Furry Friends Fuel Growing Pet Insurance Market

Did you know that the canine silver screen star “Lassie” received the very first pet insurance policy in the US? In fact, animal insurance dates to Sweden in 1890, initially covering horses and livestock and later expanding to include pets – cats and dogs.  These policies help cover veterinary expenses, from routine care to costly procedures, offering accidental, comprehensive, and wellness coverage. 

In 2022, more than 4 million cats and dogs in the U.S. were insured. Unsurprisingly, the pet insurance market is thriving, with a projected 14.3% annual growth from 2021 to 2030, reaching a substantial value of US$16.8 billion by 2030. 

While North America currently dominates the market, the Asia-Pacific region is poised for substantial growth, driven by increasing awareness of pet care and insurance benefits. 

Despite the recent surge in pet adoption during lockdowns, nearly 40% of pet owners remain uninsured. This gap represents a significant opportunity for insurance brands.  

Challenges in this industry involve setting appropriate coverage limits, insuring pets with pre-existing conditions, and addressing high premiums. 

Are insurers ready to provide pet owners with tailored offerings in the fast-growing pet insurance space?                 

For media enquiries, please contact:
Marie Teo
Manager, Group Marketing Communications
Spire Research and Consulting
Phone: (65) 6838 5355
E-mail: [email protected]