Building on its track record of consistently strong growth, Trupanion (NASDAQ: TRUP) today announced that it has enrolled its 1 millionth subscription pet across its portfolio of subscription brands in North America and Continental Europe. did.
The one millionth member, Boz, an Australian Cattle Dog from Connecticut, was enrolled in Trupanion's industry-leading health insurance policy. Boz is the third pet in his family to be rescued by Trupanion, joined by his fur sister Maggie, and holds the honor of being Trupanion's 1 million 1 subscription pet.
Over the past 20 years, Trupanion has maintained double-digit growth in subscription revenue and pets, primarily due to the adoption of its core Trupanion branded products. Trupanion's branded products offer industry-leading coverage and direct veterinarian payments at checkout, a product advantage unmatched in the industry. Most recently, Trupanion introduced his two new brands in Canada, the “Powered By” Trupanion product suite, Furkin and PHI Direct, and entered continental Europe through the Smart Paws and Pet Expert brands.
Trupanion's track record of growth speaks to the power of the human-pet bond and the desire of pet parents around the world to protect their pets in the event of an unexpected accident or illness. In 2022, the North American pet health insurance category generated more than $3.5 billion in revenue, up approximately 24% year-over-year, with Trupanion making the largest contribution to that growth.
Nevertheless, even with penetration rates in the low single digits, Trupanion's path to growth in the global market remains significant.
said Margi Tooth, President of Trupanion. “The need for high-value pet health insurance has never been greater. We value our pets and want to care for them like family members. , pet parents can receive high-quality veterinary care for their pets, have an easier time budgeting for unexpected accidents or illnesses, and avoid the financial burden that affects medical costs. Through Trupanion’s subscription service, we remain committed to providing easy-to-access, comprehensive coverage to ensure all pets receive the care they need.”
