Pet Insurance Is Growing in Popularity
Pet Insurance Is Growing in Popularity
Although many pet owners are still just learning about the benefits of pet insurance, the market for this coverage has been growing fast. For example:
- US Pet insurance market is estimated to reach $1.3 billion in 2019.*
- Close to 2.07 million pets were insured at the end of 2017 according to the North American Pet Health Insurance Association (NAPHIA)**
- This represents an average annual growth rate of 16.8% in insured pets from 2016 to 2017**
Pet owners have been increasingly drawn to pet insurance to help them take great care of their pets with less worry about the costs. Pet insurance is something lots of pet owners are interested in learning more about, and many of them are looking to their veterinarians for guidance as they consider their options. In fact, the top reason pet owners purchased pet insurance was because “my veterinarian recommended it”.+
Many veterinary practices are also becoming more aware of the benefits of coverage. In fact, 84% of veterinarians wish more clients had pet insurance and 67% already recommend it to clients at their practices.+
* Pet Insurance Industry in the US – Market Research Report, April 2019, IBISWorld
** NAPHIA State of the Industry Report 2018
+ Consumer Preferences for Pet Health Insurance, Mississippi State and AVMA internal data, 2018