Florida regulators have signed off on 12 pet insurance rate increases for 2024, resulting in an average weighted hike of 9.25%, according to the state Office of Insurance Regulation (OIR). The approvals affect multiple carriers writing pet coverage in the state.
The primary factor behind the filings is that veterinary service costs continue to rise faster than general inflation, an OIR spokesperson said.
Recent industry analysis has highlighted how rising pet health expenses vary by breed, state and type of care, adding complexity for carriers trying to align pricing with underlying risk.
Metropolitan General Health Insurance received approval for a 26% overall rate increase that took effect Nov. 19. The filing reflected a carried-forward rate need from the prior year, a 12% annual net trend and adverse loss experience, the spokesperson said.
Metropolitan General is the seventh-largest pet insurer in Florida, holding a 5.81% market share, according to AM Best.
Chubb, the fifth-largest writer of pet insurance in Florida, also secured a double-digit adjustment. Its subsidiary Ace was approved for a 14.6% overall increase for Healthy Paws policyholders, with the new rates scheduled to take effect Jan. 8.
Claim frequency was cited as a factor in only one program, according to OIR. The spokesperson said product structure influences how often policyholders use coverage, noting that “the usage of pet insurance is highly dependent on the specific product design.
For example, products with a deductible applied only once per condition typically see higher usage than those with a per-visit deductible,” and that some deductible designs tend to generate more frequent claims.
While most of the recent regulatory actions involved increases, one carrier filed for a rate decrease, the spokesperson said. Details on that insurer and the size of the reduction were not disclosed.
The changes in Florida come as the North American pet insurance market continues to expand. The number of insured pets in North America rose 12.2% in 2024 to 7.03 million, up from 6.25 million in 2023, according to the North American Pet Health Insurance Association.
Over the same period, gross written premium for pet insurance climbed 20.8% to $5.2 billion, NAPHIA reported. The growth in premium outpaced the increase in policy count, reflecting higher average premiums and rate actions across the market.
Market data also point to changing buyer behavior that can influence long-term loss patterns. Spot Pet Insurance’s “2025 Wrapped” report found the average age of pets at enrollment fell from 3.6 years in 2024 to 3.2 years in 2025, indicating more owners are purchasing coverage earlier in a pet’s life and potentially extending the policy period over which claims can emerge.
Florida ranked as the third-largest US state for pet insurance in 2024, NAPHIA said. The state accounted for 6.3% of insured pets in the United States and 6.4% of gross written premium.
