Trupanion recently released a report that showed that it has been experiencing considerable growth in revenues. Although pet insurance is carried by a small minority of dog and cat owners, the current trend has shown that the number of people who have coverage for their beloved animals is starting to grow in a very meaningful way. The market is on the rise and insurance companies are looking to take advantage of this revenue stream. In the example of Trupanion, a pet insurance company from Seattle, the 2015 first quarter earnings…
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American pet insurance industry experiences sales growth
A new update to the report from IBISWorld has shown that more animal owners are buying policies. IBISWorld has updated the data in its report on the pet insurance industry and has pointed out that as a result of a combination of the increase in the costs associated with veterinary services, and the rising awareness among consumers with regards to coverage options, sales of these policies have been measurably growing. Insurers offering these types of policies have been experiencing rising consumer awareness and acceptance. The report showed that over the…
Read MorePet insurance is taking off in the United States
At the same time that people are buying their own health plans, they are also looking into coverage for their animals. Although the health care reform has been in the headlines over the last little while, there has been a broader trend that has been affecting members of the family who don’t happen to be human, as pet insurance has been expanding across the United States. Pet health insurance is growing among individuals as well as among employers who want to attract talent with more benefits. There are a number…
Read MorePet insurance bill in California could provide industry with regulation
A new bill in front of the legislature in the state would help to tell customers exactly what coverage they have. Should a new bill that is currently before the California legislature pass, it will mean that pet insurance companies will be required to provide greater disclosure to their customers regarding what precisely will be covered by the policies that they have sold. This type of insurance policy is becoming increasingly popular but there has yet to be an industry coverage standard. Many dog and cat owners are finding that…
Read MorePet insurance is offered by a growing number of companies
Though traditionally a very small market, as the popularity of these products take off, insurers are taking notice. When it comes to pet insurance, companies are now starting to see a far greater opportunity than was ever available before, as owners start to consider animals as furry family members instead of a beast that is somewhat disposable. The importance of these animals – especially dogs and cats – has lead to massive advancements in veterinary medicine. While the evolution of veterinary medicine has made it possible to provide these animals…
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