Handsome beagle dog resting its head on a couch. With pet insurance most closely resembling human health insurance, most claims are for routine vet care visits, emergency surgeries or accidents. (Credit: Credit: Igor Normann/Shutterstock.com)

The numbers are in, and like a dog’s tail, they don’t lie: Pet insurance is on its way to becoming a booming industry. On May 17, The North American Pet Health Insurance Association (NAPHIA) issued its long-awaited 2022 state of the industry report.

North America’s pet insurance sector exceeded $2.83 billion at year-end 2021, meaning the industry has more than doubled since 2018, as PropertyCasualty360.com previously projected.

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