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Verisk Just Made It Easier for U.S. Insurers to Enter the Growing Pet Insurance Market

1. Verisk launches a standardized pet health insurance program for U.S. insurers. 2. Program aims to simplify entry into the growing pet insurance market. 3. U.S. pet insurance premiums reached $4.75 billion in 2024, 21.4% increase. 4. The initiative provides tools to manage risks and enhance policy offerings. 5. It addresses market complexities promoting higher adoption rates of pet insurance.

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Why Bullish?

The launch of the pet insurance program positions VRSK favorably in a rapidly growing market.

How important is it?

The article indicates a strong potential for VRSK's revenue increase through innovation in a high-demand sector.

Why Long Term?

The establishment of a standardized program can lead to sustained revenue growth over time as demand for pet insurance increases.

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Verisk’s first-of-its-kind program offers insurers policy forms, rating rules and loss costs October 14, 2025 08:15 ET  | Source: Verisk Analytics, Inc. JERSEY CITY, N.J., Oct. 14, 2025 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading strategic data analytics and technology partner to the global insurance industry, today announced the launch of a pet health insurance program within its Core Lines business. The first-of-its-kind program offers U.S. insurers a robust suite of standardized tools and insights to support entry into or expansion within the rapidly growing pet insurance market. Verisk’s new ISO Pet Insurance Line of Business program will offer insurers policy forms, rating rules and loss costs, marking the first standardized pet insurance program from an advisory organization. “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.” Meeting a Growing Market Need The U.S. pet insurance market reached nearly $4.75 billion in gross written premiums in 2024, reflecting a 21.4 percent year-over-year increase, according to the 2025 NAPHIA State of the Industry Report. The number of insured pets also grew by 12.7 percent. Verisk’s new Pet Line of Business Hub, available on its core.verisk.com platform, offers: Actuarially sound advisory loss costs and territorial rating tools that incorporate geography, breed, age and other factors to access risk accurately and appropriately.An accident and illness policy form and related endorsements to help insurers provide adequate coverage. Monitoring and compliance updates via Verisk’s Pet Legislation Dashboard which provides state-specific legislation comparisons and NAIC Pet Insurance Model Law analysis. Driving Innovation and Accessibility The lack of a standardized advisory program has been a barrier for many insurers, due to market complexities that lead to lower adoption rates and higher churn for policyholders as well as regulatory fragmentation. Verisk’s solution addresses this gap, enabling more carriers to offer pet insurance and contribute to a more competitive and accessible market. Beiderman added: “Pet insurance is no longer a niche offering. Verisk’s new program helps insurers serve policyholders with empathy and precision, while helping protect the pets they cherish.” To learn more, please visit Verisk’s Pet Line of Business hub. Verisk’s Underwriting & Rating Solutions helps global insurers, reinsurers and other stakeholders modernize their processes, reduce operating costs and underwrite risks quickly and precisely. These solutions support (re)insurers across multiple lines of business, including personal & commercial property, personal & commercial auto, small commercial and general liability programming to streamline forms, rules, loss costs and rating-related information.  ### About Verisk  Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, sustainability and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.  Contact Data Morgan Hurley Verisk 551-655-7858 morgan.hurley@verisk.com

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