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Pet Insurance in the US: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Pet Insurance Market Research Report | Consumer Goods & Services | Pet Care | Feb 2016

Safe and hound: Growth in the number of pets will help brighten the industry's future

IBISWorld’s Pet Insurance market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

Report Snapshot
Market Share of Companies
ASPCA Pet Health Insurance ASPCA Pet Health Insurance market share
Petplan Petplan market share
Trupanion Trupanion market share
VPI Pet Insurance VPI Pet Insurance market share
Industry Statistics & Market Size
Revenue
$768m
Annual Growth 11-16
12.6%
Annual Growth 16-21
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Profit
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Employment
2,107
Businesses
14
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

 


Industry ProductsRelated ReportsTable of Contents

What is the Pet Insurance Industry?

This industry underwrites insurance policies for pets and pays veterinary costs related to illness or injury.

Industry Products
Accident and illness dog policiesAccident only dog policiesDog insurance policies with embedded wellnessAccident and illness policies for cats and other petsAccident only policies for cats and other petsCat and other pet insurance policies with embedded wellness
 
Industry Activities
Underwriting accident and illness pet insurance policiesUnderwriting accident only pet insurance policiesUnderwriting pet insurance policies with embedded wellness


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