Trupanion, Inc. Surpasses 1 Millionth Subscription Pet Milestone

SEATTLE, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Building on its track record of consistently strong growth, Trupanion (Nasdaq: TRUP), a leading provider of medical insurance for cats and dogs, today announced that it has enrolled its one millionth subscription pet across its portfolio of subscription brands in North America and Continental Europe.

The one-millionth subscriber, Boz, an Australian Cattle Dog puppy from Connecticut, was enrolled in Trupanion's industry-leading medical insurance coverage. Boz is the third pet in his household to be protected by Trupanion, joined by his fur sister Maggie, who holds the distinction of being Trupanion's one-million and one subscription pet.

For the last two decades, Trupanion has sustained double-digit growth in subscription revenue and pets, predominately through the adoption of its core Trupanion branded product. Trupanion’s branded product provides industry leading coverage and direct payment to the veterinarian at check-out, a product benefit that is un-replicated in the industry. More recently, Trupanion has introduced two new brands, Furkin and PHI Direct, in Canada, a suite of ‘Powered By’ Trupanion product offerings and entered Continental Europe through the Smart Paws and Pet Expert brands.

Trupanion’s track record of growth speaks to power of the human-pet bond, and the desire among pet parents around the world to protect their pets in the event of unexpected accident or illness. In 2022, the pet medical insurance category in North America generated over $3.5 billion in revenue, up approximately 24% year-over-year, with Trupanion the largest contributor to that growth.

Nevertheless, at low single digit levels of penetration, the runway for growth in Trupanion’s global markets remains significant.  

Margi Tooth, President of Trupanion stated, “The need for high-value, pet medical insurance has never been greater. We cherish our pets and want to care for them as we would any family member. With high-quality pet medical insurance, pet parents can access a higher-standard of veterinary care for their pets, more easily budget for unexpected accidents and illnesses, and avoid finances dictating medical care. Through Trupanion’s subscription offerings, we remain committed to providing accessible and comprehensive coverage to ensure every pet receives the care they need.”