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Lemonade reports $30.9 million net loss in Q3 2020

12th November 2020 - Author: Katie Baker

Insurtech start-up Lemonade has reported a net loss of $30.9 million for the third quarter of 2020, representing a mild improvement when  compared to a net loss of $31.1 million for the same period last year.

LemonadeThe company also announced its in force premium doubled year-on-year, while gross profit increased 83%, adjusted gross profit grew 138%. This meant that its net loss, per dollar of gross earned premium, halved.

The report also claims that its loss ratio has decreased from 82% to 77% compared to the same period last year.

Since its inception in 2015, Lemonade has seen success with its a strategy of targeting young first-time insurance buyers, with the long-term goal being to retain these customers later into life.

In September, Lemonade had named France as its next European market, following previous expansions into the Netherlands and Germany.

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The company is planning to make its new multi-risk insurance available in France by the end of 2020.

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