With a total addressable U.S. market standing around $2.5 billion, and with a five-year historical CAGR of 26%, the pet insurance market represents not only a business opportunity but also a pet life-saving opportunity. According to the North American Pet Health Association, insured dogs visit the vet 29% more and insured cats visit the vet 81% more than those uninsured. (Credit: Happy monkey/Shutterstock.com) With a total addressable U.S. market standing around $2.5 billion, and with a five-year historical CAGR of 26%, the pet insurance market represents not only a business opportunity but also a pet life-saving opportunity. According to the North American Pet Health Association, insured dogs visit the vet 29% more and insured cats visit the vet 81% more than those uninsured. (Credit: Happy monkey/Shutterstock.com)

In 2020, the U.S. saw a pet boom of historic proportions, with around 90 million homes — that's 70% of U.S households — having a pet of some kind, according to the Insurance Information Institute. And it's a number that's growing. With the evolution of hybrid working and de-urbanization, pet category growth remains positive.

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
Property & Casualty