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The overall U.S. insurance business needs all the help it can get given September 11 and the state of the economy. Why, then, are major companies like Blue Cross, Allstate, and State Farm apparently snubbing this burgeoning niche? Market Trends: The U.S. Market for Pet Insurance answers this question and pinpoints opportunities in this underexploited segment of the overall U.S. insurance market.
Currently valued at $88 million and chalking up growth of at least 45% annually, the pet insurance market clearly is a diamond in the rough; there are more than 136 million dogs and cats in this country—but less than 1% of them have insurance (versus 14% of dogs and 5% of cats in the U.K.).
A shift in the traditional pet insurance marketing paradigm from back-end (i.e., through veterinarian offices) to direct-to-consumer, the growing range of costlier healthcare options and prescription drugs for pets, and the pets-as-family trend assure the future of this market, which is currently controlled by just three companies, Veterinary Pet Insurance, Pethealth and Hartville.
It is likely, however, that mainstream insurance companies with much deeper pockets will be the ones to bring pet insurance into the national spotlight, hurrying it toward the billion-dollar mark in the next five years with nationally advertised adjunct programs.
Introducing Market Trends
Plus, you’ll benefit from extensive data, presented in easy-to-read and practical charts, tables and graphs.
Scroll down to see a more detailed outline of the contents of this report.
How You Will Benefit from this Report If your company is already offering pet insurances or is considering making the leap into the business, you will find this report invaluable, as it provides a comprehensive package of information and insight not offered in any other single source. You will gain a thorough understanding of the factors that influence the development of this market.
This report will help:
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