November 7, 2022
Agency
Pet Ownership And Insurance
Pet insurance
According to the North American Pet Health Insurance Association, (NAPHIA), pet insurance has existed outside the U.S. since the early 1900’s. Lassie, the famous TV collie, received the first pet insurance policy issued in the U.S. in 1982.
NAPHIA’s State of the Industry Report 2022 Highlights states that the total premium volume for pet insurance in the U.S. was nearly $2.6 billion. The total number of pets insured in the U.S. at year-end 2021 was 3.9 million, a 28 percent increase since 2020. The average accident and illness premium for dogs was $583 a year or $49 a month. The average accident and illness premium for cats was $343 a year or $29 a month. The largest share of insured pets reside in California, New York, and Florida. The largest number of pets insured were dogs at 82 percent versus cats at 18 percent.
Pet ownership in the United States
Seventy percent of U.S. households, or about 90.5 million families, own a pet, according to the 2021-2022 National Pet Owners Survey conducted by the American Pet Products Association (APPA). This is up from 56 percent of U.S. households in 1988, the first year the survey was conducted, and 67 percent in 2019.
Total pet industry expenditures in the U.S. totaled $123.6 billion, up 19 percent from $103.6 billion in 2020.
Number of U.S. Households That Own a Pet, by Type of Animal
(millions)
|
Source: American Pet Products Association’s 2021-2022 National Pet Owners Survey.
Total U.S. Pet Industry Expenditures, 2012-2021 (1)
($ billions)
|
(1) Includes food, supplies and over-the-counter medicine, veterinary care, live animal purchases and grooming and boarding.
(2) Expenditures for 2018 to 2021 are from the 2021-2022 American Pet Products Association’s 2021-2022 National Pet Owners Survey; expenditures for 2010 to 2017 are from earlier surveys.
Source: American Pet Products Association’s National Pet Owners Surveys.
Basic Annual Expenses for Dogs and Cats (1)
|
(1) APPA does not ask survey participants how much in total they spend on their dog or cats annually. The expenses listed above are not all inclusive and each category was asked separately of the survey participant.
Source: American Pet Products Association’s 2021-2022 National Pet Owners Survey.
Contact us for all your insurance needs!
Buffalo Grove, Lincolnshire, Mundelein, and Vernon Hills residents, at R Hobbs Insurance Agency, we can work with you to make sure you’ve got the coverage you need, while at the same time using all possible credits and discounts to make that coverage affordable. Just give us a call at (847) 680-0888 or send us a note at [email protected]. We want to help you meet your goals, and make sure what’s important to you is protected!
Content source: iii.org
