PEER-TO-PEER INSURER LEMONADE PLANS TO GO NATIONWIDE IN US

New York-based peer-to-peer insurance start-up Lemonade has applied for operating licenses in 46 additional states and Washington with the intention of reaching up to 97% of the US population by the end of 2017. The company launched sales in its home state in September and has already sought a license in California. The only states where Lemonade has not filed for licenses are Mississippi, Washington and Wyoming, which have statutorily longer waiting requirements. The company plans to apply in those states as well when the waiting periods expire. Lemonade sells policies via an app and on its website at lemonade.com. Consumers also file claims on the app and website for instant payment, with unused premiums being distributed to charities selected by customers. Lemonade’s reinsurance partners include XL Catlin, Berkshire Hathaway, Everest Re, Hiscox and Lloyd’s.