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The 5 Largest Pet Insurance Companies in the United States of America (USA)
5 Largest Pet Insurance Companies in the United States of America (USA)- According to the National Association of Insurance Commissioners (NAIC) report entitled with “A Regulator’s Guide to Pet Insurance”, there are 5 Largest Pet Insurance Companies in the United States of America (USA) in the year of 2017.Maybe some of the people in the USA knows this pet insurance company.
Basically, many people are fond of pets, and they can spend his time with their beloved pets. Some of them insured their beloved pets. Preventing the unwanted dangerous accidents to their pets or protecting the pets from dangerous disease is one that pet insurance can do. Their memories, loves, and happiness with pets can make people sacrifice their money to buy pet insurance products.
Here are the 5 Largest Pet Insurance Companies in the United States of America (USA). All the rank came from obtained from a National Association of Insurance Commissioners (NAIC) report entitled “A Regulator’s Guide to Pet Insurance”. The Rank was arranged based on Direct Premium Written (DPW).
The Rank of Largest Pet Insurance Companies in the United States of America (USA) Based on Direct Premium Written
| Rank | Pet Insurance Companies | Direct Premium Written in 2017 | Market Share in 2017 |
|---|---|---|---|
| (Million USD($)) | |||
| 1 | Nationwide | $ 374.60 | 36.33% |
| 2 | Trupanion | $ 191.60 | 18.58% |
| 3 | Healthy Paws Pet Insurance and Foundation | $ 123.20 | 11.95% |
| 4 | Fetch Pet | $ 83.60 | 8.11% |
| 5 | Crum & Forster Pet Insurance Group | $ 69.20 | 6.71% |
Source : State of the Industry Report 2018, North American Pet Health Insurance Association | |||
Brief Description of 5 Largest Pet Insurance Companies in the United States of America (USA)
1. Nationwide
Nationwide Mutual Insurance Company is one of the biggest insurance companies in the United States of America (USA). Historically, the establishment of Nationwide occurred in the 1920s as Farm Bureau Mutual. Later in 1955, the name changed into Nationwide insurance until this time. To date, this company has a main office in One Nationwide Plaza, Columbus, Ohio, U.S.A.
In the pet insurance business, some coverage services to pets’ insurance includes Accidents & injuries, Common illnesses, Serious illnesses, Chronic illnesses, Hereditary conditions, Testing & diagnostics, and Holistic & alternative.
Financially, according to the annual report of 2022, the financial conditions of nationwide were in good condition. In 2022, the total Assets of Nationwide was USD 270 billion in 2022. Based on the financial ratings, this company has A+ from AM Best, A1 from Moody’s, and A+ Standard & Poor’s. Particularly, in pet industries, Nationwide successfully collected of $ 374.6 million Direct Premium Written or has market share in the USA around 36.33% in 2017.
2. Trupanion
Trupanion is a pet insurance provider which has headquarters in Seattle, Washington. Historically, this company was founded by Darryl Rawlings in 1999. Commonly, this company provides pet, dog, and cat insurance. As of 2022, Trupanion has 1,679,000 of total enrolled pets.
In Trupanion, the coverage in Pet insurance includes Hereditary & congenital conditions (Cherry eye, Diabetes, Hip dysplasia, Thyroid disease, Cancer, Heart disease, Urinary obstructions, Nervous system issues), Illnesses & injuries (New, unexpected injuries & illnesses, Bite wounds, swallowed objects & toxins, Patella luxation, Allergies, Kidney disease, Upper respiratory infections, Urinary obstructions), and many more.
Financially, according to the annual report of Trupanion in 2022, along with business development, Trupanion has total assets around USD 671 million. Furthermore, based on the business performance, Trupanion gained revenue of USD 905 million, but this company suffered net loss around USD -44 million. Commonly in pet industries, Trupanion successfully collected of $191.6 million Direct Premium Written or has market share in the USA around 18.58 % in 2017.
3.Healthy Paws Pet Insurance and Foundation
Healthy Paws Pet Insurance and Foundation was founded in 2009. Operationally, Healthy Paws has a main office in Bellevue, Washington. In terms of its service of pet insurance, the coverage of Healthy Paws for pets includes Illness & Accidents, Hereditary & Congenital Conditions, Cancer Coverage, Chronic Conditions, Emergency & Specialty Hospitals, Alternative Care, Hip Dysplasia, and Cost of Pet Health Care. Financially, in pet industries, Trupanion successfully collected of $123 million Direct Premium Written or has market share in the USA around 11.95 % in 2017.
4. Fetch Pet
Fetch Pet is headquartered in Greenwich St., New York City, New York. Historically, this company was founded September 11st, 2003 by Chris and Natasha Ashton. Along with business development, Fetch Pet has 350,000 covers of pets. Furthermore, Fetch Pet has 220 team members. Financially, in pet industries, Fetch Pet successfully collected of $83.6 million Direct Premium Written or has market share in the USA around 8.11 % in 2017.
5.Crum & Forster Pet Insurance Group
Crum & Forster is an insurance company which was founded in 1822. Operationally, Crum & Forster has a main office in Madison Avenue, Morristown, New Jersey. Along with business development, Crum & Forster has total assets around $9.6 Billion. In Pet insurance industries, Crum & Forster collected direct premium written around $69.20 million or has market share in the United States around 6.71% in 2017.
The Summary of 5 Largest Pet Insurace Companies in USA
Bibliography of 5 Largest Pet Insurance Companies in the United States of America (USA)
NAIC. 2019. A Regulator’s Guide to Pet Insurance. Accessed via https://content.naic.org/sites/default/files/publication-pin-op-pet-insurance.pdf on September 15th, 2023.
Nationwide. 2023. Annual Report. Accessed via https://www.nationwide.com/personal/insurance/pet/ on September 15th, 2023.
Trupanion. 2023. Annual Report. Accessed via https://investors.trupanion.com/financials/sec-filings/default.aspx on September 15th, 2023.
Healthy Paws Pet Insurance and Foundation. 2023. Accessed via https://www.healthypawspetinsurance.com/ on September 15th, 2023.
Fetch Pet.2023. About Us. Accessed via https://www.fetchpet.com/about-us on September 15th, 2023.
Crum & Forster Pet Insurance Group. 2023. Crum and Forster at a glance. Accessed via https://www.cfins.com/about/crum-and-forster-at-a-glance/ on September 15th, 2023.