Trupanion gets rate approvals, sees boost in pricing action ‘through its book’

Trupanion provided the following updates on its rate filing approval status in California and New York: California approved over a 12% rate increase, which in addition to its’ previously approved 8% rate increase in November of 2022, brings the total approved rate to approximately 21% in the last seven months. New York approved Trupanion’s requested 18% rate increase, which in addition to its’ previously approved 6% rate increase in November of 2022, brings the total approved rate to approximately 25% in the last seven months. With these key state approvals, Trupanion now expects to have 19.7% pricing action flowing through its book by the end of August 2023, and 21.6% pricing action flowing through its book by the end of September 2023. Margi Tooth, President of Trupanion noted, “We are very pleased with the recent rate approvals from two of our largest states, New York and California. These rate approvals, which are necessary in today’s rising cost of veterinary care environment, demonstrate a big step forward towards achieving our value proposition, which we believe to be the highest in the industry. We believe the rising cost of veterinary care will only increase the need for Trupanion in the months and years ahead and we look forward to being there for our members and their pets.”