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