North American Pet Health Insurance Market Sees Robust Growth, According to NAPHIA 2024 Report

The North American Pet Health Insurance Association (NAPHIA) has released its 2024 State of the Industry Report, showcasing substantial growth across the pet health insurance sector in North America. The report highlights notable year-over-year increases in both gross written premiums (GWP) and the number of insured pets, indicating robust industry expansion amid rising pet care costs and increased awareness of pet health needs.

According to the report, the GWP in the United States reached approximately $3.9 billion at the end of 2023, marking a 21.6% increase from the previous year. This growth, although slightly slower than in previous years, continues a trend of double-digit increases observed over the past five years. Canada also saw significant gains, with its GWP rising to $485.5 million, a 29.8% increase from 2022.

The number of insured pets has similarly surged, with a 17.1% increase in the U.S. and a 13.6% increase in Canada from the previous year. This growth in insured pets slightly outpaces GWP growth, suggesting an expanding market base and possibly more competitive pricing and product offerings.

In terms of market distribution, dogs continue to dominate the pet insurance landscape, making up 78.6% of insured pets in the U.S. and 75.5% in Canada. However, the report also notes a significant uptick in insurance for cats, reflecting a broader acceptance and recognition of the value of pet insurance among cat owners.

Pet insurance product lines have also diversified, with offerings ranging from accident-only policies to comprehensive plans that include wellness and preventative care. This diversification reflects the industry’s response to consumer demand for more tailored and inclusive insurance products that address a broader range of health needs.

The NAPHIA report also sheds light on the top medical conditions claimed for pets, with gastrointestinal issues and urinary tract infections being most common among dogs and cats, respectively. These insights not only help pet owners understand the potential health risks but also guide them in choosing the right insurance coverage.

This detailed industry analysis is crucial for stakeholders within the pet health insurance market, including insurance providers, pet owners, and veterinary professionals. It aids in understanding market trends, preparing for future growth, and addressing the health care needs of a growing number of insured pets.

For more information and further details on the findings, stakeholders and interested parties are encouraged to visit NAPHIA’s website.