Progressive announced a new pet insurance offering that covers both cats and dogs, available in 43 states and Washington D.C. with plans for nationwide coverage later in 2026. The product is underwritten directly by Progressive and administered by Companion Protect, while existing policies sold through Pets Best will continue to be serviced by that partner.
The new plans come in Accident & Illness coverage with optional Wellness endorsements. Customers can choose deductibles ranging from $250 to $1,000, reimbursement levels of 70% or 80%, and annual limits up to $50,000. The average monthly premium is about $47, with a 15‑day waiting period for illnesses and no waiting period for accidental injuries. Claims are processed online and policyholders can consult licensed veterinary experts through the platform.
Strategically, the launch marks Progressive’s first direct entry into the pet insurance market, a sector projected to grow from $2.0 billion in the U.S. in 2024 to $5.1 billion by 2033. By leveraging its established brand and existing customer base, Progressive aims to capture a share of this expanding market and diversify its revenue mix beyond auto and home insurance.
The broader pet‑care market is expected to reach $100 billion by 2030, underscoring the scale of opportunity. While the $100 billion figure refers to the entire pet‑care ecosystem, the pet‑insurance segment itself is a rapidly growing subset, with global estimates reaching $79.61 billion by 2033. Progressive’s entry positions it to benefit from rising veterinary costs and the humanization of pets, trends that are driving demand for comprehensive coverage.
Management emphasized the strategic importance of the launch. “Expanding into pet insurance allows us to serve a growing customer segment while deepening relationships with our existing policyholders,” said Progressive’s CEO. “Our direct offering gives us greater control over the customer experience and opens new cross‑sell opportunities across our insurance portfolio.”
The move also signals Progressive’s intent to capture more value in the pet‑insurance value chain, reducing reliance on third‑party partners and potentially improving margins through direct underwriting and claims management. The company’s strong financial position, with net premiums written up 17% year‑over‑year in Q1 2025, provides the capital base to support this expansion.
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