This year’s SOI Report highlights a variety of notable market turning points, consisting of a record $3.51 billion USD in overall premiums for 2022 (a 23.5% boost from $2.84 billion USD at YE 2021) and over 5.36 million overall animals guaranteed throughout North America (a 21.7% boost from the 4.4 million overall animals guaranteed in 2021).
Rick Faucher, NAPHIA President and CEO/Founder of Toto Pet Insurance, said the positive 2022 outcomes are impressive thinking about the growing financial pressures family pet owners dealt with in 2015, with increasing food and energy expenses, plus greater home mortgage and loan rates of interest.
“2022 marked a return to pre-COVID levels of growth for our industry. This steady growth is significant during a period when many North Americans were also forced to make difficult decisions on their household spending,” specified Faucher. “We’re pleased that pet parents continue to recognize the value pet insurance provides, both in mitigating unexpected veterinary costs, as well as providing for their pet’s ongoing healthcare and well-being. It’s the product’s strong value proposition that is driving the significant advances the North American pet insurance industry has experienced over the past five years.”
Kristen Lynch, Executive Director of NAPHIA, included that ongoing boosts in the variety of insured animals is proof of family pet owners’ dedication to the health and wellness of their animals.
“We know from various research studies that owners of insured pets are more likely to bring their pets in for regular shots, checkups and emergency treatment, as well as to follow the recommendations of their veterinarian,” said Lynch. “With more than five million pets now insured across North America, it’s clear that more and more pet owners are viewing pet health insurance as an ideal way to ensure their pets are well cared for.”
NAPHIA SOI results program 2022 overall premium volume* in the U.S. totaled up to $3.22 billion USD, a 24.2% yearly boost over 2021. In Canada, overall premium volume* amounted to $374.0 million CAD, a boost of 19.3% over the previous year).
“With an estimated three percent of the total potential North American pet health insurance market realized, our industry is very well-positioned for continued success and future growth,” said Faucher.
*As reported by NAPHIA members
Some 2022 Industry Highlights:
NAPHIA’s State of the Industry Report has actually been released utilizing information put together, aggregated and verified by the international international threat management and advisory company Willis Towers Watson. NAPHIA members and SOI individuals represent an approximated 98% of all pet medical insurance protection in impact in North America.
To see a more thorough introduction see: naphia.org/industry-data
United States
• $3.218 billion USD – overall exceptional volume
• 4,849,540 – overall variety of animals guaranteed
• $1.910 billion USD – overall quantity of claims paid in 2022
• Majority of guaranteed animals live in California (18.6%), New York (7.0%) and Florida (6.2%)
• 80.1% of insured animals were dogs versus 19.9% cats
• The typical mishap and disease premium for dogs was $640.04/year or $53.34/month (figures in USD)
• The typical mishap and disease premium for cats was $387.01/year or $32.25/month (figures in USD)
Canada
• $374.0 million CAD – overall exceptional volume
• 508,730 – overall variety of animals guaranteed
• $210.3 million CAD – overall quantity of claims paid in 2022
• Majority of guaranteed animals live in Ontario (38.1%), British Columbia (19.5%) and Alberta (17.6%)
• 76.9% of insured animals were dogs versus 23.1% cats
• The typical mishap and disease premium for dogs was $813.98/year or $67.83/month (figures in CAD)
• The typical mishap and disease premium for cats was $427.44/year or $35.62/month (figures in CAD)
About NAPHIA
The North American Pet Health Insurance Association (NAPHIA) is consisted of trusted family pet medical insurance companies from throughout Canada and the United States. As a union, NAPHIA works to advance and grow the family pet insurance coverage market and market through proactive research study, information sharing, benchmarking efforts, advocacy efforts, tactical collaborations, resource sharing and the dissemination of info to collaboratively resolve obstacles and opportunities.
