A relative newcomer to the personal lines space—Lemonade—marked
a milestone this week, announcing that it surpassed $1 billion of in force premiums, a
measure of annualized premiums that the insurtech tracks on a regular basis.
But the number of renters, pet and auto policies underlying what Lem
onade reported to be a 150% compound annual premium growth rate over it
s 8.5 years of existence, still represent just a fraction of those written by longstanding industry giants.
A year-end 2024 shareholder report indicates that Lemonade had 2.
3 million customers at the end of December. While the policy counts are una
vailable and are likely higher than customer counts for a company that has made the sales of multiple different policies to each custom
er a core component of its go-forward strategy, it’s still far away from the 34.5 and
37.3 million policies in force that Progressive and Allstate reported as of the end of February.
Executives of all three companies recently gave updates on their g
See more beautiful photo albums Here >>>
rowth strategies for 2025, and while the turnaround in personal auto has bee
n the dominant focus of analysts assessing last year’s record earnings for th
e industry overall, only Progressive’s leaders indicated a full-throttle push for new customers in that line for the coming year. Allstate
executives highlighted a focus on retention—keeping the auto customers it al
ready has on the books—and the company’s successful track record in the homeowners business. With its renters book repaired
and pet policies continuing to soar, Lemonade is moving cautiously on ca
r insurance as it works to build upon and perfect the model it acquired when it bought Metromile in 2022.
Some takeaways from recent earnings conference calls of all three are summarized in these related articles:
