Several studies have found the health- and mood-boosting benefits of keeping pets – so it isn’t surprising that many people have gravitated towards having adorable pets as part of their household. Knowing this, more people have changed their attitude towards pets, and this has contributed to a booming pet health insurance sector.
Gross written premiums for pet insurers have ballooned to $4.7 billion in 2024, up 21.4 percent year-over-year. In 2023, GWP reached $3.9 billion. These figures are according to the North American Pet Health Insurance Association (NAPHIA). The association added that the total was equivalent to 3.1 million insured pets, with the number expected to rise in the next few years.
That’s why Insurance Business turns its eye to the pet insurance industry and provides brokers with a list of the 10 biggest pet insurance companies by market share in the US.
The following are the largest pet insurance companies in the US, based on market share data taken from our IB+ Data Hub platform. You can see this data for yourself, and much more, in this data resource with options to filter by state, year, and other lines of business.
Market share: 29.2%
Leading the pack (no pun intended) of top pet insurance companies in the US is Trupanion Group. A publicly traded company, Trupanion was founded in 1998 in Seattle, Washington. The company mainly offers medical insurance for dogs and cats in the US, Canada, and Puerto Rico. Most of their products include comprehensive accident and illness coverage, unlimited payouts, and direct payments to veterinarians upon checkout.
Over the years, Trupanion has become among the top insurers in terms of coverage, fast claims resolution, and high customer satisfaction. As of this writing, Trupanion covers more than 830,000 pets and operates under the American Pet Insurance Company in the US.
When it comes to pet insurance, Trupanion stands out in that it only offers a single pet insurance policy also named “Trupanion.” This comprehensive pet insurance product is for both dogs and cats in the US and is characterized by:
deductible options ranging from $0 to $1,000
fixed 90 percent reimbursement rate on eligible veterinary bills after applying the deductible
coverage for accidents, illnesses, hereditary and congenital conditions, and veterinary costs for diagnostic testing
no coverage for routine care like spaying or neutering or for dental care
VetDirect Pay system, which pays vet bills directly at checkout to avoid out-of-pocket payments and speed up claims processing
coverage waiting periods are five days for accidents and 30 days for illnesses
Trupanion's single-plan strategy is designed for simplicity and extensive protection, making this pet insurance company distinct from rivals that offer many multi-tiered plans.
Market share: 21.05%
Nationwide is recognized as one of the oldest and largest pet insurance companies in North America. The company offers comprehensive coverage for accidents, illnesses, hereditary conditions, vet exam fees, and optional wellness care. Nationwide is unique, in that it’s among the few pet insurers that has coverage for a wide range of exotic animals and allows policyholders to visit any licensed veterinarian they choose.
To date, the company serves over 1.1 million pets across the US and is a leading provider of voluntary pet insurance benefits via employers, including many Fortune 500 companies.
These are the most prominent insurance products from Nationwide:
This offers comprehensive accident and illness coverage, including hereditary and congenital conditions, specialist care, prescription medications, and diagnostics. This product also offers optional wellness add-ons with two tiers of benefits.
This is a more affordable accident and illness insurance policy but with limited coverage for hereditary and congenital conditions. Wellness add-ons are optional.
My Pet Protection is an accident and illness plan covering pets that offers up to $7,500 in annual coverage with deductible and reimbursement options. This coverage is only available through employers as an employee benefit or as a membership program.
Nationwide’s Whole Pet policy provides up to $5,000 annual coverage for accidents and up to $10,000 for illnesses. There are no wellness add-on options for this product.
Nationwide also uniquely offers insurance for exotic pets like reptiles, birds, and small mammals, which is rare. Their plans allow visits to any licensed veterinarians across the US, but do not allow for Direct Vet payments. Deductibles for these plans range from $250 to $1,000, with reimbursement levels of 50 percent, 70 percent, or 80 percent, depending on the plan.
Market share: 13.18%
Also known as Independence Pet Holdings or Independence Pet Group, this company is a holding company established in 2021 that manages a diverse portfolio of pet health brands and services across the US. This company’s products include pet insurance, pet education, and lost pet recovery services.
Independence Pet Holding Inc. Group operates its own AM Best A-rated insurance carrier, Independence American Insurance Company and partners with other carriers when necessary. The company employs over 1,500 people, owns 15 brands, and maintains 4 locations in the US and Canada.
Independence Pet Group provides coverage for more than 800,000 pets in the US and Canada, making it one of the largest pet insurance companies in the country.
Independence Pet Holdings offers a range of popular pet insurance products in the US via its many brands, including:
This is a comprehensive accident and illness plan with customizable deductibles and reimbursement levels. Optional wellness add-ons are available for this plan. It also offers flexible coverage and Direct Vet pay.
This includes plans covering accidents, illnesses, hereditary conditions, and optional wellness care. There are also diminishing deductibles and a broad list of accredited vets to choose from.
This focuses on accident and illness coverage with hereditary and congenital condition coverage, along with optional wellness add-ons.
This pet insurer covers accidents and illnesses with 100 percent reimbursement options, cloud-based pet health records, and even telehealth services. FIGO features prominently in the US pet insurance market, since it was recently recognized as the largest independent pet insurance company in the US.
In this plan, the insurers cover accidents, illness, and hereditary conditions, and provide optional wellness benefits. AKC Pet Insurance has the distinction of being backed by the American Kennel Club brand.
Market share: 10.08%
Headquartered in Munich, Germany, Munich Re is a global leader in customized specialty insurance solutions and reinsurance. It is also among the largest reinsurance companies in the world. Munich Re couples its strong financial stability with extensive expertise in risk management. In the US, it company offers a wide range of specialty insurance products via partnerships with wholesale and retail brokers, MGAs, and program administrators.
While Munich Re is primarily a reinsurance company, it supports pet insurance companies by offering reinsurance and risk solutions rather than direct consumer pet insurance products. Its US specialty division focuses on innovative risk and claims management powered by data analytics and technology.
This company does not offer direct-to-consumer pet insurance products in the US. However, Munich Re primarily provides reinsurance and specialty insurance solutions to pet insurance companies and insurance brokers. Munich Re typically provides support to innovative pet insurance products with features like:
Market share: 9.15%
The company has operations in over 50 countries and territories and offers a broad range of commercial and personal insurance products. In April 2024, Chubb ventured into the pet insurance sector. The company acquired Healthy Paws, a well-established MGA specializing in pet insurance. Before the acquisition, Chubb served as the exclusive underwriter for Healthy Paws’ pet insurance division since 2013. Chubb then became a direct pet insurance provider by buying Healthy Paws.
Chubb offers pet insurance through Healthy Paws. Like Trupanion, Chubb offers a single comprehensive pet insurance plan, namely:
This insurance plan covers both cats and dogs for illnesses, accidents, and emergency care. Its features include:
Chubb’s pet insurance aims to provide flexible, high-value coverage without per-incident annual caps. This is meant to give pet owners seeking extensive protection for their precious pets.
Want to know which dog breeds need pet insurance the most? Check out this guide.
Market share: 7.65%
Lemonade is a US-based insurtech company that became famous for its AI-driven homeowners’ and renters’ insurance. It also made our list of the top 15 insurtech companies in the US. In July of 2020, Lemonade broke into the US pet insurance market, offering plans that covered dogs and cats in 32 states, including Washington D.C.
Lemonade’s pet insurance plans start at only $12 per month, with a 10 percent discount for current Lemonade customers who bundle the pet insurance with their home or renters’ insurance. Their pet insurance products emphasize a streamlined digital experience with fast claims processing and accessible preventive care.
Lemonade pet insurance products
Lemonade offers a single, customizable pet insurance plan in the US for dogs and cats. Its features include:
Annual payout limits – flexible limits ranging from $5,000 to $100,000 per year
Accident & illness coverage – covers veterinary bills for pets’ sicknesses, accidents, surgeries, diagnostic tests, hospitalization, and medications
Coverage availability – Lemonade's pet insurance is available in 39 states and Washington D.C.
Digital-first experience – fast claims processing via apps, usually taking one to three days, with direct reimbursement, and 24/7 customer service support
Exclusions – note that this pet insurance does not cover pre-existing conditions and most dental care, except for dental illnesses with add-on
Optional add-ons – this includes wellness and preventive care packages that cover routine vet visits, vaccinations, dental illnesses, behavioral therapy, and end-of-life care (with added premium)
Reimbursements – policyholders can choose from 70 percent, 80 percent, or 90 percent reimbursement after applying an annual deductible of $100, $250, or $500
Market share: 7.62%
Founded in 1985, Fairfax Financial Holdings is a global insurance and investment management company. It entered the US pet insurance market via its ownership of Crum & Forster Pet Insurance Group and Pethealth Inc. These companies managed multiple pet insurance brands like ASPCA Pet Health Insurance, 24PetProject, Hartville Pet Insurance, and others.
Over time, Fairfax grew its presence to insure more than half a million pets across the country. Over time, Fairfax grew its presence to insure over 500,000 pets across North America.
However, Fairfax sold its global pet insurance operations to JAB Holding Company as part of a deal worth $1.4 billion. This marked its exit from offering direct-to-consumer pet insurance in the US and Canada. Hpwever, it maintains a strategic investment partnership with JAB. This is probably a wise move, since pet insurance in the US is predicted to boom in the next few years.
The JAB Holding Company’s pet insurance portfolio in the US includes several well-known brands acquired via its purchase of Fairfax's pet insurance operations and subsequent investments. Key pet insurance products include:
ASPCA Pet Health Insurance – includes comprehensive pet insurance, covering accidents, illnesses, and offers pet wellness options
24PetProtect – this pet insurance covers accidents, illnesses and optional wellness services
Hartville pet insurance – offers accident and sickness insurance, along with customizable plans.
Spot Insurance Services – provides pet insurance with flexible coverage
Pumpkin Petcare - this is a fast-expanding pet insurance brand with tech-driven care and diagnostics
PetCoach – provides pet insurance via PetCo retail channels
FIGO Pet Insurance – offers comprehensive coverage with cloud-based claims and customer service
AKC Pet Insurance – offers insurance plans that are endorsed by the American Kennel Club (AKC), and includes accident, illness, and wellness cover
Market share: 0.67%
Through its US-based subsidiary Accredited America, Accredited Insurance began offering pet insurance in North America in 2020. Accredited America is underwritten by Accredited Surety & Casualty Company, founded in Florida in 1971.
The group focuses on delivering insurance and program management services. Accredited Insurance has expanded its US presence by partnering with MGAs to distribute its pet insurance products. This allowed its US pet insurance offerings to gain traction from 2020 onwards.
Accredited Insurance offers pet insurance mainly through AKC Pet Insurance, which it also underwrites. Key features include:
coverage for dogs and cats of all ages and breeds
plans covering accidents, illnesses, hereditary conditions, and optional wellness care
pre-existing condition coverage after one year of continuous coverage
Use of any licensed veterinarian, specialist, or emergency clinic
flexible claims submissions options (via mail, email, fax, or app) with reimbursement via check or direct deposit
24/7 veterinary support for pet health-related questions
partnership with the American Kennel Club since 2003, emphasizing canine health and responsible ownership
Market share: 0.49%
Liberty Mutual was founded in 1912 under the name Massachusetts Employees Insurance Association (MEIA) to provide workers' compensation insurance. Over the years, the company expanded its offerings to auto insurance, and later, other personal and commercial lines. After more than 100 years, Liberty Mutual has become one of the largest global P&C insurers, in addition to making it into the list of the best pet insurance companies in the USA.
The company entered the US pet insurance market more recently by offering coverage via partnerships and acquisitions. It also leveraged its broad insurance expertise and customer base. While Liberty Mutual’s core history centers on workers’ compensation and auto insurance, its pet insurance products reflect its strategic expansion into specialty personal lines.
Liberty Mutual Insurance offers pet insurance through its three main products:
This covers veterinary expenses for accidental injuries, which include dental injuries. Euthanasia, cremation, and accidental death are also covered.
The accident-only plan even covers costs for treating pets for the ingestion of foreign objects, but only up to two treatments per year. Ingestion cover may seem odd, but there are pets that have eaten or swallowed unusual items. And for sure, their owners could not be more relieved to have this sort of coverage.
This includes all accident-only coverage plus illnesses like cancer, kennel cough, and hereditary or congenital conditions. Alternative medical treatments such as acupuncture and behavioral therapy can also be covered, with the exception of some states.
This plan includes all accident and illness cover, with the addition of routine and preventative care coverage. Wellness exams, vaccinations, flea and tick prevention, heartworm tests and pills, dietary supplements, spaying/neutering, dental cleaning and prescribed medications are also included, with annual limits.
Key common features of these policies include:
Market share: 0.37%
The company’s US subsidiary, Trisura Specialty Insurance Company, has been developing specialty insurance products, including pet insurance, as part of its broader strategy to grow in niche markets. While Trisura focuses on specialty commercial insurance, its entry into pet insurance in the US is quite recent and in line with its expansion into specialty personal lines via its US subsidiary.
Trisura Group offers pet insurance in the US primarily through Odie Pet Insurance, underwritten by Trisura Insurance Company. Its key pet insurance products are:
Accident and Illness Plan: covers veterinary expenses for accidents, illnesses, surgeries, diagnostic procedures, and emergency care
Accident-Only Plan: focuses on accidental injuries like foreign object ingestion, bites, and wounds
Wellness Add-on Option: includes optional coverage for routine and preventive care like wellness exams, vaccinations, flea and tick prevention, dental care, and spaying/neutering
Pet insurance plans are designed to protect pet owners from the financial impact of unexpected veterinary expenses. Most policies follow a reimbursement-based model, allowing policyholders to consult or get treatment from a specialist of their choosing, but there are also a few providers that offer the option to pay the veterinarian directly.
Policies vary between insurers, but each outline which conditions and expenses are covered, reimbursement rate, deductible, and maximum payout or annual limit. Each plan also has a waiting period before coverage kicks in. The time varies depending on the insurance company, but most require a waiting period of 14 days.
According to pet insurance specialist Embrace, while many people compare this type of coverage to human health insurance, the company notes how it is “actually more like car insurance.”
“Just like your car insurance doesn’t cover routine maintenance or any accidents you got into before purchasing the policy, pet insurance plans typically don’t cover routine care costs and pre-existing conditions,” Embrace writes on its website. “Pet health insurance provides peace of mind that you can afford to get your pet the best care in the event of a costly accident or illness.”
When it comes to choosing from the best pet insurance companies, it helps to focus on parameters like your clients’ needs, wants, and budget. Your choice cannot simply be based on their market share alone; there are other factors to consider. Here’s how to make the best choice:
Look for pet insurers that offer comprehensive plans that include accidental injury, illness, hereditary and congenital conditions, and optional wellness. You should also consider insurers that are flexible in their deductibles, reimbursement rates, and annual limits. These factors allow clients to better tailor policies to their budget and needs for their pets.
Customer reviews and feedback can be crucial indicators as to whether the pet insurance company will be a good fit for your client. Remember, the firsthand customer experiences and reviews are a glimpse of how they’ll treat your client and provide the care and protection their pet needs.
Partner with pet insurers that have strong financial ratings and a stable track record of honoring claims.
The best pet insurance companies accept pets, regardless of their age or breed, making coverage accessible for all your clients.
Consider companies offering multi-pet discounts, military or veteran discounts, and add-ons for preventive care, which add value to your clients.
Some pet insurance companies have extensive experience and are specialists in the sector, like those that specialize in cats and cat sicknesses. Choose those with a good reputation to boot, since they can translate into better services and tailored products.
By evaluating these factors well, brokers can recommend pet insurance companies that balance affordability, comprehensive coverage, customer service, and reliability. All these factors can help your clients protect their pets effectively.
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