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.
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?
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