Best's Rankings: Inaugural Tally of Pet Insurance Market Shows $4.66 Billion in DPW
OLDWICK, N.J. //BestWire// - U.S. pet insurance carriers had direct premiums written of $4.66 billion in 2024, according to the first-ever Best's Rankings tally of the market.
Trupanion Insurance Group led the list of 26 pet insurance companies with 2024 DPW of $1.09 billion and a market share of 23.5%. Trupanion had an adjusted loss ratio of 72.3 and pet insurance accounted for all of its premiums, according to the ranking data.
Nationwide P&C Group took second place with DPW of $1.02 billion and a market share of 21.9%. Its adjusted loss ratio was 76.9 and pet insurance comprised 5.8% of all premiums for the carrier.
Coming in the third position was Independence Pet Insurance Group with $491.3 million in DPW for 2024 and a market share of 10.6%, according to the data. Pet insurance accounted for 97.1% of the company's premiums and the adjusted loss ratio was 57.5, according to the data.
The one-page AM Best ranking measures 2024 direct premiums written, market share, adjusted loss ratio and the percentage of company premiums.
Subscribers can access the report and data here.
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AM Best data sourced from Best’s Financial Suite, US.
(By Terrence Dopp, senior associate editor, Best’s Review: Terry.Dopp@ambest.com)