What Are Some Interesting Pet Insurance Statistics?

Pet insurance has become an increasingly popular choice for pet owners looking to safeguard their furry friends' health and well-being.

Recent statistics reveal that the pet insurance industry is growing rapidly, with an annual growth rate of over 20% in some regions. In the United States alone, the number of insured pets has surpassed three million, reflecting a growing awareness of the benefits of pet insurance. Interestingly, dogs are more commonly insured than cats, with approximately 85% of policies covering canine companions. Additionally, the most common claims are for unexpected illnesses and accidents, underscoring the importance of having a safety net in place for pets.

These trends highlight the evolving nature of pet ownership and the increasing prioritization of pets' health by their owners.

Here are some interesting pet insurance statistics:

Pet Ownership and Insurance in the U.S.:

• Two-thirds of U.S. households have a pet as of 2023, which represents a 56% increase since 1986 .
• However, less than 3% of pets in the U.S. are currently covered by any form of insurance .

Dog vs. Cat Insurance:

• Dogs make up the majority of the 5.36 million insured pets in the U.S., accounting for about 80% of insured pets, while cats comprise the remaining 20% .
• The average annual cost of owning a dog is approximately $1,400, and cat ownership costs about $1,150.
• These costs don’t include unexpected vet bills for issues like ingested foreign objects or cancer .

Top Medical Conditions and Claims:

• For dogs, the top medical condition is skin conditions, while urinary tract infections are the most common issue for cats .
• Recreational drugs made the list of the top 10 toxins for animals treated by the ASPCA in 2022 .
• The highest-paid medical-related pet insurance claim for dogs was $60,882, and for cats, it was $40,057 .

COVID-19 Impact:

• During the pandemic, one in three Americans adopted a pet, but most forwent pet insurance .

Emergency Veterinary Care:

• One in three pets requires emergency veterinary treatment every year, and a pet receives emergency care every 2.5 seconds in the U.S.

Some interesting global pet insurance statistics:

Market Growth:

• The global pet insurance market was valued at approximately USD 7.8 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of around 16.3% from 2021 to 2028.

Penetration Rates:

• United Kingdom: The UK has one of the highest pet insurance penetration rates, with around 25% of pets insured.
• Sweden: Sweden also has high penetration rates, with approximately 40% of pets insured.
• United States: In the US, the penetration rate is lower, with around 3% of pets insured, but this number is growing.

Pet Ownership:

• United States: Around 67% of US households own a pet, with dogs and cats being the most common.
• Europe: Pet ownership in Europe varies by country, with high ownership rates in countries like Germany and the UK.

Claims and Coverage: The most common claims in pet insurance are for gastrointestinal issues, skin conditions, and ear infections. Coverage typically includes accident-only, accident and illness, and wellness plans, with accident and illness plans being the most popular.

Premium Costs: Average annual premiums can vary widely by country. In the US, the average annual premium for accident and illness coverage for dogs was about $594, and for cats, it was about $342 in 2020. In the UK, average annual premiums for dogs were around ￡279 and for cats around ￡176 in 2020.

Market Players: Major players in the global pet insurance market include Trupanion, Nationwide, Petplan, Embrace, and Agria.

Adoption Trends: Increasing pet adoption rates, especially during the COVID-19 pandemic, have contributed to the growth in the pet insurance market as more pet owners seek to manage potential veterinary expenses.

Regional Differences:

• The North American market is expected to see significant growth due to increasing awareness and higher pet adoption rates.
• Europe remains a strong market with well-established insurance providers and higher awareness among pet owners.
• The Asia-Pacific region is also expected to witness growth, driven by rising disposable incomes and increasing pet ownership.

Key Points to Remember:

• These statistics highlight the growing importance and popularity of pet insurance globally, driven by increasing pet ownership and awareness of the benefits of insuring pets.
• Major players in the market, such as Trupanion, Nationwide, Petplan, Embrace, and Agria, are leading the charge in providing comprehensive coverage options.
• The surge in pet adoption rates, particularly during the COVID-19 pandemic, has significantly contributed to the market's expansion as more pet owners seek to manage potential veterinary expenses.
• Regional differences further illustrate the dynamic nature of this industry. North America is poised for significant growth due to rising awareness and higher pet adoption rates.
• Europe continues to be a strong market with well-established insurance providers and a higher level of awareness among pet owners.
• Meanwhile, the Asia-Pacific region is experiencing growth driven by rising disposable incomes and increasing pet ownership.
• As these trends continue, the pet insurance market is expected to flourish, ensuring that pets worldwide receive the care they deserve.