The number of pets enrolled with health insurer Trupanion has jumped by 14 percent since the start of the year to more than 250,000 animals.
CEO Darryl Rawlings, in an update issued today, called the quarter-million figure “a true milestone.”
“Our growth [over the past 15 years] has been fueled by our unique approach to the market,” Rawlings said. “We leverage our exceptional team of territory partners to build strong relationships with veterinary hospitals across North America and ultimately enroll member pets in a cost-effective manner.”
A recent report from the market research firm IBISWorld identified Seattle-based Trupanion as the second-largest competitor in the United States after Veterinary Pet Insurance Co. (VPI). Trupanion holds a 16 percent share compared with VPI’s 53 percent, the report noted.
Trupanion’s 2014 financial report showed 218,684 dogs and cats enrolled at year’s end in the United States, Canada and Puerto Rico. Revenue for the year totaled $115.9 million, a 38.3 percent increase over the 2013 figure.
IBISWorld found that Trupanion customers are very loyal.
“The company has maintained an average monthly retention rate in excess of 98 percent from 2010 to 2014,” the report stated.
Trupanion insurance plans pay 90 percent of the veterinary costs incurred for covered illnesses and injuries.