09:38 AM EDT, 05/17/2024 (MT Newswires) -- Trupanion ( TRUP ) said Friday the California Department of Insurance has approved a 29% rate increase in addition to the previously authorized 12% rate increase.

The new rate will take effect in late July, the company said.

"The rising cost of veterinary care amplifies the need for Trupanion ( TRUP ) to price correctly," the company said. "Given the financial impact inflation has had on veterinary practices in California since 2022, this new rate will bring California residents more in line with those rising costs."

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