Industry Analysis & Industry Trends
Rapidly increasing consumer awareness and acceptance of industry offerings has benefited the Pet Insurance industry. In the next five years, the number of pets is anticipated to rise and homeownership rates are forecast to rebound. As a result, industry revenue will increase. However, an enhanced focus on technological platforms and gains from economies of scale will cause wages as a share of revenue to decline slowly.... purchase to read more
Industry Report - Industry Products Chapter
Pet type characteristics
According to the latest available data from the North American Pet Health Insurance Association (NAPHIA), 876,441 of its member's policies insured dogs in 2013, corresponding to 84.8% of the total number of pets insured by the association's members. Consequently, insurance policies for dogs dominate revenue for industry operators as compared to coverage for cats and other pets. In 2014, NAPHIA reported that dogs accounted for 84.0% of the premiums generated.
In addition to greater policy volumes for dogs, these pets also tend to be more costly to insure. For example, according to the NAPHIA, annual premiums for accident and illness policies for dogs cost $167 more, on average, compared to cats... purchase to read more