The North American Pet Health Insurance Association launched its 2024 State of the Industry Report, which exhibits that the North American pet medical health insurance sector grew by 21.9% in 2023.
Based on the report, the North American pet insurance coverage trade recorded $4.27 billion in whole premiums bought in 2023, a 21.9% enhance from $3.5 billion in 2022. Over 6.25 million pets have been insured throughout North America, a 20.9% enhance from the 5.17 million pets insured in 2022.
In the US, whole premium quantity (as reported by NAPHIA members) was $3.91 billion, a 21.6% enhance over 2022. According to estimates, there are 154 million pets within the US and the typical pet insurance coverage penetration price is 3.69% (5.07% for dogs and 1.84% for cats).
Additional highlights:
United States
- $3.91 billion – whole premium quantity (21.6% YoY)
- 5,676,776 million – whole variety of pets insured (17.1% enhance YoY)
- $2.48 billion – whole quantity of claims paid in 2023 (29.8% enhance YoY)
- More than a 3rd of US insured pets reside in California (18.3%), New York (7.5%) and Florida (6.2%)
- 78.6% of insured US pets have been dogs versus 21.4% cats
- Average accident and sickness premium for dogs was $675.61/12 months or $56.30/month
- Average accident and sickness premium for cats was $383.30/12 months or $31.94/month
- The US represents ~90% of the full variety of insured pets in North America.
Canada
- $485.5 million CAD – whole premium quantity (29.8% enhance YoY)
- 577,785 – whole variety of pets insured (13.6% enhance YoY)
- $258.2 million CAD – whole quantity of claims paid in 2023 (22.8% enhance YoY)
- Majority of insured pets reside in Ontario (37.9%), British Columbia (18.7%) and Alberta (16.4%)
- 75.5% of insured Canadian pets have been dogs versus 24.5% cats
- Average accident and sickness premium for dogs was $940.91/12 months or $78.41/month CAD
- Average accident and sickness premium for cats was $488.73/12 months or $40.73/month CAD
- Canada represents ~10% of the full variety of insured pets in North America.
Access the total report right here.
NAPHIA’s State of the Industry Report has been printed utilizing knowledge compiled, aggregated and validated by Willis Towers Watson. NAPHIA members and SOI individuals signify 99% of all pet medical health insurance protection in impact in North America.
