Pet Ownership And 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.
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.