Safe and hound: Growth in the number of pets will help brighten the industry's future
IBISWorld’s Pet Insurance market research report offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.
Industry Statistics & Market Size
Annual Growth 12-17
Annual Growth 17-22
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 - Starting a New Business Chapter
The Pet Insurance industry operates with high barriers to entry. A new entrant must conform to strict state and federal regulations to establish property and casualty (P&C) operations, of which pet insurance is a segment. Both the broader P&C and pet insurance markets are highly competitive. Both markets contain a large number of well-established brands, making it expensive for new entrants to compete on the basis of consumer awareness of their products. The largest of these traditional providers is Nationwide Pet Insurance, a privately-owned subsidiary of Nationwide Insurance. Existing operators backed by large insurance companies with substantial financial resources pose massive barriers to entry in the Pet Insurance industry.
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What is the Pet Insurance Industry?
This industry underwrites insurance policies for pets and pays veterinary costs related to illness or injury.
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
Underwriting accident and illness pet insurance policiesUnderwriting accident only pet insurance policiesUnderwriting pet insurance policies with embedded wellness