Clearcover ends 2022 with 114.5% loss ratio
Car insurance startup Clearcover filed its annual results for 2022.
The startup ended the year with $140.7 million in direct premiums written, a 79% increase compared to 2021.
Clearcover recorded $61.4 million in net premiums earned and $70.3 million in losses, which translates to a loss ratio of 114.5%. With the addition of $19.5 million in loss adjustment expenses and $7.3 million in other underwriting expenses, combined ratio stands at ~158%. Overall, Clearcover Insurance Company reported a net loss of $38.7 million for the year.
As of 2022, Clearcover generated premiums in 19 states with Texas leading the way in terms of written premiums ($42 million).
The results do not include Clearcover’s MGA operations in California.