100 Facts About Pet Insurance

We thought it would be fun to share some of the most interesting facts about pet insurance. Pet insurance is relatively new to the U.S. but it’s probably bigger than you think, in fact, the market surpassed $1 billion in 2017 with 1.8 million insured dogs and cats.

Here are 100 interesting facts about pet insurance (well at least 25 :))

 

Top 25

#1. Less than 1% of American dogs and cats are insured

#2. Over 25% of dogs and cats in the U.K. are insured

#3. Over 30% of dogs and cats in Sweden are insured

#4. The North American pet insurance market was $940 million in 2016

#5. By 2019 the American pet insurance market will surpass $1.0 billion

#6. The U.S. pet insurance market totaled $837 million in 2016

#7. The average annual cost of a policy in 2016 was $41/mo.

#8. If the U.S. market had the same penetration rate as the U.K. it would be a $20 billion market

#9. There were 1.6 million pets insured in the United States in 2016

#10. 1.4 million dogs were in insured in the U.S. in 2016

#11. 200k cats were insured in the U.S. in 2016

#12. The total number of dogs and cats in America in 2016 was 189 million

#13. In 1988, 56% of U.S. households owned a pet, today it’s over 68%

#14. The average age of a pet at enrollment is 2.8 years old

#15. The U.S. auto insurance industry experienced an average 1.9% annual growth rate

#16. The average pet insurance policy for a dog costs $43 per month

#17. The average pet insurance policy for a cat costs $30 per month

#18. The U.S. pet industry projected to reach $63 billion in 2016

#19. The U.S. pet insurance industry experienced 21.4% annual growth from 2015 to 2016

#20. Analysts are forecasting a 14.5% revenue increase in 2016

#21. In 2016 expenses on veterinary care totaled $16 billion

#22. Over 50% of policyholders file a claim each year

#23. 75% of pet owners make a claim during the first three years after enrollment

#24. 35% of all pet insurance claims are for chronic conditions

#25. The most common pet insurance claims are for torn knee ligaments in dogs

 

75 More Facts

#26. The second most common claims are for ingested foreign objects

#27. The 3rd most common claim is for intervertebral disc disease (IVDD)

#28. The most expensive health issue is heart disease, which can exceed $20,000

#29. The second most expensive health issue is cancer, which can also exceed $20,000

#30. The third most expensive issues are orthopedic, which cost $2,000 – $15,000

#31. The most expensive dog breed to insure is the English Bulldog

#32. Only 11% of pet owners would spend over $10,000

#33. 14 Days – The average waiting period for accident coverage

#34. 14 Days – The average waiting period for illness coverage

#35. 6 Months – The average waiting period for orthopedic issues

#36. Accident & Illness Coverage account for 98% of policies-in-force

#37. Accident Only Policies account for 2% of all policies-in-force

#38. Insurance policies with Wellness Care added accounted for 20% of policies-inf-force

#39. Manhattan is the most expensive city in America for pet insurance

#40. Brownsville, Texas is the least expensive city in American for pet insurance

#41. When you make a claim you get reimbursed directly from the company

#42. 65% of pet insurance customers are over 40 years old

#43. Nearly 50% of pet insurance customers are over 50 years-old

#44. 62% of pet insurance customers have a household income of $50k or greater

#45. 91% of pet insurance policies cover dogs

#46. 9% of pet insurance policies cover cats

#47. 57% of pet insurance customers spend more than two hours shopping for plans

#48. 32% of pet insurance customers spend more than four hours shopping for plans

#49. The #1 reason people buy pet insurance, “I want to make decisions about their pet’s health care without worrying about whether or not they can afford treatment”

#50. The #2 reason is people buy is that they, “I have been faced with expensive vet bills in the past and want to avoid them in the future”

#51. The #3 reason people buy is, “ Peace of mind”

#52. 21% of pet owners would spend over $5,000 for emergency surgery on their pet

#53. In 2016 Pet Supplies & OTC Medicine totaled $14.7 billion

#54. Veterinary expenses increased 4.7% from 2015 to 2016

#55. In 2016 expenses on veterinary care will exceed $16 billion

#56. You can purchase a pet insurance policy online or over the phone

#57. Coverage is the most important characteristic to pet owners

#58. Cost is the second most important factor when pet owners shop for pet insurance

#59. The # 1 reason people do not buy pet insurance is cost

#60. Customer reviews is the 3rd most important factor to pet owners

#61. 94% of current pet insurance customers are satisfied with their provider

#62. Bayer HealthCare conducted a survey of 2,100 pet owners where 50% agreed the cost of veterinary care was much higher than they expected

#63. The first pet insurance policy was written by Claes Virgin in 1890 in Sweden

#64. In 1924 the first dog insurance policy was issued in Europe

#65. The first pet insurance policy issued in the U.K. happened in 1947

#66. Nationwide sold the first pet insurance policy in the U.S. in 1982

#67. Between 1997 – 2017 there were 11 new pet insurance companies started in the U.S.

#68. PetInsuranceQuotes.com launched the first American pet insurance marketplace in 2011

#69. Dr. Jack Stephens is the founder of American pet insurance (VPI and Pets Best)

#70. Pet insurance is health insurance for pets

#71. It is only available for dogs and cats

#72. Pet insurance helps pay for expensive veterinary bills when your pet gets sick

#73. 82% of Pet insurance customers consider themselves “pet parents”

#74. The fastest growing age group of customers are millennials

#75. Pet insurance does not cover pre-existing conditions

#76. Pet insurance reimburses you for veterinary costs after you submit a claim

#77. Several companies offer wellness plans that you can add to your policy

#78. Pet insurance is regulated as property and casualty insurance, not health insurance

#79. Benfield does not offer pet insurance

#80. There are 12 Pet Insurance Companies in the U.S.

#81. 11 of 12 companies are BBB Accredited

#82. 11 of 12 companies have an A rating or better with the BBB

#83. 11 of 12 companies have A.M. Best Insurance Rating of “A (Excellent)” or better

#84. All 12 companies allow you to use any licensed veterinarian in the U.S.

#85. Trupanion is the only publicly traded pet insurance company in America “TRUP”

#86. Ohio and Washington are home to the most pet insurance companies (two each)

#87. NAPHIA stands for the North American Pet Health Insurance Association

#88. There were more than 1.8 million pets insured in North America In 2016

#89. NAPHIA member pet insurance companies insured 1.7 million pets in 2016

#90. PetInsuranceQuotes.com is the only licensed pet insurance agency in the U.S.

#91. There are 120 million veterinary visits every year in the U.S.

#92. A pet receives emergency medical care every 2 ½ seconds

#93. Every 6 seconds a pet parent is faced with a vet bill for more than $1,000

#94. Dogs under the age of one are 2.5x more likely to have an unexpected visit to the vet

#95. Pet insurance is categorized as property and casualty insurance

#96. 1 in 3 pets will need emergency veterinary treatment every year

#97. The annual cost of owning a dog is $1,750

#98. The annual cost of owning a cat is $1,350

#99. In 2016 the total U.S. pet industry totaled $67 billion

#100.  In 2016 expenses on veterinary care totaled $16 billion

 

 

Pet Owner Survey

 

Why Were You Shopping for Pet Insurance?

  • 64% – Wanted to Prepared for Unexpected Health Issues
  • 18% – Looking for Routine Care Coverage
  • 15% – Just Curious
  • 4% – Need Coverage for a Sick Pet

 

What Attributes are Most Important?

  • 53% – Coverage
  • 32% – Price
  • 11% – Customer Satisfaction
  • 4% – Expert Recommendation

 

What Coverage is Most Important to You?

  1. Emergency Care
  2. Accidents
  3. Illnesses
  4. Cancer Coverage
  5. Orthopedic Coverage
  6. Hereditary Conditions
  7. Prescription Meds
  8. Pre-Existing Conditions
  9. Routine Care

 

Sources

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