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

Rhea-AI Summary

Verisk (Nasdaq: VRSK) launched a standardized pet health insurance program on Oct 14, 2025, inside its Core Lines business to help U.S. insurers enter or expand in the pet insurance market.

The ISO Pet Insurance Line of Business provides policy forms, rating rules, actuarially derived loss costs, territorial rating tools, an accident & illness policy form with endorsements, and a Pet Legislation Dashboard available on core.verisk.com. The U.S. pet market reached $4.75B GWP in 2024 (+21.4% YoY) with insured pets up 12.7%, per the 2025 NAPHIA report.

Positive

• Addresses a $4.75B U.S. pet insurance market (2024, +21.4% YoY)
• Standardized policy forms, rating rules and loss costs
• Actuarial loss-costs and territorial tools incorporating breed, age, geography
• Pet Legislation Dashboard for state-specific monitoring on core.verisk.com

Negative

• Regulatory fragmentation persists across states, complicating rollout
• Market complexities previously caused lower adoption and higher policyholder churn

Insights

Insurance Product Strategist

Verisk launched a standardized pet insurance program to help U.S. insurers enter a market that grew to $4.75 billion in 2024.

Verisk introduces the ISO Pet Insurance Line of Business within Core Lines, offering policy forms, rating rules, and actuarially derived loss costs via its Pet Line of Business Hub on core.verisk.com. The program bundles territorial rating tools that consider geography, breed and age, an accident and illness policy form with endorsements, and a Pet Legislation Dashboard for state compliance comparisons and NAIC model law analysis.

The announcement addresses a stated market gap: lack of a standardized advisory program that has limited insurer participation and increased churn. The release cites market size and growth—$4.75 billion gross written premiums in 2024 and growth of 21.4% year‑over‑year, with the number of insured pets up 12.7%—which supports the proposition that demand exists. Key dependencies and risks include insurer adoption of the standardized materials and state regulatory alignment; the Pet Legislation Dashboard is positioned as the compliance tracking tool to monitor those risks.

Watch adoption of the ISO Pet Insurance Line of Business, updates in the Pet Legislation Dashboard, and any published loss costs or territorial rate filings for near‑term evidence of traction. These items will show whether the program moves carriers from exploration to active product launches and filings.

Verisk’s first-of-its-kind program offers insurers policy forms, rating rules and loss costs

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. 

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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. 

Morgan Hurley 
Verisk 
551-655-7858
morgan.hurley@verisk.com

FAQ

What did Verisk (VRSK) announce on Oct 14, 2025 about pet insurance?

Verisk launched the ISO Pet Insurance Line of Business offering standardized policy forms, rating rules, loss costs and a Pet Legislation Dashboard to support U.S. insurers.

How large was the U.S. pet insurance market cited by Verisk for 2024?

Verisk cited a U.S. pet insurance market with $4.75 billion in gross written premiums in 2024, a 21.4% year-over-year increase.

How will Verisk's new pet program (VRSK) help insurers bring products to market?

By supplying standardized forms, actuarial loss costs, territorial rating tools and regulatory monitoring to reduce complexity and speed product launches.

Where can insurers access Verisk's pet insurance tools from VRSK?

The Pet Line of Business Hub and Pet Legislation Dashboard are available on core.verisk.com.

Does Verisk's pet offering include actuarial pricing tools for breed and geography?

Yes — the program includes actuarially sound loss costs and territorial rating tools that incorporate geography, breed, age and other factors.