2022 Webinar - Pet Insurance Market Activity, Trends, and Key Issues - Sept 29
The
pet insurance market in the United States has been growing fast for years and
this market growth was accelerated in 2020 by the "pandemic puppy
boom". But, the profitability of pet insurance carriers has been
underwhelming recently due to high levels of veterinary services inflation,
escalating loss cost trends and expanding care demands of pet owners. However,
new capital has been rapidly entering the pet insurance market on the thesis
that (1) the market can reach penetration levels seen in the more mature
markets of Western Europe, and (2) with broader socialization of costs,
profitability will not be so elusive for pet insurers. With only 1.5% of U.S.
household pets insured, can insurers afford to cover dog visits to the
acupuncturist, the therapist and the reiki healer? We will answer this question
and many more in this paws-itively engaging session on one of the fastest
growing insurance markets today.
Learning
objective
- Identify the pet insurance brands making the most impact in the market today and explore how insurtech companies are looking to take share and disrupt the traditional offerings of established pet insurers.
- Assess the critical pricing and underwriting considerations that pet insurance professionals are working through today, including alternative approaches to age rating, the possible dismantling of industry-wide pre-existing coverage exclusions and the debate over the insurability of wellness visits and preventative care procedures.
- Discover the uniqueness of the pet insurance regulatory environment to understand how and why this health coverage is regulated as a property & casualty coverage, and to learn how P&C actuaries can be better prepared to succeed within the unique pet insurance regulatory framework.