Regarding retention, I chose to not incorporate regulatory or underwriting risk driven cancellation to capture demand driven cancellations only. I expect as time goes on and Lemonade's capital increases & they fine tune the underwriting model / better price risk, these Company forced cancellations will decrease, as they have the past two years.

I'd be interested to know what % of customers transfer to a competitor vs. not needing the renters / homeowners product anymore.

I do agree with you, however, that this lowers their implied customer lifetime even further, and by extension unit economics.