BankingBusiness

Lemonade: Moves into car insurance

  • Lemonade a licensed insurance carrier offering renters, homeowners, and pet health insurance in the United States
  • Today’s news marks the company’s third expansion into a major new insurance category in less than 12 months
  • The company started with homeowners products, adding pet insurance in the second half of 2020
  • The launch of Lemonade Car allow both existing and new customers to bundle their home, pet, and life policies with their car insurance
  • The US car insurance industry estimated to be about $300 billion—70 times the size of both the renters
  • A large majority of Lemonade’s existing customers car owners, and they already spend about $1 billion on car insurance each year
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Laura M
Laura M
Laura is a financial reporter, editor, and researcher with a particular interest in fintech innovation, capital markets, and the evolving global banking landscape.

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