North American Pet Insurance Market More Than Doubles in Four Years
NAPHIA’s 2022 State of the Industry Report shows a record
Today’s release of NAPHIA’s 2022 State of the Industry Report revealed a number of significant industry milestones, including a record
“The societal and behavioral changes we are experiencing around our relationships with pets have contributed greatly to an unprecedented period of growth for our industry,” said
The 2021 results show total premium volume* in the
“2021 marked the seventh consecutive year where the pet insurance industry experienced double-digit growth,” said Faucher. “While pet insurance penetration rates have increased to approximately 2.48% in the
* As reported by NAPHIA
Some Report Highlights:
·
· 3,979,282 – total number of pets insured at YE 2021 – a 28.3% increase since 2020
· largest share of insured pets reside in
· 81.7% of insured pets were dogs versus 18.3% cats
· the average accident and illness premium for dogs was
· the average accident and illness premium for cats was
·
· 432,533 – total number of pets insured at YE 2021 – a 22.7% increase since 2020
· largest share of insured pets reside in
· 77.5% of insured pets were dogs versus 22.5% cats
· the average accident and illness premium for dogs was
· the average accident and illness premium for cats was
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 advisory firm
About NAPHIA
Contact Information:
NAPHIA -
Contact via Email
www.naphia.org
Read the full story here: https://www.pr.com/press-release/861497
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