Sarasota, FL 3/5/2008 2:05:00 AM
EnsurApet to Develop Untapped Pet Insurance Market
Pennycents Magazine Reports on EnsurApet
Pennycents Magazine, the market’s most valuable research tool covering micro-cap, penny stock and otcbb equities, issued the following daily column by Lester Young.
Though growing rapidly, the U.S. market for pet health insurance is still largely undeveloped an untapped. One provider of health insurance for pets, ensurApet, Inc. (OTCBB: EPTI), has announced that it will begin to address this underserved market by putting together a pet HMO plan through a network of veterinary hospitals. The company currently provides a number of programs and online resources for pet owners, such as VetpetMD, Spot the Pet, the Purrfect Pet Club, and Get HIP health insurance for pets, which is a comprehensive pet health insurance plan. It also offers liability and life insurance for pets and other companion animals.
According to company management, 62% of U.S. households own pets, which is the largest population of companion animals in the world. Approximately 68 million dogs and 73 million cats are included in that figure. Over $40 billion is spent on the care of these family members, and that amount continues to rise. However, less than one percent of dog and cat owners actually insure their pets.
EnsurApet currently markets and partially underwrites its programs. With the addition of the veterinary hospital network, they plan to take on full underwriting responsibilities. This will enable the company to have complete oversight over its pet medical and insurance businesses while significantly increasing market share, which now stands at $100 million annually.
EnsurApet seeks to capitalize not only on the sheer vastness of this untapped niche market, but also on the passion with which most owners regard the welfare of their animals.
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