Wefox isn’t renewing certain policies
According to reports by German media outlets, Wefox is not renewing liability and car insurance policies.
The startup notified policyholders about this decision via email.
Based on 2022 figures, Wefox’s car insurance business was in the red with loss ratios of 172% for comprehensive coverage and 102% for liability coverage.
In August, Wefox announced a new strategy that included shrinking its carrier activities.
A Wefox spokesperson provided the following statement:
“Wefox took the decision not to renew certain liability and motor insurance contracts remains in-line with the company’s strategic objective to accelerate our distribution capabilities through our affinity business and MGAs, which ensures that Wefox remains committed to our brokers, insurance carriers, and affinity partners.”