Lemonade’s pet business is getting bigger
Lemonade’s pet business as a share of the company’s overall business is getting bigger.
Based on the company’s Q1 2023 financial statement, Lemonade’s pet business accounted for 30% of total written premiums, up from 26.5% in Q1 2022, and 18% in Q1 2021.
Car insurance, on the other hand, is a very small part of Lemonade’s business, accounting for just 1.6% of total written premiums. Lemonade’s car insurance is currently live in five states and it originally launched in Illinois in November 2021.
Lemonade has also been aggressive when it comes to rate increases for its pet product. In California, its biggest market, the company asked for a ~25% rate increase. Overall, the company submitted rate increases in 25 states in 2022.
As an aside, here’s a look at Chewy’s insurance flow.