- Lemonade is expanding into the U.K. today.
- Today’s global expansion marks Lemonade’s fourth European country. In addition to the U.S. and U.K., Lemonade is also available in France, Germany, and the Netherlands.
- Lemonade entered the insurance sector with its flagship renters insurance offering in 2015 and now has a market capitalization of $1.54 billion.
U.S. insurtech Lemonade already has notoriety among mainstream consumers in the U.S., and today, the New York-based company is once again expanding its geographic reach by launching in the U.K.
“Insurance as we know it hails from the U.K., as do I. So both professionally and personally bringing Lemonade to the U.K. is a homecoming of sorts,” said Lemonade Co-CEO and Co-founder Daniel Schreiber. “We believe the millions of local renters will appreciate what Lemonade has to offer. After all, who doesn’t want instant, transparent, personalized, and mission-driven insurance?”
Starting today, U.K. residents can sign up for Lemonade’s personal property coverage, Lemonade Contents insurance. Coverage plans start at $4.52 (£4) a month. The Contents insurance covers individual personal items of up to $2,260 (£2,000) each, and offers total coverage up to $113,000 (£100,000). Lemonade also offers add-on coverage for theft and loss-related incidents, accidental damage to mobile devices, and expert help through legal protection.
This isn’t Lemonade’s first international expansion. The company has also launched in France, Germany, and the Netherlands. For this move, however, Lemonade is relying on the U.K.’s largest insurance carrier, Aviva, which counts 18.5 million customers across the globe.
“By joining forces we can ensure compelling propositions reach a broader range of customers, including renters, an under-served yet growing segment of the U.K. insurance market,” said CEO of Aviva U.K. & Ireland General Insurance Adam Winslow. “In our 325 year history we have adapted and thrived in a changing world and our partnership with Lemonade is a marker of our intent to continue just this.”
Lemonade entered the insurance sector with its flagship renters insurance offering in 2015, when AI-driven, digital first insurance offerings were hardly commonplace. Today, the company has expanded to offer homeowners, auto, pet, and life insurance products. Lemonade went public in 2020 and now trades on the New York Stock Exchange under the ticker LMND with a market capitalization of $1.54 billion.