They've sold less than $100,000 worth of renter's insurance, after spending millions of dollars pre and post launch. Their reinsurance costs are almost as much

They've sold less than $100,000 worth of renter's insurance, after spending millions of dollars pre and post launch. Their reinsurance costs are almost as much as their premiums, and they haven't dealt with any large claims yet. Frankly, they have no idea what their overhead and acquisition costs will be if and when they sell a material number of policies. As far as I know, they use standard ISO loss tables with a 50% claims cost expectation. Even if that pans out, you need to sell a heck of a lot of $60 policies to even cover what they've spent to date.