Pet Insurance in the US, 6th Edition

Report Overview

The U.S. pet health insurance market continues to grow at a rapid pace, and it is expected to show robust gains through 2022. A number of trends will support these advances going forward, including:

• Consumer awareness of pet insurance continues to grow, powered by the marketing efforts of pet insurance associations, as well as the increased availability of pet insurance through a number of distribution channels
• A healthy economy that is growing consumer confidence among pet owners and increasing discretionary spending, allowing consumers to invest more in protecting their pets
• Technological advances, like improved websites and mobile apps, that are making it easier for consumers to enroll in pet insurance and use their policies
• Veterinary costs and pet healthcare expenditures continue to rise, growing the need for pet owners to have some sort of plan to assist with finances.
• More pet owners seeing their pets as family members, increasing the likelihood that they are willing to invest in the health and well-being of their pets.

These are just a few of the trends that will play significant roles in the health of the pet insurance industry going forward. Moreover, there are substantial growth opportunities available for pet insurance companies, which are detailed in this latest edition of Pet Insurance in the U.S.

What's in This Report?

Pet Insurance in the U.S., 6th Edition is a comprehensive and essential tool for any company looking to learn about this emerging industry. Providing in-depth analysis of the market trends detailed above, as well as a wealth of other information, including:

• Additional market factors discussed in detail
• An examination of growth opportunities for pet insurance companies
• Analysis of the channels of distribution for pet health insurance
• In-depth looks at marketing and educational strategies
• A breakdown of insurance plan offerings and differences
• Merger and acquisition and cooperative agreement activity in the industry
• Market share for all the U.S. pet insurance companies
• Competitive advantages and corporate developments of pet insurance companies
• Details on competing pet health financing options
• Pet population estimates and forecasts
• Demographic highlights and detailed data of pet owners 

Scope

Pet Insurance in the U.S., 6th Edition examines the U.S. market for pet health insurance. This report provides both historical (2007-2017)and projected market size (2022) in gross written premiums and policies in force, reflecting insurance plans for cats and dogs. The report provides analysis of the factors affecting the market and growth opportunities going forward. The report provides pet population estimates and forecasts as well as demographic analysis of pet owners. Pet Insurance in the U.S., 6th Edition analyzes the competitive environment for pet insurance, including profiles and market share for all the players in the industry. Analysis of alternative pet health financing , like pet credit cards and pet savings accounts, is also provided.

Methodology

The information in Pet Insurance in the U.S., 6th Edition was obtained from both primary and secondary research. Primary research sources include interviews with leading pet insurance providers in the United States and with other pet industry experts; annual participation in pet industry events; and on-site examination of and an on-site examination of pet insurance distribution venues such as veterinary offices and boarding kennels. Additionally, our analysis of pet ownership and the pet insurance consumer draws on several primary sources. This study analyzes consumer survey data from Packaged Facts’own proprietary surveys of pet owners and from Simmons’ Profile Reports.

Secondary research included extensive internet canvassing and research- and data-gathering from relevant consumer business and trade publications; annual reports and other financial releases from public companies; company profiles in trade and consumer publications; and other pet market reports by Packaged Facts.

Packaged Facts forecasts that the U.S. pet health insurance market will reach $2 billion by 2022. This report examines the market for pet health insurance in the United States. Overall numbers (gross written premiums and policies in force) in this report reflect insurance plans for cats and dogs. While there is insurance for exotic pets, it is rarely purchased compared to dog and cat insurance in the U.S. and is therefore excluded from the scope of this study. However, the study does analyze pet ownership of exotic pets and the potential growth opportunity of pet insurance for these types of animals.

Insurance for horses, which are much more likely than smaller companion animals to be regarded as important investments, is based on a completely different set of actuary information and is not part of the pet health insurance market as defined by leading industry participants in the U.S.. Equine insurance is therefore excluded from this market analysis.

Although pet insurance is of course designed to provide medical coverage for companion animals, it is not, technically speaking, a health product. Rather, because pets are legally considered to be the property of their owners, pet insurance falls under the Property and Casualty insurance classification and functions as indemnity insurance (similar to car or homeowners insurance) designed to restore financial loss stemming from pet healthcare events, providing reimbursement to the pet owner or veterinarian once a claim is filed.

Pet insurance and pet health insurance are used interchangeably throughout the study.