US pet insurance market growth slows in 2025, but still robust

The US pet insurance market once again expanded by more than 10% in 2025, a feat that it has achieved every year since at least 2018.

The market recorded an 11% year-over-year increase in net premiums earned last year, rising to an industry record $3.59 billion, according to an analysis by S&P Global Market Intelligence. That said, the 2025 total reflects a slowdown in the pace of growth from the prior year when net premiums earned soared 26.6% to $3.23 billion in 2024.

The pet insurance industry's net loss ratio, which has remained almost flat since 2017, improved modestly to 74.2% in 2025 from 76.1% in the prior year.

Pet insurance was broken out as its own business line for the first time in statutory filings for 2024 following changes made by the National Association of Insurance Commissioners, making availability of the data relatively new.

Top of the list

A majority of the biggest pet insurers in the US also saw double-digit increases in direct premiums written in 2025.

Trupanion Inc. was the top underwriter of pet insurance business in the US in 2025 as it recorded $1.22 billion in direct premiums written. That was up about 11.7% from $1.09 billion in direct premiums written in 2024. The leading pet insurer also booked a direct incurred net loss ratio of 69.8%.

Nationwide Insurance Co.'s direct premiums written declined by about 6.4%, falling to $956.3 million in 2025 from $1.02 billion in 2024. Nationwide, which still ranked as the second-largest underwriter of pet insurance last year, has been pulling back its presence in the business line.

JAB Holdings BV ranked third, but recorded the largest year-over-year increase in direct pet insurance premiums written at 79.9%. Lemonade Inc. also reported significant growth with $441.2 million in 2025 direct premiums, up 54.7% from $285.2 million a year earlier.

Historical industrywide pet insurance data does not include figures from Chubb Ltd., Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München, AXA SA and AXIS Capital Holdings Ltd. The information was derived from Schedule P of the annual statements and did not include prior-year values.

MGAs

Trupanion underwrites most of its pet insurance business through the top two managing general agents (MGAs) in the US: Trupanion Managers Usa Inc., which is Trupanion's in-house MGA, and Pets Best Insurance Services LLC. The two MGAs wrote $778 million and $443.2 million in direct premiums, respectively.

An MGA is a specialized insurance intermediary that performs certain functions generally handled by an insurance underwriter.

Pets Best also did business with JAB Holdings, writing $201.4 million for the insurer in 2025. Jab Holdings have multiple additional MGA relationships. Ptz Insurance Agency, Ltd., Figo Pet Insurance LLC, Pet Partners and Pumpkin Insurance Services Inc. wrote $370.4 million, $166.6 million, $83.6 million and $55.1 million in premiums, respectively.