2022 ARECA Webinar Series

Pet Insurance Market Activity, Trends, and Key Issues

Date: Thursday, October 13^th, 2022

Time: 09:00-10:30 (HKT)

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OUTLINE

The pet insurance market in the United States has been growing fast for years and this market growth was accelerated in 2020 by the "pandemic puppy boom". But, the profitability of pet insurance carriers has been underwhelming recently due to high levels of veterinary services inflation, escalating loss cost trends and expanding care demands of pet owners. However, new capital has been rapidly entering the pet insurance market on the thesis that (1) the market can reach penetration levels seen in the more mature markets of Western Europe, and (2) with broader socialization of costs, profitability will not be so elusive for pet insurers. With only 1.5% of U.S. household pets insured, can insurers afford to cover dog visits to the acupuncturist, the therapist and the reiki healer? We will answer this question and many more in this paws-itively engaging session on one of the fastest growing insurance markets today.

SPEAKERS

Morgan Butz, ACAS, is a Senior in the Insurance and Actuarial Advisory Services practice of Ernst & Young LLP. Morgan’s experience at EY includes providing leading pet insurers with a wide variety of actuarial consulting services, including rate reviews, rate indications and rate filings for a pet insurer; buy-side due diligence for venture capital client acquisitions of pet insurance managing general agencies; and pet insurer capability assessments on pricing, reserving and underwriting.

Brian Chiarella, FCAS, MAAA is the pet insurance subject matter advisor in the Insurance and Actuarial Advisory Services practice of Ernst & Young LLP. Brian has advised a number of the most significant pet insurance brands and pet insurance carriers on actuarial pricing techniques, product and coverage configuration options, underwriting and product management capabilities, market trends and competitive analysis.

ENQUIRY

Ms. Janet Yang (Janet.Yang@guycarp.com)

Ms. Yisi Lu (yisi.lu@axa.com.hk)