Insurtech start-up Lemonade has released its results for the first quarter of 2021, reporting $75.8 million in gross written premiums compared to $ 38.1 million for the prior-year period.
The insurtech company also reported a gross profit of $1.9 million, compared to $4.6 million for the first quarter of 2020.
This was primarily due to the impact of Uri, which resulted in $6.5 million of net incurred losses during the current period.
It also incurred a net loss of $49 million compared to $36.5 million for the same year period in 2020.
Shai provided the following context for our Lemonade Car announcement: “We’re seeing an overwhelming demand for a Lemonade car insurance product from our customers.
“And so, since last year, a large part of our team has been working on what we believe will become one of the best car insurance products on the market.
“Lemonade Car will use technology to handle emergencies and pay claims fast, will offer great prices to safe drivers, and will be attractive to drivers of EVs and environment-friendly cars.”
