self sustaining.\u00a0 Reinsurance, which they depend greatly on,\u00a0will increase in cost<\/a>\u00a0creating a formidable headwind for them all.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Other Q3 Results<\/strong><\/p>\n

Berkshire Hathaway overall took a\u00a0significant loss<\/a>.\u00a0 This gives a good look at a sample of the industry with their reinsurance, personal lines and diverse portfolio of insurance businesses.\u00a0 Their GEICO unit was particularly hard hit not only by cat events but inflation increasing loss costs.\u00a0\u00a0Zurich<\/a>\u00a0provides a similar example with their cat loss ratio rising 2 points for the first time this year.\u00a0 They indicate success in increasing rates and will hold an investor day next week.\u00a0 UPC, one of the big Florida carriers, is reacting to growing issue of insuring property in Florida and other coastal regions by\u00a0pulling out of FL, TX & LA<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Headline #3<\/strong><\/p>\n

Kyte, a startup offering rental car pickup and delivery,\u00a0raised $60M<\/a>.\u00a0 They are looking at making at offering insurance, along the lines of the\u00a0Avail \/ LAZ partnership<\/a>\u00a0announced last week.\u00a0 There is an emerging play in the auto space for ‘micro’ insurance products that are embedded, two of the magic concepts sweeping the industry.\u00a0 In the first of what could become many litigation moves from insurers,\u00a0State Farm is suing Amazon<\/a>\u00a0for allegedly copying health insurance marketplace tech.\u00a0 As Amazon enters into other areas of insurance, like they did with home in the UK, will insurers defend this encroachment on their turf by legal action?\u00a0 We will be watching.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Thank you for following us, we appreciate your feedback and continued support.\u00a0 Stay safe in this world, take care of each other and good luck!<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Hello Friends!\u00a0 It is a good week to be in insurance as our tried<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"\n3 Things - Public Insurtech Q3, Other Results, Embedded Auto & a Lawsuit - Wikifri<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wikifri.com\/3-things-20221111\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3 Things - Public Insurtech Q3, Other Results, Embedded Auto & a Lawsuit - Wikifri\" \/>\n<meta property=\"og:description\" content=\"Hello Friends!\u00a0 It is a good week to be in insurance as our tried\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wikifri.com\/3-things-20221111\/\" \/>\n<meta property=\"og:site_name\" content=\"Wikifri\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-12T17:00:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-11T18:50:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wikifri.com\/wp-content\/uploads\/2021\/04\/Three-Things-300x157.png\" \/>\n<meta name=\"author\" content=\"Nick Coenen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nick Coenen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.wikifri.com\/3-things-20221111\/\",\"url\":\"https:\/\/www.wikifri.com\/3-things-20221111\/\",\"name\":\"3 Things - 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