Florida regulators have approved 12 pet insurance rate increases this year, with a weighted average hike of 9.25%, according to the state Office of Insurance Regulation, according to BestWire.
Veterinary costs sit at the center of the move. An OIR spokesperson said prices for animal care continue to rise faster than broader economic inflation, putting steady pressure on loss ratios across the line.
Metropolitan General Health Insurance received approval for a 26% overall increase that took effect on Nov. 19. The filing reflected a carried-forward rate deficit from the prior year, a 12% annual net trend, and adverse loss experience, the spokesperson said.
Metropolitan General ranks as the seventh-largest pet insurer in Florida, holding a 5.81% market share.
Chubb stands as the fifth-largest writer of pet insurance in the state. Its subsidiary Ace was approved for a 14.6% overall increase for Healthy Paws policyholders, with new rates starting Jan. 8.
Claim frequency showed up as a factor in only one of the approved programs, the spokesperson said. Product structure matters.
Plans that apply a deductible once per condition tend to see higher usage than policies with per-visit deductibles. One insurer moved the other way and filed for a rate decrease.
Demand keeps climbing despite the pricing pressure. The number of insured pets across North America rose 12.2% to 7.03 mn, up from 6.25 mn in 2023, according to the North American Pet Health Insurance Association. Over the same period, gross written premium jumped 20.8% to $5.2 bn.
Florida remains a major market. In 2025, it ranked third nationwide, accounting for 6.3% of insured pets in the US and 6.4% of gross written premium, NAPHIA said.
Regulators are also tightening the rulebook. Earlier this year, Gov. Ron DeSantis signed House Bill 655, which sets definitions, disclosure standards, and other requirements for pet insurance and wellness programs. The OIR said the law focuses on how policies are marketed and sold, not on rate levels.
More recently, the Florida Senate introduced another bill that would expand disclosure and reporting requirements for pet insurers and update continuing education standards for agents selling the product.
According to Beinsure, rising vet costs look structural, not cyclical. Rate filings may slow. They aren’t stopping.
