Clearcover Insurance Company reports Q3 2024 results

Clearcover Insurance Company, the carrier subsidiary of car insurance startup Clearcover, has released its Q3 2024 results, ending the period with $113 million in written premiums, a decrease of 11% compared to the same period last year.

The carrier reported a net underwriting loss of $2.6 million for the quarter, and a loss of $20 million for the first nine months of the year, compared to a $28 million loss for the first nine months of 2023.

Loss ratio, excluding loss adjustment expenses and other underwriting expenses, was 93% during the first nine months of the year, an improvement of 25 percentage points compared to the same period last year. Combined ratio was 143% for the first nine months, an improvement of 12 percentage points compared to the same period last year.