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Pet Insurance Market Reaches $1B

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2M pets are insured.

Pet insurance is now a $1 billion market in North America, a new report reveals.

The number of pets insured in the U.S. and Canada exceeded 2 million in 2017, according to a state-of-the-industry report from the North American Pet Health Insurance Association. That represents a market average increase of nearly 17 percent year-over-year.

“While we’ve seen steady growth since 2013, this double-digit increase is well ahead of the just over 11 per cent growth in 2016,” said Tim Graff, president of APIC, Trupanion’s underwriter, and chair of the benchmarking working group for NAPHIA.

According to the 2018 report, the pet insurance marketplace also surpassed the $1 billion mark in gross written premium by the end of 2017, an increase of 15 percent over 2016. The SOI Report tracks trends based on data gathered independently from member companies.

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The average accident and illness premium for dogs in 2017 was $535, or $44.58 per month, according to the report. The average accident and illness premium for cats in 2017 was $335.19, or $27.93 per month.

The annual report is compiled by Willis Towers Watson. It’s “based on confidential data provided by all of the major companies that offer pet health insurance in North America, representing over 99 percent of the market,” said Rick Faucher, NAPHIA president, who is also president of Pet Health Division for The IHC Group.

The 2018 State of the Industry Report Highlights and executive summary are available free for download here. The complete version will be available for purchase soon, NAPHIA stated.

 

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