Lemonade
An insurance company run through an app: renters, home, pet and car cover, sold and mostly claimed by chatbot, carrying its own risk.
The scores
Growth4/4 ↑
Yearly policy payments grew 32.4%, faster for eleven quarters, from new customers in pet and car, with nothing acquired since 2022.
Business quality3/4 ↑
Claims handling at 5% against about 9% and pet share gains are real, but claims ratios match the industry and retention is 85%.
Financial position3/4 →
About $1.06B of cash and investments and lender-funded growth committed to 2028, but losses shrink equity and keeping more risk needs capital.
Execution record3/4 ↑
Guides raised or met through 2026 and the 2027 profit target kept since 2022, but growth was halved in 2023 and cash measures include borrowing.
Per share capture2/4 ↓
Shares rise about 5% a year, share pay jumped to $24.5M a quarter, and the profit measure management targets leaves it out.
Potential3/4 →
Under 0.2% of a $566B market and growing 32%, but mature margins need a cheaper claims cost to show up as profit, unproven.
Risk profile3/4 →
One counterparty, Hannover Re, both reinsures and funds growth, renewing yearly; storms are capped by catastrophe cover; a new CFO arrives in January.
Valuation2/4 ↑
The price needs about twice this year's sales at a 10% pretax margin Lemonade has never earned: the plan, then the good case beyond it.
Evidence quality3/4 →
Statements and NAIC's regulator data corroborate the position; the mature margin, lifetime value and reserve adequacy rest on management or my arithmetic.
If it works 0.7× · if it fails you keep about 10%.
The Verdict
We rate Lemonade neutral. It sells renters, home, pet and car insurance through an app, where chatbots handle almost every policy and claim, so it runs cheaply and grows fast; the business is solid. But it has never made a profit, its headline revenue jump came mostly from reinsurance changes, and releases of old reserves flattered its claims costs. The price is full: it already assumes Lemonade roughly doubles and earns a steady profit, so a miss would hurt. As a bet it is fragile: even the best case is worth less than today's price, and failure leaves about a tenth.
The long caseFew US pets are insured and vet bills keep rising; if Lemonade grows there and keeps claims costs low through software, losses could turn into profit.
The evidence under this - 8 claims
- Management says the releases follow better-than-expected car and home claims, and that today's reserves are set exactly right (S06).
- Net of reinsurance the 10-Q shows a smaller release, $16.4M in the first half of 2026 against $12.6M a year earlier.
- Tangible equity is shrinking with each loss, so the multiple rises even on a flat price; it is a weak denominator for a company spending on growth.
- Against in-force premium, 2.4 times is modest for a book growing 32% if mature margins arrive.
The company
Lemonade is an insurer for people who would rather tap an app than call an agent. A chatbot quotes a renters, home, pet or car policy in a few minutes; another takes the claim, and simple ones are paid within seconds.
Customers would otherwise buy from State Farm, Progressive or GEICO, often through an agent, or from Trupanion in pet. In pet, the one market where it is already large, the regulator's figures make it the sixth-biggest US insurer, at 8.07% of the market.
The evidence under this - 5 claims
How it makes money
Customers pay for a year's cover. Lemonade keeps what is left after paying claims and running the business, plus interest on the money it holds before claims are paid.
It hands about a fifth of each policy, and the same share of claims, to reinsurers, larger insurers that share the risk. Before July 2025 it handed over more than half. New customers are won with advertising that outside lenders pay for up front, repaid from those customers' payments.
The evidence under this - 5 claims
Where the money comes from, stream by stream
| Stream | Share of sales (H1 2026) | How it earns it |
|---|---|---|
| Net earned premium | 84.1% | Premium kept after reinsurance on renters, homeowners, pet, car and European policies, earned over each policy's term; pet and car grow fastest. |
| Ceding commission income | 8.0% | Paid by reinsurers on the premium Lemonade passes to them, covering its cost of writing it; shrinking as Lemonade cedes less. |
| Net investment income | 3.5% | Interest on the cash and bonds held against claims and capital. |
| Commission and other income | 4.4% | Commissions on policies placed with other insurers, carrying no risk, and fees on premiums paid in instalments. |
Who runs it
Daniel Schreiber co-founded Lemonade in 2015 and still runs it, with his co-founder Shai Wininger as president. Under them sales have grown fast, but the company has never made a yearly profit. Insiders own about an eighth of the shares, Wininger the most. There is no yearly cash bonus: pay is mostly options and shares that vest with time, plus a 2026 award to the two founders that pays only if the share price climbs far above today's. Nothing pays on profit. A new finance chief starts in January.
The evidence under this - 5 claims
About 2.9M of the group's 9.76M shares are options and RSUs vesting within 60 days rather than shares held, and insiders sold 466,216 shares in the year to September 2026 (C36).
- No award pays on the loss ratio, profit, retention or premium growth, so the plan rewards the share price and tenure rather than the 2027 profit target (C22).
- The expense on the March 2026 award is recognised whether or not the price target is met (10-Q note).
Why it wins, and who could beat it
Why customers come back
The advantage is cost. One system sells, services and settles claims, so each extra policy is cheap to serve: claims handling fell from 13 cents to 5 cents of each dollar customers pay as the business tripled. The regulator's 2025 figures put the industry near 9 cents.
It is not better judgement about risk: on the same figures, Lemonade paid out about as much of each dollar in claims as the industry, in pet, home and car. The saving buys room to price lower; it is not yet profit.
The evidence under this - 5 claims
The five rivals are unnamed and the adjustment for agents is the company's own; incumbents also run commercial and specialty lines that need more staff per customer.
The threat
Each line has a strong rival. In car, Tesla sells its own insurance in 13 states using the same driving data Lemonade prices self-driving miles on, and four giants write 58.87% of the market. In pet, Chewy sells Trupanion's cover beside Lemonade's. In home, State Farm and Allstate discount the policy for anyone who also insures a car with them.
The evidence under this - 4 claims
The rivals: TSLA, PGR, TRUP, CHWY, ALL, HIPO, ROOT, TRV, and 1 more that is private, in-house or listed abroad.
Who else does this, rival by rival
| Ticker | Rival | Where it competes | How far along | Priced against it |
|---|---|---|---|---|
| TSLA | Tesla InsurancePriced against it: One segment only | Car insurance in the US, including autonomous-mile pricing | On sale | One segment only |
| PGR | Progressive (direct online car and bundled home)Priced against it: Yes | Car insurance in the US, including autonomous-mile pricing | On sale | Yes |
| TRUP · CHWY | Trupanion, including through Chewy's CarePlusPriced against it: Yes | Pet insurance in the US | On sale | Yes |
| ALL | State Farm and Allstate homeowners policies, sold through agents and bundled with carPriced against it: Yes | Homeowners multi-peril: renters, condo and homeowners cover in the US | On sale | Yes |
| HIPO | Hippo HoldingsPriced against it: Yes | - | On sale | Yes |
| ROOT | RootPriced against it: Yes | - | On sale | Yes |
| TRV | The Travelers CompaniesPriced against it: Yes | - | On sale | Yes |
| Berkshire Hathaway Inc. (GEICO)Priced against it: One segment only | - | On sale | One segment only |
How big it could get
How big this could get
The US markets Lemonade sells in, car, home and pet, took $566.1B of customer payments in 2025, on the regulator's count. Lemonade wrote $1.10B of that, about 0.2%. Car alone is $371.6B, and Lemonade has 0.04% of it.
Pet is smaller, about $5.5B, but only 4.27% of US dogs and cats are insured and the market grew about 20% last year.
The evidence under this - 5 claims
The results
The numbers
Sales grew 62% over the twelve months to Jun 2026, faster than the 40% in the year to Dec 2025.
It lost 14% of sales, up from −55% in the year to Dec 2023.
Yearly sales growth has ranged from +22% to +100% over the last 5 years.
Shareholders' money lost 27% a year.
It turned 0.8% of sales into free cash, $8.10M over the last twelve months.
The share count rose 26% in 4.5 years, and pay in shares costs 8.3% of sales.
All the numbers
Filed figures from the company's 10-K and 10-Q, read 2026-10-04. Fiscal years end in December.
| Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | 12 mo to Jun 2026 | |
|---|---|---|---|---|---|---|
| Size and growth | ||||||
| Sales | $128M | $257M | $430M | $526M | $738M | $975M |
| Sales growth | +36% | +100% | +67% | +22% | +40% | +62% |
| Profit | ||||||
| Net margin | −188% | −116% | −55% | −38% | −22% | −14% |
| What growth costs, per sales dollar | ||||||
| Research and development | 40% | 31% | 21% | 16% | 13% | 11% |
| Sales and marketing | 110% | 54% | 24% | 32% | 30% | 27% |
| General and admin | 57% | 48% | 30% | 24% | 19% | 17% |
| Pay in shares | 34% | 23% | 14% | 12% | 8.3% | 8.3% |
| Capital spending | 7.3% | 3.9% | 2.1% | 1.8% | 1.3% | 1.3% |
| Cash | ||||||
| Cash from operations | −$145M | −$163M | −$119M | −$11.4M | −$16.5M | $21.2M |
| Free cash flow | −$154M | −$173M | −$128M | −$20.8M | −$25.9M | $8.10M |
| Balance sheet | ||||||
| Cash and short-term investments | $381M | $382M | $310M | $404M | $399M | $377M |
| Returns and shares | ||||||
| Shares (diluted) | 61.2M | 64.9M | 69.7M | 71.0M | 73.9M | 77.0M |
What growth costs
For each dollar customers pay for their policies, Lemonade now spends a little less on technology and office overhead than two years ago, so its losses shrink as it grows. Advertising is the exception: it is rising faster than customers' payments, funded partly with borrowed money. Some of the recent improvement also came from releasing old claim reserves, which cannot repeat for ever.
The evidence under this - 3 claims
- About $72M of earlier-year reserve releases over the same four quarters (C19) account for roughly six cents of the narrower loss.
- General and administrative carries the growth-financing interest and depreciation, and rose faster than premium in the first half of 2026.
- Management says the releases follow better-than-expected car and home claims, and that today's reserves are set exactly right (S06).
- Net of reinsurance the 10-Q shows a smaller release, $16.4M in the first half of 2026 against $12.6M a year earlier.
The last report (29 Jul)
Quarter ended June 2026, filed figures.
In the quarter to June 2026, what customers pay each year rose 32.4% to $1.43B, faster again, from 3.3 million customers. Revenue rose 79%, but mostly because Lemonade now keeps more of each policy instead of handing it to reinsurers.
Claims took 60 cents of each dollar earned. Without releases from reserves set aside in earlier years, it would have been about 67 cents, and pet claims rose with vet costs. The loss was $43.4M, the same as a year earlier. The full-year outlook was held, not raised, and the shares fell 23.7% that day.
What it did to the thesisIt supported the growth and the low-cost model, but it weakened the profit case. Without releases from old reserves, claims cost more than a year earlier, pet claims rose and losses did not shrink. The price assumes mature profits, so the view stays Neutral.
The quarter in detail
Sales growth from the previous quarter, filed figures.
Earnings per share $-0.56 against $-0.56 expected; $-0.56 as filed, with no adjustments.
The evidence under this - 6 claims
- Management says the releases follow better-than-expected car and home claims, and that today's reserves are set exactly right (S06).
- Net of reinsurance the 10-Q shows a smaller release, $16.4M in the first half of 2026 against $12.6M a year earlier.
What management did with the money
Insiders in 2026Q3: 1 purchases and 4 sales, from their Form 4 filings.
The price, and where we disagree
In short. Full. The price already pays for Lemonade roughly doubling in size and earning a steady profit, which it has never done.
The shares closed at $45.14 on 30 September, 53.3% below their January high, after three results days in a row went badly. The market sold off because the outlook was held rather than raised, while spending on new customers rises again.
This has happened before. In July 2024 the outlook was also held, the shares fell 20.3%, and growth then sped up for two years. The next test is the September-quarter report in November, with the first quarter of profit on management's own measure promised for the last quarter of 2026.
The evidence under this - 4 claims
- The 2026 range has been held at about $49M through two quarters, and losses have narrowed from $47.0M in Q1 2025 to $18.7M in Q2 2026.
- Share pay rose to $24.5M in Q2 from $15.4M after multi-year executive awards in Q1 2026.
How we read the multiple
Buyers pay about $7 for each $1 of Lemonade's net worth, what it owns minus what it owes. Rivals sell for about $2.50, and all of them make a profit. Lemonade never has.
To earn 6% a year after tax on today's price, a common yardstick, Lemonade must:
- Earn about $265M a year before tax. Today it loses money.
- Sell about $2.65B of insurance a year, at 10 cents profit on each dollar.
- That is 1.9 times this year's outlook, or about two and a half years of 30% growth.
Against its own history. Buyers pay less for each dollar of sales than they used to, but sales now count money that once went to reinsurers, so the cheapening is smaller than it looks.
The evidence under this - 4 claims
- Tangible equity is shrinking with each loss, so the multiple rises even on a flat price; it is a weak denominator for a company spending on growth.
- Against in-force premium, 2.4 times is modest for a book growing 32% if mature margins arrive.
- US P&C insurers earned net income of about 15.7% of net premium in 2025 on NAIC's snapshot (S12), so 10% pretax is not the best case in a good year.
- Lemonade has tax losses to use, so near-term tax would be well below 21%.
- The arithmetic ignores dilution of about 4.8% a year (C24), which raises the profit needed per share.
Priced against its rivals
The competitors its own annual report names, each confirmed against the rival's filing. Measured on price for each $1 of net worth excluding goodwill, cheapest first:
| Ticker | Company | price for each $1 of net worth excluding goodwill |
|---|---|---|
| ALL | The Allstate | 1.9× |
| HIPO | Hippo Holdings | 2.0× |
| ROOT | Root | 2.3× |
| TRV | The Travelers Companies | 2.6× |
| TRUP | Trupanion | 2.9× |
| PGR | The Progressive | 3.4× |
| LMND | Lemonade | 7.3× |
The middle of the other 6 is 2.5. Lemonade, Inc. is dearest of 7.
Rivals' figures come from a data provider, so read the spread of the group rather than any single pair.
Every filed rival trades at a fraction of this price for its net worth, and every one of them earns a profit on it.
Private or foreign rivals that cannot be priced: State Farm, Liberty Mutual, Farmers Insurance, Nationwide (pet), Embrace Pet Insurance.
The bet: what it pays if it works
Even if this works, the shares look expensive. The best case we can defend is Lemonade keeping its current growth for two more years. Priced like the other listed insurers, that is still worth less than today's market value: the price already pays for growth beyond it and for profits Lemonade has never made.
If it fails, shareholders keep the capital behind the policies, a small part of today's value, and it shrinks each year the losses continue.
| Revenue in two to three years | Customers needed | Valued like its peers | Like the cheapest |
|---|---|---|---|
| $2.10B | about 5.4M at 89% kept | 0.6× | 0.2× |
| $2.45B (the big win) | about 6.4M at 89% kept | 0.7× | 0.3× |
| $3.06B (market forecast) | about 7.9M at 89% kept | 0.9× | 0.4× |
| $3.30B | about 8.6M at 89% kept | 1.0× | 0.4× |
Lemonade is 0.2% of its lines, so the market sets no ceiling: 15% of pet, Root's car scale and today's home share give about $3.4B premium and $3.1B revenue by 2029, still below what the price needs. On that forecast, $3.06B pays 0.9× from today's value: an Expensive bet on the market case.
To pay 2× (a Fair bet) it would need about $6.61B of revenue (about 17.1M customers at 89% kept); to pay 5× (a Cheap bet), about $16.51B of revenue (about 42.8M customers at 89% kept), at the same multiple.
The steps it has to take
- Done In-force premium growth faster for eleven straight quarters, to 32%
- Done Reinsurance cut to about a fifth of premium and the July 2026 programme renewed with storm cover
- In progress Q3 2026 in-force premium at or above the $1,537M guide, loss ratio before revisions at or below 67% due 2026-11-04
- In progress Growth financing moves from General Catalyst to Hannover Re due 2027-01
- In progress Q4 2026 adjusted EBITDA about $8M positive, as guided due 2027-02
- Not started Gross loss ratio before earlier-year revisions at or below 62% for a full year due 2027-12
- Not started A quarter of positive GAAP net income due 2027-12
- Not started First full year of positive adjusted EBITDA due 2028-02
The detail behind the label
The evidence under this - 5 claims
- Tangible equity is shrinking with each loss, so the multiple rises even on a flat price; it is a weak denominator for a company spending on growth.
- Against in-force premium, 2.4 times is modest for a book growing 32% if mature margins arrive.
Where we disagree with the market
A growth insurer whose speed-up is ending: the outlook stalled, spending rises again, and the shares have halved since January.
Growth and the cost edge are real, but old reserves helped the claims cost, and management's profit measure leaves out pay in shares.
The market reads the headline figures, and some of them overstate the business. Revenue grew 79% while what customers pay grew 32%, because Lemonade now hands less to reinsurers. And in the June quarter, releases from earlier years' reserves saved about 7 cents of each dollar of claims cost.
Against us: the same sell-off happened in 2024 and was wrong, and a reported profit in 2027 with claims below 62 cents a dollar before any releases would show the market right to have paid up.
What analysts say, and the evidence
The evidence under this - 9 claims
Keeping more premium also keeps more of the profit on it, so some of the revenue rise is real value retained, not only an accounting shift.
- Management says the releases follow better-than-expected car and home claims, and that today's reserves are set exactly right (S06).
- Net of reinsurance the 10-Q shows a smaller release, $16.4M in the first half of 2026 against $12.6M a year earlier.
- Tangible equity is shrinking with each loss, so the multiple rises even on a flat price; it is a weak denominator for a company spending on growth.
- Against in-force premium, 2.4 times is modest for a book growing 32% if mature margins arrive.
- US P&C insurers earned net income of about 15.7% of net premium in 2025 on NAIC's snapshot (S12), so 10% pretax is not the best case in a good year.
- Lemonade has tax losses to use, so near-term tax would be well below 21%.
- The arithmetic ignores dilution of about 4.8% a year (C24), which raises the profit needed per share.
What could go wrong, and how we would know
The risks
- Reserves stop helping Releases from earlier years lowered claims costs by about $72M in a year; if they stop or reverse, the loss widens.
- Vet bills Pet claims rose to 74 cents a dollar from 70 as vet costs climbed, and pet is the largest growth line.
- Pay in shares Share pay jumped to $24.5M a quarter and the share count grows about 5% a year; management's profit measure leaves it out.
- One partner, two roles Hannover Re shares the risk and, from 2027, lends the money for growth; both renew on its terms.
- More risk kept Lemonade now keeps about 82% of each policy, so a bad storm season hits harder despite catastrophe cover.
- Tesla in car The car maker sells its own insurance with the driving data Lemonade's self-driving pricing depends on.
The evidence under this - 7 claims
- Management says the releases follow better-than-expected car and home claims, and that today's reserves are set exactly right (S06).
- Net of reinsurance the 10-Q shows a smaller release, $16.4M in the first half of 2026 against $12.6M a year earlier.
What we still do not know
- How Lemonade's claims-handling cost compares on the regulator's own definition, which counts it after reinsurance.
- How much capital its insurance companies hold above the regulators' minimum: the filings say only that it is enough.
- How much cheaper Lemonade is than rivals for the same cover; nobody publishes like-for-like prices.
- Whether self-driving miles really cost half as much in claims: the company says it is too early to publish data.
The evidence under this - 4 claims
Car's gross loss ratio was 61% in Q2 2026 against 61.48% for the industry in 2025 on NAIC data (C13); a price cut on that base thins a margin that is not yet below the industry's.
What would change our view
- Neutral→AttractiveA cheaper price on an unchanged business
It needs:
- ○The shares fall to 4.5 times Lemonade's net worth, with growth holding.about $28.44 today, 37% below the last close
- Neutral→AttractiveProfit shows up in the reported numbers
It needs all of:
- ○Lemonade reports a quarterly profit under standard accounting, from a $43.4M loss in the June quarter.checked at the next results, due by 4 Nov
- ○Claims fall to 62 cents or less of each dollar earned for a full year, before releases from earlier years.checked at the next results, due by 4 Nov
We would also be wrong if
- Growth in what customers pay each year falls below 25% for two quarters in a row.
- Releases from earlier years' reserves turn into additions for two quarters in a row.
- Management's own profit measure is still negative for 2027.
What is coming
- 4 November 2026 Q3 2026 results: In-force premium against the $1,537M guide, the loss ratio before reserve releases against 67%, and whether Q4 adjusted EBITDA is still guided positive.
Every dated event ahead
- 4 November 2026 Q3 2026 results: In-force premium against the $1,537M guide, the loss ratio before reserve releases against 67%, and whether Q4 adjusted EBITDA is still guided positive.
- 17 November 2026 Investor Day: Whether the tenfold growth aim gets dates and margins, and whether customer-acquisition returns hold near the three-times lifetime value claimed.
- 1 January 2027 New CFO takes over; Hannover Re begins funding growth spend: Whether one counterparty as reinsurer and lender changes the cost of growth, and whether finance reporting holds through the handover.
- February 2027 Q4 2026 results and 2027 guidance: Whether 2027 is still guided as the first full year of positive adjusted EBITDA, and how far GAAP stays below it after share pay.
- July 2027 July 2027 reinsurance renewal: Whether Hannover Re and MAPFRE renew the quota share and catastrophe cover on similar terms, or Lemonade must keep more risk and capital.
Since we wrote this
- 5 OctThesis reviewThe bet now names what it ridesThe owner asked that every bet name the macro trend behind it, after BWXT's bet was missing its chief executive's case for nuclear over gas.
- 4 OctThesis reviewOwner's checklist: revenue streams, cost of growth, management, catalystsThe owner's checklist found the method silent on who runs the company, what growth costs, where the money comes from and what is dated ahead; this pass fills those four blocks from the proxy and filings.
- 1 OctThesis writtenNeutral, medium convictionFast, low-cost growth, but the price already pays for profits Lemonade has never earned.
Also checked 1 time with nothing new to act on.
Sources 25
Sources - 25
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2026-02-25Item 1 products, AI claims handling, reinsurance structure, named competitors, customers per employee, footprint, risk factorsbacksC01C08C10C28C32C39C50C54C55
- S02primarycompany filing2026-02-192026 guidance, the 2027 adjusted EBITDA target, autonomous car pricing at half the human ratebacksC04C16C22
- S03primarycompany filing2026-04-29raised 2026 guidance for in-force premium, earned premium, revenue and adjusted EBITDAbacksC04
- S04primarycompany filing2026-07-29key metrics by quarter since Q2 2024, loss ratios and their breakdown, IFP by product, LAE ratio, reinsurance renewal, guidance, statements and reconciliationsbacksC02C03C04C05C07C08C12C14C15C18C20C21C22C24C26C29C32C35C48C55
- S05primarycompany filing2026-08-04reinsurance note, reserve roll-forward, financing agreements, regulatory surplus, share countbacksC05C24C25C27C28C29C42C50C52C54C55
- S06primarytranscript2026-07-29Q2 2026 earnings call transcript (FMP), held 2026-07-29data/cache/transcripts/LMND-2026Q2.jsonmanagement on gross profit over gross margin, car pricing, reserve releases, pet vet inflation; 7 analyst turns from 4 analysts
we are not focused on gross margin per se. The metric that we focus on, and we do encourage our investors to focus on as well is gross profit
backsC15C20C40 - S07primarycompany filing2026-06-24up to $250M of growth financing from 2027, 80% of spend, repaid from cohort premium at three-year Treasury plus 5.8%backsC25C28
- S08primarycompany filing2026-07-29Bixby to the board, Stead CFO from 1 January 2027backsC37
- S09primarycompany filing2024-07-30guidance reaffirmed, Q3 growth spend about three times the prior yearbacksC35
- S10secondaryvendor data2026-10-01LMND research pack (FMP market tier, FINRA short interest, headcount), frozen 2026-10-01content/LMND/research-pack.jsonclose of $45.14 on 2026-09-30, daily bars, price move decomposition, analyst split and its history, short interest, cohort multiplesbacksC33C34C35
- S11primaryregulator2026-08-01direct written premium, loss ratios and market shares by line and group for 2025: pet, homeowners, private passenger auto, all lines
6 5032 LEMONADE INC GRP 441,162 354,649 65.66 % 65.66 % 8.07 % 81.40 %
backsC11C13C17C38C43C46 - S12primaryregulator2026-03-31industry net earned premium, loss adjustment expense, combined ratio and net income for 2025
Loss Expenses Incurred 0.3% $86,003 $85,704 $81,885 $75,463 $70,652
backsC09 - S13primaryindustry data2026-06-21US pet premium, growth by year, penetration, average premiums by product
The total premium volume in the U.S., as reported by NAPHIA members and public sources, amounted to about $5.7 billion at year-end 2025.
backsC12C41 - S14primarycompany filing2026-01-29Tesla's own insurance, priced on real-time driving behaviour, in 13 statesbacksC16
- S15primarycompany filing2026-03-02Personal Lines segment, second in US car insurance, direct channel, home bundlingbacksC17
- S16primarycompany filing2026-02-13pet medical insurance in the US, Canada and Europe; partner distributionbacksC18
- S17primarycompany filing2026-10-0137 open-market sales, 24 under 10b5-1 plans covering 86.3% of shares sold; 2 purchases by one directorbacksC36
- S19tertiarynews2026-07-31the stated objection after the July print, by headline only; the article was not openedbacksC34
- S20primaryindustry data2025-12-17Triple-I press release - Homeowners Insurance Market Shows Early Signs of Stabilization (Trends and Insights: Homeowners Insurance), 17 December 2025 Insurance Information Institute (Triple-I)the industry body's figure for 2025 homeowners net written premium growth and its outlook of a return to profitability in 2026; read through ir_fetch
Net written premium (NWP) growth: 11.8% in 2025, slightly below 2024 and 2023 but reflective of continued inflation and loss trends.
backsC44 - S21primaryindustry data2026-01-21Triple-I blog - Resilient U.S. P/C Market Performance Sets Stage for a Complex 2026 (Triple-I/Milliman outlook), 21 January 2026 Insurance Information Institute (Triple-I) with Millimanthe industry body and actuarial firm's expected 2025 personal auto net written premium growth, the slowest since 2020; read through ir_fetch
However, premium growth in this sector has slowed significantly, with net written premium growth expected to land at 3.6 percent - its lowest level since 2020.
backsC44 - S22primaryindustry data2026-06-23Big “I” (Independent Insurance Agents & Brokers of America) - Big “I” Releases 2026 Market Share Report Independent Insurance Agents & Brokers of America, from AM Best premium datathe independent-agent channel's share of US personal lines premium by year, the only published channel split found; read through ir_fetch
Its share of personal lines continued to grow, at 39.5% in 2025 compared to 39.2% in 2024-continuing its trajectory from 36.7% in 2021.
backsC45 - S23primarycompany filing2026-08-05a digital-first car insurer's policies in force, premiums per policy, premiums in force and gross premiums written, Q2 2026 against Q2 2025; read through filing_fetchbacksC46
- S24primarycompany filing2026-07-30a digital-first home insurer's gross written premium by line, Q2 2026 against Q2 2025; read through filing_fetchbacksC47
- S25primarycompany filing2025-02-25management's account of the November 2024 Investor Day plan to grow the business tenfold, and its pet market growth and penetration figures; read through filing_fetchbacksC48
- S26primarycompany filing2026-04-22beneficial ownership as of 9 April 2026, directors' and officers' tenure, the CD&A (no cash bonus, 2025 option and RSU grants), equity plan reservebacksC51C52C53