Pet medical insurance provider surpasses $2B milestone

Trupanion, a medical insurance provider for cats and dogs, announced Sunday that it has paid out more than $2 billion in veterinary invoices. After taking about 20 years to reach $1 billion in paid veterinary invoices, in 2020, the company achieved its latest milestone on December 28, 2022.

Since 2020, the population of Trupanion-insured pets has grown to over 800,000, according to a company release. To date, pets insured by the company have visited veterinarians more than 8.5 million times.

In the past 3 years, the company paid out the equivalent of more than $959,000 per day to veterinarians and pet parents. According to Trupanion, veterinary insurance for their pets provides owners with financial peace of mind.

“With our comprehensive coverage, unlimited payout, and the ability to pay veterinarians directly at checkout, Trupanion members can say ‘yes’ to the best treatment possible without worrying about the cost of care,” said Margi Tooth, president of Trupanion, in the release. “We look forward to helping even more pet parents budget for veterinary care if and when their pet becomes sick or injured.”

The $2 billion threshold was crossed with a payment in support of Oliver, a 12-year-old miniature Long Haired Dachshund, from Ontario, Canada, for gastroenteritis. The veterinary emergency hospital was paid directly within seconds at the time of checkout, ensuring Oliver would be home in time to celebrate the New Year with tail wags and wet nosed kisses.

Like Oliver, hundreds of thousands of pet parents with Trupanion have had their veterinary invoice paid in real-time at the time of checkout. This eliminates upfront payments for the full bill, members don’t have to wait weeks for reimbursement, and veterinarians can recommend what they believe is the best course of medical treatment. This allows pet parents to focus on their pet's recovery, not financial stress.

“For Oliver, and all of the other dogs and cats out there, we will continue to work tirelessly 24/7, 365 to always be there when we’re needed for years to come, making budgeting for the unexpected cost of care possible for generations of pets and their pet parents,” added Tooth.

Whether it’s a cruciate ligament rupture in a dog or ongoing allergies in a cat, no illness or injury is too big or too small. To date, the largest single payout for a Trupanion member’s pet is $81,000 for the treatment of aspiration pneumonia, adding plenty of more belly rubs to the life of a sweet English Bull Dog.

Reference

Helping pets live longer, Trupanion surpasses two billion dollars paid out to veterinarians and pet parents. News release. January 16, 2023. Accessed January 16, 2023. https://investors.trupanion.com/news/Press-Releases/news-details/2023/Helping-Pets-Live-Longer-Trupanion-Surpasses-Two-Billion-Dollars-Paid-Out-to-Veterinarians-and-Pet-Parents/default.aspx