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Pet Insurance: Market Research Report

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

Pet Insurance Market Research Report | NAICS OD4612 | Mar 2017

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

The Pet Insurance market research report provides key industry analysis and industry statistics, measures market size, analyzes current and future industry trends and shows market share for the industry’s largest companies. IBISWorld publishes the largest collection of industry reports so you can see an industry’s supply chain, economic drivers and key buyers and markets.

Report Snapshot
Industry Statistics & Market Size
Revenue
$863m
Annual Growth 12-17
12.9%
Annual Growth 17-22
Annual Growth
Profit
Profit
Employment
1,258
Businesses
79
Industry Threats & Opportunities
  • Mounting consumer acceptance of industry offerings is forecast to benefit well-branded insurers
  • The industry is rapidly growing alongside consumer acceptance of its products
  • Mounting veterinary costs and consumer awareness of industry products benefit the industry
  • ... purchase to read more

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 Analysis Chapter

While considered a segment of the Property, Casualty and Direct Insurance industry (IBISWorld report 52412), the Pet Insurance industry accounts for a very small portion of the broader industry’s revenue. Moreover, pet insurance risks and trends tend to be aligned more with the health insurance market. Industry operators primarily underwrite insurance policies for pets, providing coverage for a range of veterinary treatments and procedures. Given the comparative infancy of the domestic pet insurance market to foreign markets, both consumer acceptance of, and demand for, industry services are increasing rapidly. Consequently, industry revenue is anticipated to rise at an annualized rate of 12.9% over the five years to 2017 to reach $863.0 million; this growth includes a 10.2% i.. ... purchase to read more

Additional Insights for the Pet Insurance Industry

IBISWorld identifies 250 Key Success Factors for a business.The most important for the Pet Insurance Industry are

  • Possession of accurate information
  • Disciplined underwriting processes
  • Having a cost effective distribution system
  • IBISWorld analysts also discuss how external factors such as External competition and Number of pets (cats and dogs) in the Pet Insurance industry impact industry performance... purchase to read more

     


    Industry ProductsRelated Reports

    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


    Table of Contents
    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • External competition
  • Number of pets (cats and dogs)
  • Homeownership rate
  • Median age of population
  • Current Performance
  • Product acceptance
  • Distinction from the property and casualty market
  • Policy type and market trends
  • Chart: Revenue Growth
  • Industry Outlook
  • Cost structure changes
  • Market share dominance
  • Table: Pet Insurance Industry Revenue Outlook
  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Pet Insurance Industry Lifecycle vs The Economy
  • Products & Markets
    Supply Chains
  • Key Buying Industries
  • Consumers
  • Key Selling Industries
  • Insurance Brokers & Agencies
  • Reinsurance Carriers
  • Third-Party Administrators & Insurance Claims Adjusters
  • Products & Services
  • Accident and illness dog policies
  • Accident and illness policies for cats and other pets
  • Accident only dog policies
  • Dog insurance policies with embedded wellness
  • Accident only policies for cats and other pets
  • Cat and other pet insurance policies with embedded wellness
  • Chart: Pet Insurance Industry Products and Services Segmentation
  • Demand Determinants
    Major Markets
  • Consumers aged 55 to 64
  • Consumers aged 45 to 54
  • Consumers aged 65 to 74
  • Consumers aged 35 to 44
  • Consumers aged 25 to 34
  • Consumers aged 75 and older
  • Consumers aged 25 and younger
  • Chart: Major Market Segmentation for the Pet Insurance Industry
  • International Trade
    Business Locations
  • Chart: Business Locations by State
  • Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Claims expenses
  • Wages
  • Marketing and other
  • Chart: Cost Structure Benchmarking – Sector vs Pet Insurance
  • Basis of Competition
  • Internal competition
  • External competition
  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Pet Insurance Industry
  • Industry Globalization
    Major Companies
    Nationwide Pet Insurance
    Trupanion
    Petplan
    ASPCA Pet Health Insurance
  • Table: Nationwide Pet Insurance - financial performance
  • Table: Trupanion - financial performance
  • Table: Petplan - financial performance
  • Table: ASPCA Pet Health Insurance - financial performance
  • Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Pet Insurance Industry
  • Chart: Tools of the Trade: Growth Strategies for Success
  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth
  • Regulation & Policy
    Industry Assistance
    Key Statistics
  • Table: Industry Data for the Pet Insurance Industry
  • Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Number of pets (2008-2022)
  • Table: Annual Percentage Change for Key Industry Data
  • Table: Key Ratios for Industry Key Data
  • Jargon & Glossary
    Claim
  • A formal request to an insurance company asking for a payment based on the terms of the policy.
  • Loss Ratio
  • The percentage of premiums earned that were paid out as claims; it equals loss-incurred and loss-adjusted expenses (LLAE) divided by earned premiums.
  • Underwriting
  • The process where insurers assess the risks to insure and decide how much to charge for those risks.

  • Why Buy this Report?
    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Pet Insurance :
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Pet Insurance market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Pet Insurance , you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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