Lemonade
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Pressure on the InsurTechs – specifically Root and Lemonade – is intensifying. -
InsurTech short interest dwarfs legacy insurers as they come under pressure to produce profits.
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The InsurTech tempers investors’ expectations about immediate profits and faces challenges in new markets.
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The InsurTech’s CEO said on an earnings call the business is focusing on the lifetime value of customers in a hyper growth period.
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Lemonade grew gross written premiums substantially during the period to $90mn.
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Changes in short interest were muted despite large stock moves, including big rises at HCI and Lemonade.
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The Inside P&C Research team looks at what subsectors the new class of InsurTechs is targeting.
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Following strong year-to-date performance, P&C stocks were down in June after a change of tone in a Fed meeting.
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The start-up recently announced its move into the $300bn auto insurance market, adding to its life, health, renters, homeowners and pet health offerings.
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Short interest data shows an incremental uptick in short interest for InsurTechs, with slight declines for the brokers.
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The SPACs merging with Hippo, Doma and Qomplx are all trading below the redemption price.
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The InsurTech was responding to an online controversy over whether its AI-based claims-handling process could be discriminatory.
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