Lemonade, Trupanion and Chewy: Pet insurance analysis

Lemonade went live with its pet insurance product in July 2020, approximately three and a half years ago.

Lemonade’s Pet Policy Availability

Lemonade’s pet coverage is available in 37 states and DC, specifically – Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Iowa, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin. ​​

Lemonade’s Pet Market Share

According to product filings, the insurer has reached around 203,000 pet policyholders. A significant majority, over 50%, are concentrated in three states: California with 28%, New York with 17%, and New Jersey with 8%. Considering the North American Pet Health Insurance Association’s (NAPHIA) report of approximately 4.8 million insured dogs and cats in the US as of 2022, Lemonade holds an approximate market share of 4%. This estimation does not account for the exact number of multi-pet policies Lemonade may have, which could adjust the market share slightly. Looking in, Lemonade has recently reached its 2 millionth customer, hence approximately 10% of Lemonade’s overall customer base is composed of pet insurance policyholders.

Average Pet Policy Premium

An analysis of filings across 12 states indicates that the average policy premium stands at $512. Additionally, the filings reveal that these states have filed for and approved an average rate hike of 15%.

Average Lemonade Pet Premium by State


Lemonade’s Approved Rate Hikes by State

A review of YTD state filings that involve rate hikes highlights the following:

  • Connecticut and Wisconsin show significant rate impacts at 23.70% each
  • New York and Massachusetts both have an average premium of $541, but they differ markedly in their rate impacts, with New York at 13.50% and Massachusetts at a higher 28.20%
  • States like Maryland, Oregon, and North Carolina show a close alignment in average premiums ($525, $487, and $473 respectively) with rate impacts ranging from 12% to 19.40%
  • Pennsylvania, South Carolina, and Georgia have lower rate impacts (below 10%)
  • Nebraska has one of the highest rate impacts at 26.60% but also has one of the lower average premiums at $392
Source: S&P

Lemonade vs Trupanion

There’s a clear price differentiation between Trupanion (that’s available nationwide) and Lemonade with Lemonade’s average being $512 and Trupanion’s average being $880 in the states analyzed.

Trupanion’s Approved Rate Hikes by State

Filing Date Effective Date State Affected Pet Policies (TRUP) Premium Written Rate Impact
Apr 2023 Aug 2023 NY 41,228 $47,874,529 18.35%
Mar 2023 Aug 2023 SC 6,469 4,143,388 16.6%
Jul 2023 Sep 2023 OR 14,060 12,175,969 15%
Jun 2023 Aug 2023 MD 10,235 10,828,492 14.2%
Apr 2023 Aug 2023 WI 4,786 3,388,055 8.9%
Nov 2023 Feb 2024 CT 19,034 19,485,204 12%
Apr 2023 Jun 2023 PA 13,332 11,371,250 12%
Sep 2023 Jan 2024 GA 13,131 9,050,080 11.8%
Jul 2023 Nov 2023 CO 18,401 19,257,319 8.5%
Jan 2023 Jun 2023 MA 57,450 54,601,950 7.7%
Feb 2023 Apr 2023 NE 1,901 1,311,025 6.9%
Source: S&P

Trupanion generally holds a larger share of pet policies. However, in states such as Pennsylvania and New York, the gap narrows significantly, showcasing a stronger competitive landscape between the two insurers. This is particularly significant given that Lemonade has been in the pet insurance market for just three years, in contrast to Trupanion’s experience spanning over two decades.


In its 2022 annual letter, Trupanion announced the launch of a suite of five products in collaboration with pet retailer Chewy. An examination of product filings from several states—including Colorado, Connecticut, Georgia, Massachusetts, Maryland, North Carolina, Nebraska, Oregon, Pennsylvania, South Carolina, and Wisconsin—reveals an average pet policy premium of $224. When extending the analysis to include all US states where filings were available, a slightly lower average premium was observed.

The top three states by conversion for Trupanion pet policies originating from Chewy are North Carolina, with an estimated 278 policies, followed by Pennsylvania with approximately 269 policies, and Massachusetts, where around 226 policies have been reported. Nonetheless, the states with the highest written premiums recently are Georgia, Colorado, and Pennsylvania, with direct premiums exceeding $81,000, $58,000, and $50,000, respectively.