Pet Health Insurance Market in North America has Passed $1.71B

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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).

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“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’s annual growth rate was 15.4%,” said Rick Faucher, President of NAPHIA’s Board of Directors. “All indicators point to continued growth in our sector even in 2020, despite some of the covid-related challenges our market and others continue to face.”


 NXT SOFT

* As reported by NAPHIA members

Some 2019 Industry Highlights:

U.S.

  • $1.56 billion USD – total premium volume
  • 2,517,122 – total number of pets insured
  • 83% of insured pets were dogs versus 17% cats
  • the average accident and illness premium for dogs was $585.40/year or $48.78/month (figures in USD)
  • the average accident and illness premium for cats was $349.93/year or $29.16/month (figures in USD)

Canada

  • $159 million USD – total premium volume ($208.6 million CAD)
  • 302,424 – total number of pets insured
  • 78% of insured pets were dogs versus 22% cats
  • the average accident and illness premium for dogs was $747.77/year or $62.31/month (all figures in CAD)
  • the average accident and illness premium for cats was $386.08/year or $32.17/month (all figures in CAD)

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