Embrace Pet Insurance, a leading provider of comprehensive pet insurance, has disclosed key insights from the first quarter of 2024, shedding light on the pivotal role of pet insurance amidst escalating veterinary expenses.
Highlighting the crucial milestones achieved during Q1 2024:
Record-Breaking Claims: Embrace facilitated coverage for several notable claims, including a reimbursement of $37,633 for a Golden Retriever involved in an accident, and $36,098 for another Golden Retriever suffering from upper esophageal sphincter dysfunction.
State-Specific Expense Trends: Noteworthy state-specific claim costs were recorded, with the highest average claim costs observed in Washington D.C. ($592), California ($519), and Washington ($489).
Escalating Average Costs: The average claim cost across all states surged to $449, indicating a significant uptick of 17.5% from the figures reported in 2021.
Insights into Emerging Trends: A discernible surge in specific claims was noted, notably a staggering 248% increase in osteoarthritis claims among Shepherd Mixes and a 31% rise in epilepsy claims across all breeds.
Supporting Innovative Treatments: Embrace demonstrated its commitment to pioneering medical advancements by covering over $60,000 in claims for a mixed breed dog undergoing groundbreaking open-heart mitral valve surgery at the University of Florida. Notably, UF stands as the sole U.S. institution offering this advanced procedure.
Brian Macias, CEO of Embrace Pet Insurance, emphasized the significance of pet insurance amidst the backdrop of soaring veterinary expenditures, stating, “Our first-quarter highlights underscore the indispensable nature of pet insurance in mitigating the burden of escalating vet bills. As the cost of veterinary care continues to climb, our dedication to supporting pet parents remains unwavering. We are steadfast in ensuring that our customers receive the peace of mind they deserve, enabling them to provide optimal care for their beloved pets without undue financial strain.”
