Pet Insurance Premiums Up 24 Percent
The North American Pet Health Insurance Association reported that the pet health insurance sector for the United States posted gross written premiums of $1.56 billion in 2019, up 24 percent from $1.25 billion in 2018. The market has been rising at an average annual growth rate of almost 23 percent from 2015 to 2019.
The total number of pets insured reached 2.52 million at year-end 2019. Sixty-seven percent of U.S. households, or about 85 million families, own a pet, according to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association. This is up from 56 percent of U.S. households in 1988, the first year the survey was conducted.