According to Moody's RMS data, the combined insured losses from Hurricanes Helene and Milton are estimated to range from $35-55 billion. CoreLogic data indicates 32.7 million residential properties remain at risk of hurricane damage. Lemonade (LMND) CEO Daniel Schreiber joins Wealth to discuss the insurance industry's response to these challenges.

Schreiber acknowledges the "absolutely devastating" impact of recent natural disasters, with Hurricane Helene setting "awful records" in both costs and casualties. Despite these challenges, he notes Lemonade's success in quickly processing customer claims in affected regions.

The company has strategically limited its exposure to natural catastrophes, improving its gross loss ratio, which now stands at 73%. Schreiber also touts that the company has been able to continue to add customers and premiums per customer.

"When you find that goodness of fit between what the consumer wants and what makes sense for our systems, we seal the deal with very rapid conversion, very good conversion rates," Schreiber explains.

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This post was written by Angel Smith