The North American Pet Health Insurance Association (NAPHIA) recently RELEASED its annual State of the Industry (SOI) Report for 2023. 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 2022 was $3.218 billion(24.2% annual increase over 2021).
- Total number of pets insured at year ending 2022 was 4,849,540 (21.9% annual increase over 2021*).
- 80.1% of insured pets were dogs versus 19.9% for cats.
- The average accident and illness premium for dogs was $640.04 per year (9.6% annual increase over 2021*).
- the average accident and illness premium for cats was $387.01 per year (12.9% annual increase over 2021*)
- Total amount of claims paid in 2022 was $1.910 billion.
*NAPHIA Releases State of the Industry Report 2022
Leading Pet Insurance Provider may Increase Premiums 18% by Year-End
- Leading pet insurance provider expects its premiums to increase by an average of 15% in the first quarter of 2023 year-over-year, rising to 18% by year-end according to the VIN NEWS SERVICE.