Veterinary treatments and diagnostics have also become more sophisticated in recent years — and more expensive. (VadimGuzhva/Adobe Stock) Veterinary treatments and diagnostics have also become more sophisticated in recent years — and more expensive. (VadimGuzhva/Adobe Stock)

While pet insurance penetration remains relatively low in the United States, the market has grown substantially over the last few years and will likely present new opportunities to insurers as it continues to mature.

Roughly 68% of U.S. households own a pet, but only around 2% have dedicated pet insurance, according to the National Association of Insurance Commissioners (NAIC). However, this is a market that is growing at a rapid pace, with double-digit growth for six consecutive years.

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