Increase in-line with rising costs, company says
Worldinnews.com - California regulators have greenlit a 29% rate increase for Trupanion Inc., effective late July, following a 12% hike in mid-2023 for cat and dog medical coverage.
The uptick aims to match escalating veterinary care costs, as per the insurer. Trupanion's net loss decreased to $6.9 million in Q1, compared to $24.8 million last year, with revenue up 19% to $306.1 million.
Veterinary expenses rose to $233.6 million from $194.1 million. Subscription-enrolled pets grew by 11% year-over-year to 1,006,168.
Margi Tooth will succeed Darryl Rawlings as CEO from Aug. 1, in addition to her role as president. Trupanion shares traded at $31.29 on May 17, down 4.66%.
In the pet insurance arena, Unum Group introduced Unum Pet Insurance, catering to the rising demand for pet benefits among employees.
Scott Taylor, president of Spot Pet Insurance, highlighted the surge in pet health awareness, driven by better financial planning and the evolving perception of pets as integral family members.
