ipet Insurance is Japan’s second-largest provider of pet insurance. The company differs from other pet insurance companies in three main ways. a) Categorized as a “non-life” insurer: Most pet insurance companies are small-amount, short-term insurance companies that register with local Ministry of Finance bureaus and have a capital requirement of JP10mn. Being categorized as a non-life insurer, ipet is licensed by the Financial Services Agency and has a minimum capital requirement of JPY1.0bn. ipet is also a member of the Non-life Insurance Policyholders Protection Corporation of Japan, which functions as a safety net for policyholders. b) Over-the-counter payouts: Like industry leader Anicom Holdings (TSE1: 8715), insurance payouts are settled over the counter at major animal hospitals around Japan. c) Online sales channels: The company has cultivated fast-growing online channels. Expertise in this area has helped keep the overall loss ratio under control and secure profits.