Pet Health Insurance Market in North America has Passed $1.71B
The 2019 results, included in NAPHIA’s 2020 State of the Industry Report , mark another milestone year for the industry that saw a 21% improvement over its 2018 performance of $1.42 billion (USD). Learn More “Last year, over 2.81 million pets were insured across North America, which represents a 16% increase over 2018,” said Kristen Lynch, Executive Director of NAPHIA. “These results show another year of strong growth in the pet insurance marketplace, and further evidence that an increasing number of pet owners are recognizing the value of insuring their pets.” This year’s findings show total premium volume* in the U.S. amounted to $1.56 billion (USD) in 2019, a 24.3% annual increase over 2018. In Canada, total premium volume* totalled $159 million USD ($208.6 million CAD), an increase of 16.4% over the previous year. “Over the past five years, our industry has experienced double-digit increases, with the U.S. average annual growth rate coming in at 22.6%, while Canada...