3 Pet Insurance Companies to Watch in Billion Dollar Market, according to Packaged Facts

By a News Reporter-Staff News Editor at Insurance Weekly News -- Given the size of the U.S. pet population, market penetration for pet insurance in the U.S. remains comparatively low. This is particularly true when compared to some Western European countries, such as the United Kingdom and Sweden, but this also indicates there is significant potential for market gains in the U.S., according to market research firm Packaged Facts. In the recent report Pet Insurance in the U.S., 6th Edition, Packaged Facts estimates America's pet health insurance market researched slightly more than $1 billion in 2017, will nearly double to reach $2 billion by 2022.

Packaged Facts also identifies three new entrants into the pet insurance that are worth keeping an eye on: Figo Pet Insurance, 4Paws Insurance, and Toto Pet Insurance. These three companies hit on important growth trends in the U.S. pet industry, including technology that streamlines the insurance claims process, customizable pet insurance plans and add-on coverage, and increased education regarding the benefits of pet insurance.

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