Pet Insurance in North America, 4th Edition

Published: November 1, 2010 - 196 Pages

Table of Contents

  • Executive Summary
    • Introduction
      • Scope of Report
      • Report Methodology
      • Market Analysis
      • Consumer Analysis
    • Market Size and Composition
      • North American Market Growth Continues
      • Looking Ahead
      • Number of Policies in Force
      • Veterinary Chanel Feels Recessionary Pinch But Retains Upward Curve
    • Competitive Overview
      • Top North American Marketers
      • Market Share Shifts
      • Competitive Trends
    • Consumer Trends
      • Pet Ownership Overview
      • Pet Owners and Insurance
  • Market Trends
    • Introduction
      • Market Definition
      • Equine Insurance Excluded
      • Range of Coverage
      • Typical Restrictions
      • Gross Written Premiums and Conversion Rates
    • Market Size and Composition
      • North American Market Growth Continues
        • Table North American Pet Insurance Market Revenues: United States, Canada, and North America, 2005-2009 (in millions of U.S. dollars)
      • Number of Policies in Force
      • Share of Policies by Animal Type
    • Market Outlook
      • Recession Takes a Toll
      • A Stuttering Recovery
      • Pet Owners Not Immune to Economic Downturn
        • Table Economic Outlook of U.S. Pet Owners: Now vs. Last 12 Months (percent)
        • Table Economic Outlook of U.S. Pet Owners: Now vs. Next 12 Months (percent)
      • Veterinary Chanel Feels Recessionary Pinch But Retains Upward Curve
        • Table Veterinarian Visits, Expenses and Services Received, 2008 (number, percent and dollars)
        • Table Average U.S. Household Expenditures on Veterinary Services, 1998-2008 (in dollars)
      • Veterinarians Lining Up Behind Pet Insurance
      • Consumer Awareness/Trade Support/Media Coverage Up
      • North American Pet Health Insurance Month
      • Improving PR
      • North American Pet Health Insurance Association (NAPHIA)
      • Schwarzenegger Axes California Pet Insurance Bill
      • Human/Animal Bond a Potent Force
        • Table Mean Number of Veterinary Visits: By Human/Animal Bond Among Dog and Cat Households, 2006
        • Table Mean Veterinary Expenditures: By Human/Animal Bond Among Dog and Cat Households, 2006 (in dollars)
      • Growing Populations of Dogs and Cats
        • Table Number of Dogs and Cats in the United States: 2000, 2002, 2004, 2006 and 2008 (number in millions and percent)
      • Internet Popularity Among Pet Owners a Plus
        • Table Level of Pet Owner Agreement with Statement: "I Use the Internet to Help Find and Choose Pet Products," February 2010 (percent)
        • Table Level of Pet Owner Agreement with Statement: "I Buy Pet Products Online," February 2010 (percent)
        • Table Selected Internet-Related Psychographics: Adults Overall vs. Dog or Cat Owners, 2010 (percent and index)
      • Impact of Aging Pet Population
      • Impact of Pet Overweight, Obesity
        • Table Percentage and Number of Overweight and Obese Dogs and Cats, 2009
      • Increased Competition/Channel Expansion
      • Shift Away from Credit Usage Bodes Well
        • Table Credit Card Ownership and Usage: By Frequency, 2005-2010 (percent)
      • Looking Ahead
  • Competitive Overview
    • Market Share Trends
      • Top North American Marketers
      • Market Share Shifts
        • Table North American Marketers of Pet Insurance, October 2010
    • Competitive Trends
      • A New Ball Game
      • Differentiation to the Fore
      • The Underwriting Advantage
      • Company Snapshot: PurinaCare Insurance Services, Inc.
        • Table PurinaCare Monthly Ultimate Premiums Estimate, June 2008-November 2009 (in dollars)
      • Enter Healthy Paws-and Aon
      • Next Up: PetSafe
      • More International Cross-Over
      • Internet More Important Than Ever
      • The Company Benefits Thrust
      • Competition from Alternative Payment Options
      • CareCredit
      • Pet Assure
      • Banfield
      • Other
      • Looking Ahead
  • Competitor Profiles
    • Competitor Profile: Embrace Pet Insurance
      • Background
      • Company Positioning
      • Recessionary Adjustments
    • Competitor Profile: Hartville Group, Inc.
      • Company Overview
      • Types of Plans
      • Management Shakeup Yields Growth
      • Company Voluntarily Delists Stock
      • ASPCA Venture Going Strong
      • Hartville Premiums Up in 2009
      • Ongoing Strong Consumer Focus
      • Increased Focus on Veterinary, Company Benefits Channels
    • Competitor Profile: PetFirst Healthcare LLC
      • Company Overview
      • Company Strategy
      • Focus on Simplicity
      • More Choices
      • Ramping Up Online
      • The Kroger Connection
      • The Petfinder.com Connection
      • The Home Again Connection
      • Expansion in Company Benefits Arena
    • Competitor Profile: Pethealth, Inc.
      • Company Overview
      • Revenue Growth
        • Table Pethealth Revenues, 2001-2009 (in millions of Canadian dollars)
      • Pet Insurance Operations
      • Brokers
      • Underwriting
      • U.K. Market Entry
      • EVE Online Claims Processing
      • North American Pet Insurance Performance
        • Table Pethealth Pet Insurance North American Gross Written Premiums, 2001-2009 (in millions of U.S. dollars)
        • Table Number of Pethealth Pet Insurance North American Policies in Force, 2001-2009
        • Table Share of Pethealth Pet Insurance North American Gross Written Premiums: U.S. vs. Canada, 2005-2009 (percent)
      • Pet Insurance Programs and Marketing
      • Non-Insurance Operations
      • PetPoint Shelter Management Software
      • 24PetWatch Pet Registry Services
      • Petango.com
    • Competitor Profile: PetPartners, Inc.
      • Company Background
      • AKC and CFA Policy Types
      • AKC and CFA Program Marketing
      • Company Launches PetPartners "Gemstone Brand," xpands into Company Benefits Arena
      • New Partner Programs
    • Company Profile: Petplan USA (Fetch, Inc.)
      • Company Overview
      • The U.K. Connection
      • The HSUS Connection
      • Media Focus
    • Competitor Profile: Pets Best Insurance Services
      • Company Overview
      • The AVMA GHLIT Partnership
      • Product Positioning
      • Channel Focus
      • Affinity Relationships
    • Competitor Profile: Veterinary Pet Insurance Co.
      • Company Overview
      • Company Realigns with Focus on Consumer Advocacy
      • Commitment to Benefit Schedule
      • Belief in Indemnity Insurance
      • Adherence to Regulation
      • A New Product Roster
      • Emphasizing Wellness Care
      • 2009 Revenues of $184 Million
        • Table Veterinary Pet Insurance Gross Written Premium 1998-2009 (in millions of dollars)
      • Advertising Spending and Themes
      • "That's a Good Human" Campaign Launched
      • Public Relations Mix "Fun Facts" with Pet Health Tips
      • Web-Based Marketing and Support
      • The Iams Connection
      • Veterinary Channel Remains VPI Focus
      • Industry Leader in Voluntary Benefits Arena
    • Competitor Profile: Vetinsurance International Trupanion)
      • Company Background
      • Trade Approach
      • Trupanion Plus Petco
      • Consumer Approach
      • Policy Changes
      • Trupanion Online
      • Cause Marketing
    • Competitor Profile: Western Financial Insurance Company
      • Company Background
      • Western Financial In
      • Petplan Out
      • Pet Insurance Brands and Channels
      • Most Recommended Brand in Veterinary Channel
      • Adoptsecure Offered in Shelter Channel
      • Premiums, Policies Continue Upward Trend
        • Table Western Financial Pet Insurance Gross Written Premiums, 2003-2009 (in millions of U.S. dollars)
        • Table Western Financial Pet Insurance Number of Active Policies, 2005-2009
      • Company Launches Value-Priced Option: Petset
      • Hbc Brand Launched in 2008
      • PurinaCare Canada
      • PC Financial Brand Targets Loblaw Supermarket Crowd
      • CAA Brand Reserved for Auto Club Members
      • Strategic Alliances
      • Public Relations and Cause Marketing
  • Consumer Trends
    • Pet Ownership Overview
      • Methodology and Data Sources
      • 52% of Households Keep Pets
        • Table Household Penetration Rates for Selected Dog- or Cat-Owning Classifications, 2005, 2007, and 2010 (percent of U.S. households)
      • Overall Demographics for Dog Owners
      • Regional Skews by Number of Dogs Owned
      • Overall Demographics for Cat Owners
      • Household Composition Skews by Number of Cats Owned
        • Table Demographics for Dog Ownership, 2010 (percent, number of households, and index)
        • Table Selected Demographics for Keeping One Pet Dog, 2010 (percent, number of households, and index)
        • Table Selected Demographics for Keeping Two or More Pet Dogs, 2010 (percent, number of households, and index)
        • Table Demographics for Cat Ownership, 2010 (percent, number of households, and index)
        • Table Selected Demographics for Keeping One Pet Cat, 2010 (percent, number of households, and index)
        • Table Selected Demographics for Keeping Two or More Pet Cats, 2010 (percent, number of households, and index)
    • Pet Owners and Insurance
      • APPA Consumer Surveys Show Rise in Pet Insurance Ownership Rates
      • 5% of Dog Owners With a HH Income of $60K+ Carry Pet Insurance
      • Cat Insurance Usage Rates Show Opposite Pattern by HH Income
      • Vets Are Most Important Source for Pet Insurance Awareness
      • 37% of Dog/Cat Owners Are Not Familiar with Pet Insurance Policies
      • Top Reasons for Not Having Pet Insurance Policies
        • Table Demographic Characteristics for Purchasing of Dog Insurance, 2008 (percent of U.S. dog owners)
        • Table Top Demographic Characteristics Favoring Purchasing of Cat Insurance, 2008 (percent of U.S. adults)
  • Company Addresses

Abstract

Now in its fourth edition, Packaged Facts’ Pet Insurance in North America is the most comprehensive examination of the U.S. and Canadian pet insurance markets available and a must-have for any company interested in this dynamic industry. Although sales growth slowed due to the recession, revenues (measured as gross written premiums) remained in the double digits in 2009 while delivering a 2005-2009 compound annual growth rate of 21%. Packaged Facts expects the North American market for pet insurance to continue to chart strong annual increases over the next five years, with the high level of competitive activity helping to offset the slow economic recovery and ongoing challenge of communicating the value of pet health insurance to budget-watching consumers.

As of 2010, industry pioneer Veterinary Pet Insurance (VPI) continues to lead the market. However, both the U.S. and the Canadian pet insurance markets have experienced significant market share shifts during the past five years as more than a half dozen new companies have come onto the field. Each of these companies brings with it unique strengths, in some cases including potent co-marketing affiliations with powerful brands (e.g., PetPartners and the AKC, PurinaCare with its own famous name), and in other cases including important retail channel thrusts (e.g., PetFirst with Kroger and Petfinder.com, and Trupanion with Petco). The industry is also seeing more investment backing and large insurance companies coming into the market as underwriters, including Aon with Healthy Paws, Aetna with Pets Best, and Berkshire Hathaway with PurinaCare.

Based on primary research including interviews with every leading pet insurance provider in North America, this latest edition of Packaged Facts’ groundbreaking 2003 report offers a road map for competing in this market both now and in the years ahead. All of the top players are profiled in depth, including VPI, Pethealth, Hartville (ASPCA), Western Financial/Petsecure, PetFirst, PetPartners (AKC), Vetinsurance/Trupanion, Pets Best, Embrace, Fetch (Petplan USA) and PurinaCare. Statistics provided include historical and projected market revenues, number of policies in force, and company shares (both U.S. and Canadian), along with profiles of pet owners and pet insurance purchasers, based on data from sources including Experian Simmons, The American Pet Products Association, and Packaged Facts own consumer surveys.


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