Industry Analysis & Industry Trends
The Pet Insurance industry grew quickly during the past five years, expanding even during the economic downturn, as pet owners increasingly treated their pets as family members. Industry firms began to offer a wider variety of insurance options that offered more customized plans targeted towards pet owners with different demands and incomes. Trends that have been spurring growth during the past five years, such as rising pet ownership and disposable incomes, will continue to contribute to industry growth during the next five years.... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Pet Insurance industry is in the growth stage of its life cycle. In the 10-year period from 2007 to 2017, industry value added, which measures the industry's contribution to the US economy, is expected to grow at an average annual rate of 5.5%. In comparison, the US GDP is forecast to grow at an average annual rate of 1.9% during the same period. This indicates the industry is growing at a faster rate than the overall economy.
During the past five years, a much larger variety of insurance services are being introduced into the industry. A wider range of pet insurance plans is being offered that cater to a variety of pet owners, depending on needs and the amount they are willing to spend... purchase to read more