The North American Pet Health Insurance Association (NAPHIA) recently RELEASED its annual State of the Industry (SOI) Report for 2022. Today, the pet insurance marketplace in North America is comprised of about 25 companies, several of whom also market and/or underwrite multiple white label or co-branded products, representing at least 20 additional pet insurance product brands.
REPORT HIGHLIGHTS FOR THE UNITED STATES:
- Total premium volume in 2021 was $2.591 billion.
- Total number of pets insured at year ending 2021 was 3,979,282 (28.3% increase from 2020).
- Pet insurance penetration rates have increased to approximately 2.48% in the U.S.
- 81.7% of insured pets were dogs versus 18.3% for cats.
- The average accident and illness premium for dogs was $583.91 per year.
- the average accident and illness premium for cats was $342.84 per year.
According to Kristen Lynch, Executive Director of NAPHIA:
“The societal and behavioral changes we are experiencing around our relationships with pets have contributed greatly to an unprecedented period of growth for our industry.”
- PRESS RELEASE: North American Pet Insurance Market More Than Doubles in Four Years (5.16.22)
RECENT PET INSURANCE NEWS:
Petplan Insurance Officially Rebrands Itself as ‘Fetch by The Dodo’ (3.11.22)
- Fetch by The Dodo (formerly Petplan) announced its official launch following its partnership with The Dodo, a global animal media brand that reaches 100 million pet owners in the U.S. every month.