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Management news
Wefox issues insolvency warning
InsurTech: Personal Lines
May 17, 2024
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InsurTech: Personal Lines

InsurTech: Personal Lines

May 17, 2024

Wefox issues insolvency warning

Management news

  • Wefox, a German digital auto and home insurer, announced that it might face insolvency by summer if it is unable to secure the sale of several assets, according to a report by Sky News.

  • The company is contemplating shutting down operations in Germany, selling a portion of its business in Poland, and dissolving a joint venture in Switzerland. It is also working on cutting losses in its Italian unit.

  • In 2023, Wefox incurred an underwriting loss of USD 40.5 million and reported a combined ratio of 123%. 

  • Analyst QuickTake: Earlier this month, Sproutt announced that it had filed for insolvency due to its inability to repay debts and meet other financial obligations. Meanwhile, digital insurance startups like Haven Life and Dead Happy have ceased operations in recent months, primarily due to challenging operating conditions and difficulties securing necessary funding.

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