Home insurer Hippo has seen its total amount of generated premium increase by 101% to $159 million for the second quarter of 2021.
The firm also crossed $500 million in total generated premium in force and year-one customer retention grew to 88%.
Two new products were highlighted as having been introduced to the market: Inspection Protection and Commercial Lines Insurance.
The full year outlook for total generated premium will also be raised from $544 million to between $560 million and $570 million
“We are very proud to report quarterly results for the first time as a public company,” said Assaf Wand, Co-founder and CEO of Hippo.
“Our strong operational performance demonstrates the power of the Hippo platform, and is a testament to our team’s passionate pursuit of our mission to build and scale the industry’s first vertically integrated home protection platform.
“Our growth strategy is firing on all cylinders as we expand into new markets, sign new strategic partnerships, and launch new products in the home vertical. Through these efforts, we are primed to continue transforming and taking share in the $110 billion home insurance market.”