Pet insurance popularity takes off, covers over 2 million in North America

Pet Insurance Popularity - Dog in Cone

The industry has now reached the $1 billion point, according to a new NAPHIA report. As pet insurance popularity grows as it never has before, it has now become a $1 billion industry, says a North American Pet Insurance Association (NAPHIA) report. The report states that the average year over year growth rate has been nearly 17 percent, says the 2018 NAPHIA State of the Industry Report (SOI). This year also represented the first time the industry surpassed the $1 billion threshold. Pet insurance popularity drove the industry’s gross written…

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Companies use pet insurance benefits to draw talent

kitten veterinarian pet insurance benefits

Now that cats and dogs are just furry family members, affordable animal health care has become a priority. A recent report in the New York Times showed that pet insurance benefits are becoming a staple offering for drawing skilled employees and encouraging them to stay. While pet insurance is already a growing trend in the United States, employer-sponsored benefits are also taking off. In fact, employer sponsored pet insurance benefits is among the most rapidly growing veterinary medicine trends. These include plans that cover only cats and dogs as well…

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Pet insurance is extremely unpopular in India

pet insurance

According to recent figures, there are very few animal owners in the country who have purchased coverage. Pet insurance is a very unique type of coverage in that there are parts of the world where it has become exceptionally commonplace, and there are others where it has remained virtually nonexistent. India has fallen into that second category, as few owners have chosen to buy health insurance for their pets. This type of coverage helps to cover bills such as those for veterinary visits, medical treatments, surgeries, and even certain medications,…

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The North American pet insurance industry is finally taking off

pet insurance info

Trupanion recently released a report that showed that it has been experiencing considerable growth in revenues. Although pet insurance is carried by a small minority of dog and cat owners, the current trend has shown that the number of people who have coverage for their beloved animals is starting to grow in a very meaningful way. The market is on the rise and insurance companies are looking to take advantage of this revenue stream. In the example of Trupanion, a pet insurance company from Seattle, the 2015 first quarter earnings…

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American pet insurance industry experiences sales growth

pet insurance employee benefits

A new update to the report from IBISWorld has shown that more animal owners are buying policies. IBISWorld has updated the data in its report on the pet insurance industry and has pointed out that as a result of a combination of the increase in the costs associated with veterinary services, and the rising awareness among consumers with regards to coverage options, sales of these policies have been measurably growing. Insurers offering these types of policies have been experiencing rising consumer awareness and acceptance. The report showed that over the…

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Pet insurance is offered by a growing number of companies

pet insurance

Though traditionally a very small market, as the popularity of these products take off, insurers are taking notice. When it comes to pet insurance, companies are now starting to see a far greater opportunity than was ever available before, as owners start to consider animals as furry family members instead of a beast that is somewhat disposable. The importance of these animals – especially dogs and cats – has lead to massive advancements in veterinary medicine. While the evolution of veterinary medicine has made it possible to provide these animals…

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Pet insurance is among the most popular American worker benefits

Pet Insurance

A growing number of businesses are now subsidizing and discounting the cost of the coverage for their employees. The trend for companies to offer their workers pet insurance as a part of their benefits packages is a growing one, as people increasingly feel that their animal companions are members of the family. Businesses across the country are working to make themselves more attractive to talented workers. One in three Fortune 500 companies offers plans from Veterinary Pet Insurance (VPI), the oldest and largest animal health insurer in the United States.…

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Pet insurance company Pethealth to acquire parts of PurinaCare’s assets

pet insurance claims

  Some of the latter company’s coverage operations have been purchased through this agreement. Pethealth Inc. has just announced that its PTZ Insurance agency subsidiary has now entered into an acquisition agreement with Nestle Purina Claims Processing, Inc. and its PurinaCare services in order to purchase some of its pet insurance operations. The acquisition covers the Purinacare Insurance Services, Inc. operations in terms of certain operations. Those operations are specific to the administration of the pet insurance program at Purina, and the ownership of the rights to the renewals of…

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Pet insurance report shows large growth in U.S. market

Over the last five years, the sector has expanded despite the economic downturn. IBISWorld has now released its latest U.S. Industry Market Research Report, which provides details as to the progress of the pet insurance sector over the last five years. What it has indicated is that there has been notable growth among insurers and consumers. Over the last five years, according to the report, the pet insurance industry grew very rapidly, continuing its expansion regardless of the direction of the economy as a whole. It is a clear reflection…

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Trupanion pet insurer raises $9 million to improve customer service and widen sales force

The Trupanion pet insurance company has raised $9 million in financing, with funding coming primarily from the Highland Consumer Fund, but also from Maveron, a venture capital firm from Howard Schultz. The insurer provides pet coverage to owners in Canada, Puerto Rico, and the United States. It provides coverage for 90 percent of medical care from a veterinarian should the protected pet be injured or fall ill. Premiums for a mixed-breed dog at three years old are typically around $40 per month. Trupanion explained that it intends to use the…

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