Markets/Coverages: Verisk Offers Insurers a Standardized Pet Insurance Program

Insurance data and technology firm Verisk has released a pet health insurance program offering U.S. insurers a standardized pet insurance program.

Verisk’s new ISO Pet Insurance Line of Business program provides insurers looking to enter or expand in this growing market with policy forms, rating rules and loss costs, making it the first standardized pet insurance program from an insurance advisory organization.

The U.S. pet insurance market reached nearly $4.75 billion in gross written premiums in 2024, reflecting a 21.4% year-over-year increase, according to a report by the North American Pet Health Insurance Association. The number of insured pets also grew by 12.7%.

According to Verisk, the lack of a standardized advisory program has been a barrier for some insurers, due to market complexities that lead to lower adoption rates and higher churn for policyholders as well as regulatory fragmentation.

Verisk says its new program, available on its core.verisk.com platform, addresses this gap, enabling more carriers to offer pet insurance and contribute to a more competitive and accessible market. The =program offers advisory loss costs and territorial rating tools; an accident and illness policy form and related endorsements; and state legislation monitoring, compliance updates and model law analysis.

“As more people have welcomed pets into their lives, the demand for pet insurance has surged in recent years along with veterinary costs,” said Ron Beiderman, chief product officer, Core Lines at Verisk. “With our new program, insurers have the tools and insights to support this growing market, reduce complexities and bring innovative coverage options to market faster, giving pet parents peace of mind.”

Topics Carriers