Richard Zatorski, a consulting actuary writing for the American Academy of Actuaries magazine, Contingencies, recently wrote an article on innovation in insurance. He starts off:
The insurance industry has rarely been known for its creativity and foresight with regard to the emerging needs of its customers. In fact, many recent policy changes have been attempts to clarify what isn’t covered as opposed to giving consumers more and better features to choose from.
Anyone living in Florida or on the gulf coast needing home owners insurance knows all about that.
He then goes on to talk about microtrends - "intense identity groups that are growing and have needs and wants unmet by the current crop of companies and marketers." (the book he references is Mark Penn’s book Microtrends: The Small Forces Behind Tomorrow’s Big Changes if you are interested in the topic.)
So I was gratified to see he picked up on pet insurance as one of these trends in insurance.
Veterinary Pet Insurance in Brea, Calif., and Embrace Pet Insurance in Cleveland are among those companies that currently offer comprehensive health insurance products for pets, but considering all those childless couples, empty nesters, and retirees for whom the pet has become a true family member, this area may be ripe for further exploration.
Someday, that ever-present gecko may become the official spokesanimal for policies covering pet life insurance, funeral expenses, and maybe even genetic cloning to replace dear old Fido in a way never before possible.
Now that would be something - Geico Pet Insurance. Perhaps I could do the voice of a talking British dog for that one :)
The rest of the article goes on to talk about other niche insurance products - you'll just have to read the article Why Didn't I Think of That? to find out what they are.

