Further corrective action and layoffs on horizon for wider industry, CEO predicts

In August, Hippo Insurance took what has been seen by some as a radical step and pushed pause on writing new business nationwide across its homeowners’ portfolio, in a move that has been described as “bold” by its CEO as the insurtech looks to gradually get back to business.

“It’s a bit our personality – when we see something that we need to do, we take bold, decisive steps to do it,” Rick McCathron, Hippo Insurance CEO, told Insurance Business. “There are some people that think ‘wow, that was aggressive but prudent’, there are other people that had concerns around ‘are you overreacting, are you taking a knee jerk reaction to something?’

“Our view is, we knew we had to improve the portfolio, so instead of taking a year to do it, let’s do it now.”

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