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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Cat and dog obesity rate rises for seventh consecutive year

english bulldog dog obesity pet insurance

As pets become increasingly overweight, insurance claims connected to excess weight keep climbing. Among humans, one of the most common New Year’s resolutions is weight loss, but the new cat and dog obesity rates should likely have pet owners doing the same for their furry family members. For the seventh straight year, the obesity rates among our most beloved pets are on the rise. Cat and dog obesity isn’t just a matter of the way they look. As is the case with people, obesity places them at risk of a…

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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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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 taking off in the United States

pet insurance info

At the same time that people are buying their own health plans, they are also looking into coverage for their animals. Although the health care reform has been in the headlines over the last little while, there has been a broader trend that has been affecting members of the family who don’t happen to be human, as pet insurance has been expanding across the United States. Pet health insurance is growing among individuals as well as among employers who want to attract talent with more benefits. There are a number…

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Pet insurance is helping more pets survive cancer

pet insurance

According to Aquarium, a software provider for insurers, coverage is contributing to animal survival. According to pet insurance software company, Aquarium, companion animals such as cats and dogs are surviving cancer at a notably higher rate because of the treatments that their owners can afford through their coverage. This has created a direct link between animal health coverage and their cancer survival rate. For the majority of animal owners who do not have coverage, being able to afford cancer treatment for their beloved furry friends would be cost prohibitive. However,…

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Pet insurance remains unpopular despite rising vet costs

Pet Insurance

The expense associated with companion animals health care is growing, but many owners don’t buy coverage. It wasn’t very long ago that veterinary costs were quite affordable and pet insurance was relatively unnecessary, as the health care that was provided to animals was relatively limited and somewhat low-tech. Times have rapidly been changing and the cost of providing health care to animals has been skyrocketing. As a growing number of people consider their animal companions to be nothing less than furry family members and expect them to be able to…

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Pet insurance is among the most rapidly growing benefits for workers

Pet Insurance

New research is revealing that this is one of the latest and most popular added perks offered to employees. Along with the strengthening of the American economy comes a boost to the benefits packages that employers are offering their workers, and among the most rapidly growing trends at the moment is the inclusion of pet insurance in the mix. This is a leading voluntary benefit in terms of growth and the trend doesn’t appear to be slowing. Among Fortune 500 companies, one in every three is currently offering pet insurance…

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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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