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Statistical Facts of Various Insurances in the United States

Insurance Post - Statistical Facts of Various Insurances in the United States

INSURANCEPOST.MY.ID – There are a couple of sources of records for many of the pet insurance plan market. You can draw your own conclusions, so we have gathered right here together with references.

How massive is the pet insurance enterprise United States

NAPHIA estimated in late 2012 used to be just over 1 million animals secured with annual premiums throughout the enterprise between $ 475 and $ 500 million. Annual premiums grew at a compound charge of 13% between 2008 and 2012.

Number of Animals Pet Insurance

NAPHIA Using the numbers above, solely 0.65% of the population of puppies and cats was secured in 2012. 

This calculation is very easy to do – is the variety of insurance policies in force at the give up of the year, divided through the whole populace 1 cat and dog. So pets insured 1,040,000 divided by about a hundred sixty five million Americans pet offers 0.65%.

This is lots less than 3% of dogs and 1% of cats than others, like the American Pet Products Association estimates. 

Hug believes these figures are exaggerated through the biases of the survey due to the fact the passionate pet parents reply to surveys at a higher price than different respondents.

At a high level, however, is clearly not possible that 3% of the dog populace and 1% of the cat population to be insured, due to the fact that would imply an enterprise insurance plan an awful lot larger pet reporting data indicate

What is the market share of every pet Insurance Company?

We estimate that the market share by the year stop 2012 of the three biggest insurance corporations pet for VPI (49%), the Hartville (10%) team and premium Petplan USA (9%).

How many agencies promoting pet insurance?

Hug knows ten groups selling pet insurance plan actively in the US .:

  • Embrace Pet Insurance (Beachwood, Ohio)
  • Trupanion Pet Insurance (Seattle, Washington)
  • Veterinary Pet Insurance (Brea, California)
  • Pets Best Insurance (Boise, Idaho)
  • Petplan USA (Philadelphia, Pennsylvania)
  • PetHealth Inc. (Oakville, Canada)
  • PetFirst Healthcare (Jeffersonville, Indiana)
  • PetPartners (Raleigh, N. Carolina)
  • Healthy Paws Pet Insurance (Seattle, Washington)
  • Hartville Group (Canton, Ohio) 
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