Packaged Facts forecasts that the U.S. pet health insurance market will reach $2 billion by 2022. This report examines the market for pet health insurance in the United States. Overall numbers (gross written premiums and policies in force) in this report reflect insurance plans for cats and dogs. While there is insurance for exotic pets, it is rarely purchased compared to dog and cat insurance in the U.S. and is therefore excluded from the scope of this study. However, the study does analyze pet ownership of exotic pets and the potential growth opportunity of pet insurance for these types of animals.

Insurance for horses, which are much more likely than smaller companion animals to be regarded as important investments, is based on a completely different set of actuary information and is not part of the pet health insurance market as defined by leading industry participants in the U.S.. Equine insurance is therefore excluded from this market analysis.

Although pet insurance is of course designed to provide medical coverage for companion animals, it is not, technically speaking, a health product. Rather, because pets are legally considered to be the property of their owners, pet insurance falls under the Property and Casualty insurance classification and functions as indemnity insurance (similar to car or homeowners insurance) designed to restore financial loss stemming from pet healthcare events, providing reimbursement to the pet owner or veterinarian once a claim is filed.

Pet insurance and pet health insurance are used interchangeably throughout the study.

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Table Of Contents

  • Executive Summary
    • Market Size & Forecast for Pet Insurance
      • Consumer Awareness of Pet Insurance Continues to Grow
      • A Healthy Economy Leads to Optimistic Pet Owners
      • Technology Is Streamlining Claims Processing & Reimbursements
      • Veterinary Costs & Pet Healthcare Expenditures Continue to Rise
      • 3 New Market Entrants Since 2015
      • Pet Population Continues to Make Gains
      • Growth Opportunities:
    • Scope of Report
    • Report Methodology
      • Market Analysis
      • Consumer Analysis
  • Market Trends
    • Chapter Highlights
    • Introduction
      • Market Definition
      • Range of Coverage
      • Typical Restrictions
      • Gross Written Premiums
    • Pet Population and Forecast
      • Overview
      • Households
        • Table U.S. Household Ownership for Dogs and Cats, 2007-2022 (million households)
      • Population: Dogs Continue to Lead the Pack
        • Table U.S. Pet Population, 2007-2022 (million pets)
        • Table Age of Dogs and Cats, 2018 (percent of pet owners)
        • Table Agreement with Statement: "I have an overweight dog/cat", 2018 (percent)
    • Market Size and Forecast
      • Gross Written Premiums
        • Table U.S. Pet Insurance Market Revenues, 2007-2017 (million dollars and percent)
      • Policies in Force
      • Average Premium
      • Share of Policies by Animal Type
      • Share of Policies by Product Type
    • Market Factors
      • Economic Outlook
        • Table Pet Owner: Overview by Change in Financial Situation Compared with 12 Months Ago, 2012-2017 (percent)
        • Table Pet Owners: Overview by Expectations for Personal Financial Situation Over the Next 12 Months, 2012-2017 (percent)
        • Table Level of Agreement with Statement: "I am spending less on pet products because of the economy," 2011- 2018 (percent of pet product buyers)
        • Table Level of Agreement with Statement: "Many pet products are becoming too expensive," 2011-2018 (percent of pet product buyers)
        • Table Level of Agreement with Statement: "I look out for lower prices, special offers, and sales on pet products," 2013-2018 (percent of pet product buyers)
        • Table Selected U.S. Economic Measures, 2007-2022 (billion dollars and percent)
      • Veterinarians
        • Table Percentage of Dog and Cat Owners Who Have Visited Vet in Last 12 Months for Routine and Sick/Emergency Vet Visits, 2018 (percent of pet owners)
        • Table U.S. Veterinary Services Market 2013-2017 (billion dollars and percent)
      • Pet Expenditures Going Up Overall
        • Table Amount Spent on Pet Products in Last 30 Days, Q1 2017 vs. Q1 2018 (percent of pet product buyers by spending bracket)
      • Education and Marketing Efforts Are Growing Consumer Awareness
        • Table NAPHIA Initiatives and Working Committees
      • Increasing Availability and Accessibility Also Supports Growing Awareness
        • Table Selected Internet-Related Psychographics: Dog Owners vs. Cat Owners, 2017 (percent and index)
      • Competitive Balance
        • Table Type of Medical Coverage for Dog or Cat Owners Who Have Pet Financing, 2018 (percent)
      • Pets Growing Family Status
        • Table Level of Agreement with Statement: "I consider my dogs/cats to be part of the family," 2018 (percent of pet owners)
        • Table Agreement with Statement: "My dog or cat has a positive impact on my mental health," 2018 (percent of dog or cat owners)
        • Table Agreement with Statement: "My dog or cat has a positive impact on my physical health," 2018 (percent of dog or cat owners)
    • Growth Opportunities
      • Overview
      • Consumer Awareness and Education Efforts
        • Table Responses to "Why did you cancel/not renew the pet health/medical insurance?" 2018 (percent and # of responses)
      • Competing with Other Payment Options
      • Efficiency Improvements
      • Targeting Minority Pet Owners
      • Look to Millennials, but Don't Forget the Boomers
      • Target Multi-Pet Households
      • Regional Opportunities
      • Exotic Pet Insurance
  • Competitive Overview
    • Highlights
    • Market Structure
      • General
      • New Market Entrants
    • Market Share
      • Table U.S. Pet Insurance Revenues, 2017 (million dollars and percent)
    • Competitive Trends
      • Standing Out: Product Differentiation in the Pet Insurance World
      • Trial Runs: Certificates and Money Back Guarantees
      • Technology: Streamlined Is the Key
      • Industry Movers and Shakers: Mergers and Acquisitions
        • Table Selected Acquisitions & Divestitures
      • Partnerships and Other Cooperative Agreements
        • Table Selected Cooperative Agreements
      • Market Exit: Protect Your Bubble
      • Marketing Initiatives: Not Just Cute Puppy and Kitty Pictures (Ok, a few…)
      • Distribution Channels
      • Underwriting Advantage
    • Competing Pet Health Financing Options
      • Wellness Plans
      • Pet Savings Accounts
      • Pet Care Savings Plans
      • Pet Credit Cards
      • Other Sources
  • Competitive Profiles
    • Crum & Forster Insurance Group / Pethealth Inc.
      • Company Description
        • Table Crum & Forster Insurance Group & Pethealth Inc.: Key Insurance Brands & Plans
      • Competitive Advantages
      • Corporate Developments
    • Embrace
      • Company Description
        • Table Embrace Pet Insurance: Key Insurance Brands & Plans
      • Competitive Advantages
      • Corporate Developments
    • Figo Pet Insurance
      • Company Description
        • Table Figo Pet Insurance: Key Insurance Plans
      • Competitive Advantages
      • Corporate Developments
    • 4Paws Insurance
      • Company Description
      • Competitive Advantages
      • Corporate Developments
    • Healthy Paws
      • Company Description
      • Competitive Advantages
      • Corporate Developments
    • Nationwide
      • Company Description
        • Table Nationwide Mutual Insurance: Key Insurance Plans
      • Competitive Advantages
      • Corporate Developments
    • PetFirst
      • Company Description
      • Competitive Advantages
      • Corporate Developments
    • PetPartners
      • Company Description
        • Table PetPartners: Key Insurance Brands & Plans
      • Competitive Advantages
      • Corporate Developments
    • Petplan
      • Company Description
      • Competitive Advantages
      • Corporate Developments
    • Pets Best
      • Company Description
        • Table Pets Best Insurance Services: Key Insurance Plans
      • Competitive Advantages
      • Corporate Developments
    • Toto Pet Insurance
      • Company Description
        • Table Toto Pet Insurance: Key Insurance Plans
      • Competitive Advantages
      • Corporate Developments
    • Trupanion
      • Company Description
      • Competitive Advantages
      • Corporate Developments
  • Pet Ownership Trends
    • Highlights
    • Pet Ownership Overview
      • Methodology and Data Sources
    • Pet Ownership Trends
      • Households with Dogs or Cats
        • Table U.S. Household Penetration Rate by Type of Pet, 2007-2017 (percent)
        • Table Number of U.S. Households Owning Dogs or Cats, 2007-2017 (million)
        • Table U.S. Household Penetration Rate for Selected Dog- or Cat-Owning Classifications, 2007-2017 (percent)
      • Pet Population
        • Table U.S. Pet Population, 2007-2017 (million pets and ratio of pets/pet-owning household)
      • Selected Demographic Highlights for Pet Owners
        • Table U.S. Pet Ownership Rates by Household Income, 2007-2017 (percent)
        • Table U.S. Pet Ownership Rates by Age Bracket, 2007-2017 (percent)
        • Table U.S. Pet Ownership Rates by Household Composition, 2007-2017 (percent)
        • Table U.S. Pet Ownership Rates by Household Type and Location, 2007-2017 (percent)
        • Table U.S. Pet Ownership Rates by Race, 2007-2017 (percent)
      • Pet Owner Demographic Profiles
        • Table U.S. Dog or Cat Ownership Trends by Selected Demographics, 2017 (percent and index)
        • Table U.S. Dog Ownership Trends by Selected Demographics, 2007-2017 (percent and index)
        • Table U.S. Cat Ownership Trends by Selected Demographics, 2017 (percent and index)
      • Exotic Pet-Owning Households Overview
        • Table U.S. Household Penetration Rate by Type, 2007-2017 (percent)
        • Table U.S. Household Ownership for Other Pets, 2007-2017 (million U.S. households)