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 Analysis Chapter
The Pet Insurance industry grew quickly during the past five years despite the economic downturn that stifled growth in other pet related industries. The changing trends in consumer attitudes towards pet ownership helped boost industry growth during the past five years as more pet owners opted to purchase insurance premiums for their pets instead of paying out of pocket or ignoring the health concerns altogether. As a result of increased demand, pet insurance companies have increased the breadth of insurance plans to include preventative care and elective procedures that were formerly unavailable.
In addition, the steady growth of the number of pets owned during the past five years led to higher demand in pet insurance services... purchase to read more