John Shewell

wefox Insurance Reports Profitability

  • Turnover in 2020 in excess of EUR 100 million
  • Premium Volume (GWP) on own insurance book increases by more than 500%
  • Loss ratio decreased to 43%, while market operates at 80%
  • Straight-Through Processing ratio consistently above 80%, while market at 10-15%
  • Impressive loss ratio for overall portfolio of 43%, market average like for like of around 80%
  • Newly established motor insurance business accounts for 49% of volume
  • Cost ratio reduced to 56%
  • wefox raised a total of $235m for its Series B round in 2019 – the largest for a European insurtech
  • wefox is Europe’s leading digital insurance company

wefox, the Berlin-based insurtech, has reported a profit from its own insurance business – wefox Insurance (formerly known as ONE Insurance). The total business from selling own and third-party insurance policies has also passed the EUR 100m annual revenue.  

Commenting on the financial performance of the business, Julian Teicke, CEO and founder said: “Our financial results validate our business strategy which has always been to reinvent and disrupt the insurance industry at scale through the consistent deployment of technology so that we can keep people safe and make our vision –  to prevent 30% of all preventable risk in the world – a reality.”

“We are the first insurtech to be a profitable business. I am incredibly proud of the wefox team in achieving such a unique financial performance.”

Fabian Wesemann, CFO and founder, added: “On the back of a strong financial result for 2020, we remain on track to show significant revenue growth in 2021, while having a clear path towards profitability. This strong performance demonstrates that we have a very robust business model with strong unit economics, that we can scale internationally. ”

 

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