Chomping on the Bit: Pet Insurance coverage Numbers Climb for 2021 | The Authorized Intelligencer – Regulation.com

August 18, 2022 By admin

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COMMENTARY
North America’s pet insurance coverage sector exceeded $2.83 billion at year-end 2021, that means the {industry} has greater than doubled since 2018.
June 02, 2022 at 11:48 AM
6 minute learn
Insurance coverage Regulation
The numbers are in, and like a canine’s tail, they don’t lie: pet insurance coverage is on its method to turning into a booming {industry}. On Might 17, The North American Pet Well being Insurance coverage Affiliation (NAPHIA) issued its long-awaited 2022 state of the {industry} report. North America’s pet insurance coverage sector exceeded $2.83 billion at year-end 2021, that means the {industry} has greater than doubled since 2018.
In carefully monitoring the {industry}, because of this 2021 noticed a close to $700 million enhance in whole in-force premiums (up over 30.5% from 2020), and there at the moment are 4.41 million pets insured throughout the USA and Canadathat’s numerous protected pets! Nevertheless, contemplating that based on The Humane Society of the USA there are over 128 million properties in the USA alone that personal petsand a few of them personal a number of pets (and this doesn’t rely Canada), which means solely a small fraction of the whole variety of pets in North America are presently insured. The fledgling pet insurance coverage {industry} is simply getting began.

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