For hundreds of thousands of Americans, pets are, fairly merely, family members. Highlighting our ardour for pets—whether or not of the furry, four-legged or feathered selection—is the exponential rise of pet insurance coverage. But what, precisely, does pet insurance coverage cowl? And is it well worth the cost?
Read on for key pet insurance coverage statistics, together with useful steerage that may assist decide whether or not it’s a sound funding for the one that you love animal.
The international pet insurance coverage market is predicted to be price greater than $11.2 billion by 2026.
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Approximately 66% of U.S. households (almost 87 million) personal a pet.
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According to the latest information available, greater than 4.8 million pets have been insured within the U.S.
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On common, canine house owners spend almost $1,500 per yr on their animal, whereas cat house owners spend simply over $900 on their favourite feline.
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Pet possession statistics
As of 2024, the U.S. has a complete inhabitants exceeding 336 million. Of the complete nation, an estimated 86.9 million households report proudly owning a pet, which equates to roughly 66% of all U.S. households.
Dogs are by far the preferred U.S. pet. According to information compiled by the American Pet Products Association, 69 million U.S. households personal a canine, whereas roughly 45 million personal a cat.
Pets are usually not unique to any specific age cohort, although Millennials do comprise the best share of pet possession:
- Silent era: 2%
- Generation Z: 16%
- Baby boomers: 24%
- Generation X: 25%
- Millennials: 33%
For 2023, U.S. pet expenditures are projected to exceed $143 billion. Of that quantity, pet house owners spent an estimated:
- $37 billion on vet care and merchandise
- Nearly $12 billion on boarding, grooming, insurance coverage, coaching and pet sitting
- $62.7 billion on pet meals and treats
- $32.1 billion on provides, dwell animals and over-the-counter medication
On common, canine house owners spend almost $1,500 per yr on their pooch, whereas cat house owners spend simply over $900.
| Expense | Dog | Cat |
|---|---|---|
| Surgical vet |
$458 |
$201 |
| Food |
$287 |
$254 |
| Routine go to |
$242 |
$178 |
| Kennel boarding |
$228 |
$78 |
| Food treats |
$81 |
$72 |
| Vitamins |
$81 |
$47 |
| Toys |
$56 |
$41 |
| Groomer/grooming aids |
$47 |
$31 |
| Total | $1,480 | $902 |
Source: American Pet Products Association
Pet insurance coverage market developments
The U.S. pet insurance coverage market is estimated to be $3.2 billion USD in 2022, up 24.2% in comparison with 2021. The international pet insurance coverage market, in the meantime, is predicted to achieve $11.25 billion by 2026.
At the tip of 2022, roughly 4.8 million pets (80.1% dogs, 19.9% cats) in North America have been insured, up from simply 3.9 million in 2021. While extra dogs are insured than cats, the pet insurance coverage marketplace for cats skilled a 30% year-over-year progress between 2021 and 2022.
Additional pet insurance coverage market developments, insights and details embrace:
- Nearly 93% of homeowners selected accident and sickness and complete insurance coverage protection for his or her pets.
- States with probably the most pets and probably the most insured pets are California, New York and Florida.
- Wyoming and Mississippi have the bottom premiums for cats, averaging $19.35 and $19.77 per 30 days, respectively.
- Arizona and California have the best premiums for cats, averaging $31.96 and $31.97 per 30 days, respectively.
- Wyoming and Mississippi have the bottom premiums for dogs, averaging $33.97 and $34.17 per 30 days, respectively.
- California and New York have the best common premiums for dogs, averaging $61.29 and $61.05 per 30 days, respectively.
The variety of pets insured all through North America has risen steadily annually since 2018.
| Year | Value (in billion USD) | Total variety of pets insured |
|---|---|---|
| 2018 |
1.254 |
~2.2 million |
| 2019 |
1.558 |
~2.5 million |
| 2020 |
1.986 |
~3.1 million |
| 2021 |
2.591 |
~4 million |
| 2022 |
3.218 |
~4.8 million |
Source: North American Pet Health Insurance Association
According to information compiled by the North American Pet Health Insurance Association, the U.S. marketplace for pets and GWP distribution by state is as follows:
Number of insured dogs and cats
According to the North American Pet Health Insurance Association, 4,849,540 pets have been insured within the U.S. in 2022 (0.96 million cats and almost 3.9 million dogs.
The variety of cats and dogs insured within the U.S. each proceed to rise annually.
| Year | Cats insured | Dogs insured |
|---|---|---|
| 2022 |
0.964 million |
3.885 million |
| 2021 |
0.726 million |
3.244 million |
| 2020 |
0.531 million |
2.57 million |
| 2019 |
0.419 million |
2.097 million |
| 2018 |
0.348 million |
1.808 million |
Source: North American Pet Health Insurance Association
While extra dogs are insured all through the U.S., the share of cats being insured seems to be rising at a sharper fee. Below is a year-over-year desk displaying the speed of every animal’s pet insurance coverage progress.
| Year | Dogs | Cats | Combined | Total pets |
|---|---|---|---|---|
| 2022 |
19.7% |
32.9% |
22.1% |
4,849,540 |
| 2021 |
26.2% |
36.7% |
28.0% |
3,970,535 |
| 2020 |
22.5% |
26.7% |
23.2% |
3,101,956 |
| 2019 |
16.0% |
20.4% |
16.7% |
2,517,122 |
Source: North American Pet Health Insurance Association
FAQ
How many individuals within the U.S. have pet insurance coverage?
According to the latest information, greater than 4.8 million pets within the U.S. are insured.
How many pets are insured in America?
There have been about 4.8 million insured pets in 2022, up from 2.2 million pets in 2018.
How a lot does pet insurance coverage cost?
It is dependent upon the kind of animal you may have and the place you reside. Dogs usually cost extra to insure than cats.
What states have the most affordable pet insurance coverage?
Wyoming and Mississippi have the bottom premiums for cats and for dogs, averaging $19.35 and $19.77 per 30 days for cats, respectively—and averaging $33.97 and $34.17 per 30 days, respectively, for dogs.
References
- “U.S. World and Population Clock.” U.S. Census Bureau. Evaluated March 18, 2024.Link Here
- “Facts + Statistics: Pet Ownership and Insurance.” Insurance Information Institute. Evaluated March 18, 2024.Link Here
- “Pet insurance market size, share and industry analysis.” Fortune Business Insights. Evaluated March 18, 2024.Link Here
- “Total pets insured.” North American Pet Health Insurance Association. Evaluated March 18, 2024.Link Here
- “State of the industry report 2023 highlights.” North American Pet Health Insurance Association. Evaluated March 18, 2024.Link Here
- “Average pet insurance cost in 2022 by breed, age and state.” PawlicyAdvisor. Evaluated March 18, 2024.Link Here
