Core Insights - Verisk has launched a first-of-its-kind pet health insurance program aimed at U.S. insurers, providing standardized tools and insights for market entry and expansion in the pet insurance sector [1][2] - The U.S. pet insurance market reached nearly $4.75 billion in gross written premiums in 2024, with a year-over-year increase of 21.4% and a 12.7% growth in the number of insured pets [3] Market Need and Innovation - The new program addresses the lack of standardized advisory programs, which has been a barrier for insurers, leading to lower adoption rates and higher churn among policyholders [4] - Verisk's solution aims to enhance market competitiveness and accessibility, enabling more carriers to offer pet insurance [4][5] Product Features - The Pet Line of Business Hub on Verisk's platform includes actuarially sound advisory loss costs, territorial rating tools, and a comprehensive policy form for accident and illness coverage [8] - The program also features monitoring and compliance updates through Verisk's Pet Legislation Dashboard, which provides state-specific legislation comparisons [8]