The increased number of insured pets is attributed to the increased number of new pet owners, the strengthened bond between existing pets and their owners while working from home, and the rise of mental distress reported in the pets during the pandemic. (Credit: VadimGuzhva/Adobe Stock) The increased number of insured pets is attributed to the increased number of new pet owners, the strengthened bond between existing pets and their owners while working from home, and the rise of mental distress reported in the pets during the pandemic. (Credit: VadimGuzhva/Adobe Stock)

While pet insurance is not new, in recent years it has seen an increase in popularity and growth. The North America Pet Health Insurance Association (NAPHIA) reports that approximately 3.45 million pets were insured throughout the United States at the end of 2020, and pet insurance has increased at an average annual growth rate of 23.4% over the last five years.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Personal Lines