Lemonade (LMND) has had a rollercoaster of a rise with share prices going from a record peak during the pandemic to now trading 75% below its opening price. The insurance company saw a surge of 170% in gross profit of $22 million for its third quarter, with its net loss down 33% to $62 million.
Lemonade CEO Daniel Schreiber joins Yahoo Finance to discuss the company's recent performance, and exponential growth, as well as how it's handling insurance rates and premiums during volatility and global economic headwinds.
"The whole industry has suffered greatly from heightened inflation... homes have suffered disproportionately and cars even more so, so that loss ratio for insurers across the industry has been very, very high particularly, in those areas," Schreiber states. "You've seen some of the largest, most marquis names in the nation withdrawing from some of its largest markets... but we are seeing everything at least within our own business trending in the right direction, the graphic that you just showed shows rates slowly climbing while rates slowly declining."
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