Industry skilled a ~22% year-over-year income improve whereas surpassing the $4 billion mark for the primary time
WINNIPEG, MB, April 10, 2024 /CNW/ – The North American Pet Health Insurance Association (NAPHIA) as we speak launched its 2024 State of the Industry (SOI) Report exhibiting the North American pet medical health insurance sector grew one other 21.9% in 2023.
This 12 months’s SOI Report indicated, for the primary time, the North American pet insurance coverage {industry} had exceeded the $4 billion mark, with a record-setting $4.27 billion USD in complete premiums bought in 2023 (a 21.9% improve from $3.5 billion USD in 2022) and over 6.25 million pets insured throughout North America (a 20.9% improve from the 5.17 million pets insured in 2022).
In Canada, complete premium quantity* totalled $485.5 million CDN, a rise of 29.8% over the earlier 12 months. With an estimated 16.4 million pets in Canada, and a mean penetration price of three.52% (5.52% for dogs and 1.67% for cats), Rick Faucher, NAPHIA President and Chief Partnerships Officer with Fetch Pet Insurance, expressed his optimism for the {industry}’s continued long-term progress within the nation.
“Last 12 months, the Canadian market skilled its highest year-over-year progress price since 2015 and outperformed the US market,” mentioned Faucher. “With the continued progress of the Canadian market and present penetration price for dogs and cats in Canada, we see an amazing upside for the {industry} in Canada and are very inspired concerning the future.”
NAPHIA Executive Director Kristen Lynch famous the 23.6% common progress price in Canada over the previous 5 years demonstrates that many Canadian pet homeowners perceive the worth of pet insurance coverage and expertise its affect in mitigating sudden veterinary prices.
“At a time when households are experiencing rising monetary pressures, pet insurance coverage supplies homeowners with monetary safety to cowl the rising prices of veterinary care,” mentioned Lynch. “Our {industry}’s sturdy progress is proof that Canadian pet households acknowledge the worth of pet medical health insurance protection and recognize the knowledge it affords in these cases when their pet has an sudden sickness or damage.”
The SOI Report is revealed yearly to supply NAPHIA members, {industry} regulators, media, and different events with key benchmarks on the up to date standing of the North American pet insurance coverage {industry}.
* As reported by NAPHIA members
Some Industry Highlights:
NAPHIA’s State of the Industry (SOI) Report has been revealed utilizing knowledge compiled, aggregated and validated by the worldwide multinational threat administration and advisory agency Willis Towers Watson. NAPHIA members and SOI individuals signify 99% of all pet medical health insurance protection in impact in North America.
To view the outcomes and obtain the total report, please go to: https://naphia.org/industry-data/
Canada
-
$485.5 million CAD – complete premium quantity (29.8% improve YoY)
-
577,785 – complete variety of pets insured (13.6% improve YoY)
-
$258.2 million CAD – complete quantity of claims paid in 2023 (22.8% improve YoY)
-
Majority of insured pets reside in Ontario (37.9%), British Columbia (18.7%) and Alberta (16.4%)
-
75.5% of insured 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 overall variety of insured pets in North America
United States
-
$3.91 billion USD – complete premium quantity (21.6% YoY)
-
5,676,776 million – complete variety of pets insured (17.1% improve YoY)
-
$2.48 billion USD – complete quantity of claims paid in 2023 (29.8% improve YoY)
-
More than a 3rd of U.S. insured pets reside in California (18.3%), New York (7.5%) and Florida (6.2%)
-
78.6% of insured pets have been dogs versus 21.4% cats
-
Average accident and sickness premium for dogs was $675.61/12 months or $56.30/month USD
-
Average accident and sickness premium for cats was $383.30/12 months or $31.94/month USD
-
The US represents ~90% of the overall variety of insured pets in North America
About NAPHIA
The North American Pet Health Insurance Association (NAPHIA) is comprised of respected pet medical health insurance organizations from throughout Canada and the United States. As the {industry}’s commerce affiliation, NAPHIA works to advance and develop the pet insurance coverage {industry} and market by means of proactive analysis, knowledge sharing, benchmarking initiatives, advocacy efforts, strategic partnerships, useful resource sharing and the dissemination of knowledge to collaboratively tackle challenges and alternatives.
SOURCE NAPHIA – The North American Pet Health Insurance Association
View unique content material to obtain multimedia: http://www.newswire.ca/en/releases/archive/April2024/10/c4544.html
