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Homeowners and renters insurance provider Lemonade (LMND) is expecting to pay out $45 million in loss claims tied to the California wildfires in its coming quarter. Lemonade CEO Daniel Schreiber comes on the Morning Brief to discuss the company's fourth quarter earnings results and why "this was by far and away, and by any measure, pretty much the best quarter for the company ever."
"We saw approximately or approaching 1,000 of our customers suffer during the [California] fires. So we've been very busy tending to their claims as best we can," Schreiber tells Seana Smith and Brad Smith.
"And because we have pretty sophisticated and conservative reinsurance structures, the ultimate impact on our EBITDA this year and in Q1 will be as modest as $20 million. So our people, our systems, and our financial structures were all tested by these devastating cataclysmic events. And I think they were all true to the moment."
The chief executive also talks about how 98% of Lemonade's policy claims are solved by AI.
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This post was written by Luke Carberry Mogan.