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Hello Friends! The first week of the final quarter was dominated by Ian news but there were other things too. This week we are following Lemonade entering the UK, auto makers reshaping the future of insurance and more updates from ITC 2022 and the Ian aftermath: |
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Lemonade Enters UK Market Geographical expansion is key to Lemonade’s growth strategy and this week they made a big move into the UK. They announced the launch and partnership with Aviva and will offer their flagship rental product to begin but likely will try to expand to home, auto and life so they can ‘graduate’ UK insureds, another core pillar of their strategy. This should give them immediate growth with lower downside potential by sharing the risk. We can all remember them bursting onto the scene with apartment insurance in NYC when they first started, London should prove to be a similar market to get started. |
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Update on Automakers in Insurance We’ve given you bits of news about auto makers and their pursuit of getting into the insurance business. This week, AM Best put together a good summary in an article ‘Automakers Build New Insurance Future‘. In addition to a good roundup of what major manufacturers and insurers are doing, it plays both sides of the case for and the challenges that exist with this direction for auto. At the end of the day, the connected car data and seamless customer experience that can be created seem to be the driving forces towards this ‘new future’. |
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More ITC and Ian Updates The two biggest events of the past two weeks, the industry’s largest gathering and the largest catastrophe of the year, are still getting lots of attention this week. There are many recaps of ITC out there but we found value in Celent’s, make sure you scroll down to the roundup from each of their representatives who attended. We continue to be shocked by the images of the devastation Ian caused in the Southwest Florida coast. Loss estimates continue to climb with CoreLogic estimating totals in the area of $57B and it looks like auto losses will be severe. |
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