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The world of insurance is constantly evolving, and recent filings in the Inland Marine sector reveal a significant trend: a notable focus on pet insurance products, particularly "Healthy Paws" and "Major Medical" plans. Multiple carriers are seeking substantial rate increases, primarily driven by rising claim costs and updated rating factors like breed and age. If you're a pet owner, these changes could impact your premiums.

Chubb-affiliated companies are leading the charge in Maryland, with coordinated filings proposing rate increases in the 15-19% range, affecting thousands of policyholders. Not to be outdone, American Modern and Nationwide are also revising pet insurance rates and introducing new products in various states, often incorporating advanced actuarial models like Generalized AdditiveModels (GAM).

Beyond pet insurance, there's also activity in personal inland marine products for valuable items (like Allstate’s ANAIC VIP), travel protection programs from Chubb and Philadelphia Indemnity, and commercial inland marine lines such as builders risk and credit card benefit programs from AIG andNationwide. Many filings also involve adopting or revising AAIS forms and cannabis-related exclusions, indicating ongoing efforts to align with regulations. We're also seeing new product introductions and modular policy structures in personal inland marine and pet insurance, reflecting a broader move towards product modernization and enhanced flexibility.

Recent Pet Insurance Rate Adjustments

Here's a look at some of the most recent significant filings related to pet insurance:

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Strategic Takeaways for the Insurance Market

The current landscape of Inland Marine insurance filings highlights a few key trends:

• Pet Insurance as a Core Growth Area: Multiple carriers, including Chubb affiliates, American Modern, and Nationwide, are actively revising rates and introducing new pet insurance products. These filings show a market-wide response to rising veterinary costs and claim frequency, with rate increases typically ranging from 12-25%. The use of advanced actuarial models (e.g., GAM) and detailed rating factors (breed, age, territory) suggests a focus on precise pricing and risk segmentation.
• Coordinated Filings and Product Updates: Chubb's multiple filings for Healthy Paws across different affiliated companies in Maryland demonstrate a coordinated approach to rate adjustments and product updates, including adding missing breeds and refining rating manuals. Similarly, AIG’s multi-state filings for the Construction Performance Master Builders Risk Program indicate a strategic rollout of a specialized commercial inland marine product with detailed coverage and deductible structures.
• Product Modernization and Modular Design: Allstate’s ANAIC Valuable Item Protection filings across multiple states highlight a trend toward modular policy structures that facilitate easier maintenance, compliance, and digital sales. This modular approach is also seen in Nationwide’s new voluntary pet insurance plan, reflecting a broader industry move toward flexible, customer-friendly product designs.
• Expansion into Niche and Ancillary Markets: Several filings target niche inland marine segments such as travel protection (Chubb, Philadelphia Indemnity), credit card benefit programs (AIG), and portable electronics coverage (AIG/New Hampshire Insurance). These filings often involve new forms, endorsements, and exclusions, indicating efforts to broaden product portfolios and address emerging risks.
• Regulatory Alignment and AAIS Adoption: Multiple filings involve adoption or revision of AAIS forms and rules, including cannabis-related exclusions, reflecting ongoing efforts to maintain regulatory compliance and standardize coverage language. This is particularly evident in AIG and WRBerkley filings.
• Emphasis on Compliance and Objection Management: Several filings note objections from state regulators, especially for new product introductions and rate revisions, with companies actively responding and amending filings. This underscores the importance of regulatory engagement and thorough actuarial support in product development.
• Limited Rate Change Activity Outside Pet Insurance: Aside from pet insurance, most other inland marine filings either propose no rate changes or are new product introductions without current policyholder exposure. This suggests that rate adjustments are concentrated in pet insurance, while other inland marine lines focus on product innovation and form updates.

This report summarizes the current competitive landscape in Inland Marine insurance, showcasing tactical rate actions in pet insurance and strategic product development across various personal and commercial lines. These filings reflect a market that is adapting to cost pressures, regulatory requirements, and changing customer needs through targeted rate changes, new product launches, and modernization efforts.