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…
Read MoreTag: pet insurance policy
Pet insurance is being used by employers to draw millennial talent
A number of perks relating to the ownership of cats and dogs are also being used to retain that talent. Businesses that are hoping to appeal to talent in the millennial generation – and to retain them – are starting to offer employees benefits that include pet insurance and other perks that could attract animal owners. Stifel Equity Research data shows that nearly half the workforce will be made of that generation by 2020. Employees within this age group present a whole new range of challenges and needs which must…
Read MorePet insurance is extremely unpopular in India
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,…
Read MoreThe North American pet insurance industry is finally taking off
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…
Read MoreAmerican pet insurance industry experiences sales growth
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…
Read MorePet insurance is taking off in the United States
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…
Read MorePet insurance bill in California could provide industry with regulation
A new bill in front of the legislature in the state would help to tell customers exactly what coverage they have. Should a new bill that is currently before the California legislature pass, it will mean that pet insurance companies will be required to provide greater disclosure to their customers regarding what precisely will be covered by the policies that they have sold. This type of insurance policy is becoming increasingly popular but there has yet to be an industry coverage standard. Many dog and cat owners are finding that…
Read More