Live Insurance News

State Farm, Allstate, and the New Goldmine in Pet Insurance

February 6, 2025February 4, 2025 Tate Ellison

Pet Insurance Market Growth Accelerates: A Look Ahead When most people think about insurance, their minds turn to health, auto, or homeowners’ coverage. But a fast-emerging segment is poised to redefine the industry—and it’s for our furry friends. The pet insurance market is rapidly expanding, reflecting a growing trend in how people prioritize their pets’ health. According to Metatech Insights, this market generated $10.8 billion in premiums in 2024 and is set to soar to $38.3 billion by 2035 at an annual growth rate of 12.2%. This dramatic shift highlights…

Pet insurance is becoming a popular purchase before the holidays

October 31, 2023October 30, 2023 H. Cutner

The festive season is coming up fast and more animal owners are covering their furry family members. For many people, the holiday season is a fast-paced, joyful time of year that is focused on togetherness, but it can also be expensive and pet insurance is being increasingly purchased to cover unexpected costs. Families with furry members are coming to know that the holidays come with risks for animals. While owners are making important strides in added safety for their dogs and cats, all the decorations, guests, and changes to routine…

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

May 4, 2018May 3, 2018 H. Cutner

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…

Cat and dog obesity rate rises for seventh consecutive year

January 5, 2018January 3, 2018 Nordstrom

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…

Companies use pet insurance benefits to draw talent

June 9, 2017June 7, 2017 Marc

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…

The North American pet insurance industry is finally taking off

May 21, 2015May 20, 2015 Julie Campbell

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…

American pet insurance industry experiences sales growth

April 21, 2015April 18, 2015 Julie Campbell

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…