North American Pet Insurance Market More Than Doubled in Four Years – InsuranceNewsNet

The North American Pet Health Insurance Association (NAPHIA) announced that the pet insurance industry has surpassed US$2.83 billion to the end of 2021, and industry growth has more than doubled over the past four years (2018 – 2021).
NAPHIA’s 2022 State of the Industry Report Sets Record High US$2.837 billion of total premiums in force in 2021 (up more than 30.5% compared to US$2.175 billion in 2020) and over 4.41 million pets insured across North America (up 27.7% from over 3.45 million pets insured in 2020).

Phoenix, AZ May 17, 2022 –(PR.com)– The North American Pet Health Insurance Association (NAPHIA) announced that the pet insurance industry in North America has surpassed US$2.83 billion to the end of 2021, and industry growth has more than doubled over the past four years (2018 – 2021).

Today’s release of NAPHIA’s 2022 State of the Industry Report revealed a number of industry milestones, including a record US$2.837 billion of total premiums in force in 2021 (up more than 30.5% compared to US$2.175 billion in 2020) and over 4.41 million pets insured across North America (up 27.7% from over 3.45 million pets insured in 2020).

“The societal and behavioral changes we are experiencing around our relationships with pets have contributed greatly to a period of unprecedented growth for our industry,” said Kristen Lynch, Executive Director of NAPHIA. “A record number of pet adoptions and purchases during the pandemic, combined with the continuation of work-from-home arrangements, and the desire of pet owners to mitigate unforeseen veterinary costs have contributed to even higher growth rates in recent years.”

The 2021 results show the total volume of premiums* in the WE amounted to US$2.6 billionan annual increase of 30.4% compared to 2020. In Canadatotal premium volume* $313.4 million CAD, an increase of 28.1% over the previous year.

Rick FaucherChairman of NAPHIA’s Board of Directors, noted that with approximately 4.4 million pets currently insured and a total potential market of approximately 175 million pets in North America, there are still many to do for continued growth of the industry.

“2021 marked the seventh consecutive year the pet insurance industry experienced double-digit growth,” Faucher said. “While pet insurance penetration rates have increased to approximately 2.48% in WE and 3.10% in Canadawe recognize that as an industry we have yet to capture only a small portion of the potential market and are excited about the potential for sustained long-term growth.

* As reported by NAPHIA

naphia.org/industry-data/

Some highlights of the report:

United States
· US$2.591 billion – total premium volume
3,979,282 – total pets insured in YE 2021 – an increase of 28.3% since 2020
the largest share of insured pets resides in California (19.3%), New York (8.4%) and Florida (6.1%)
81.7% of insured pets were dogs versus 18.3% cats
the average accident and sickness premium for dogs was $583.91/year or $48.66/month (figures in USD)
the average accident and sickness premium for cats was $342.84/year or $28.57/month (figures in USD)

Canada
· US$246 million – total premium volume ($313.4 million BODY)
432,533 – total number of pets insured in YE 2021 – a 22.7% increase since 2020
the largest share of insured pets resides in Ontario (38.9%), British Columbia (20.3%) and alberta (18.9%)
77.5% of pets insured were dogs versus 22.5% cats
the average accident and sickness premium for dogs was $827.55/year or $68.96/month (figures in CAD)
the average accident and sickness premium for cats was $426.93/year or $35.58/month (figures in CAD)

About the NAPHIA State of the Industry Report
Since 2010, NAPHIA’s State of the Industry Report has been published using data compiled, aggregated and validated by the global multinational risk management and consulting firm. Willis Towers Watson. NAPHIA Members and Report Participants represent approximately 99% of all in-force pet health insurance coverage in North America.

About Naphia
The North American Pet Health Insurance Association (NAPHIA) is made up of reputable pet health insurance organizations from all over United States and Canada. As a coalition, NAPHIA strives to advance and grow the pet insurance industry and market through proactive research, data sharing, benchmarking initiatives, advocacy, strategic partnerships, resource sharing and information dissemination efforts to collaboratively address challenges and opportunities.

Contact information:
NAPHIA – North American Pet Health Insurance Association Kristen Lynch 1-877-962-7442 ext 7
Contact by email
www.naphia.org

Read the full story here: https://www.pr.com/press-release/861497

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