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 Products Chapter
Dogs are the most commonly insured household pet in the United States, expected to generate 67.9% of industry revenue in 2012. This segment has fallen from accounting for 68.2% in 2007 because of the relatively expensive monthly payments for a dog. Monthly dog insurance can range from $25 to $30 (more than double that of cats), deterring some customers from insuring them. Although the industry's share of revenue generated from dogs has declined marginally, it is important to note that the total number of dogs insured in 2012 is higher than the total number in 2007.
Cats are cheaper to insure than dogs, generally ranging from $15.0 to $25.0 per month, depending on the company, coverage and deductible... purchase to read more