LMND - How Lemonade Progressive and Other Insurers Are Managing Extreme Weather Risks
Two winter storms swept across the United States in mid-February, leaving a path of destruction along the way. They traveled as far south as Texas and even reached some parts of Mexico. The storms broke records for snowfall in many regions, caused wide-scale power outages, froze pipes, and even affected supply chains.
In addition to the human toll, the extreme weather hit insurance companies, too. Those insurers with property insurance lines in that region have seen an uptick in claims this year, weighing down earnings as a result. Insurers including Lemonade (NYSE: LMND) , Progressive (NYSE: PGR) , and Loews (NYSE: L) all saw larger-than-expected losses on their property insurance lines in the quarter. Not only that, but Progressive saw larger losses on its property line of coverage again in April, this time related to extreme weather events in Texas, Oklahoma, and Alabama.
For further details see:
How Lemonade, Progressive, and Other Insurers Are Managing Extreme Weather Risks