Boise, ID, April 27, 2018 --(PR.com
)-- North America’s pet health insurance sector posted another record year in 2017 with the total number of pets insured in the U.S. and Canada reaching over 2 million. This represents a market average increase of almost 17 percent year over year, according to the just released 2018 NAPHIA State of the Industry Report (SOI).
“While we’ve seen steady growth since 2013, this double-digit increase is well ahead of the just over 11 per cent growth in 2016,” said Tim Graff, president of APIC, Trupanion’s underwriter, and chair of the benchmarking working group for NAPHIA.
According to the 2018 report, the pet insurance marketplace also surpassed the $1 billion mark in gross written premium (GWP) by the end of 2017, an increase of 15 percent over 2016. The SOI Report tracks trends based on data gathered independently from member companies.
Rick Faucher, NAPHIA President and President of Pet Health Division for The IHC Group, noted that the report provides market information that’s not available anywhere else. “This unique report is based on confidential data provided by all of the major companies that offer pet health insurance in North America, representing over 99 percent of the market.” Faucher indicated that this data is not released to other organizations or included in any other market reports.
The annual report is compiled by Willis Towers Watson, who collects, aggregates and validates the data gathered from NAPHIA members.
According to Kristen Lynch, NAPHIA’s Executive Director, “All participants in the survey also indicated that the current economic climate for pet insurance was positive.”
Other Report Highlights:
– Average accident and illness premium for dogs in 2017 was $535 or $44.58/month
– Average accident and illness premium for cats in 2017 was $335.19 or $27.93/month
*Reflects Canadian currency
Get the Report:
The 2018 State of the Industry Report Highlights and executive summary are available free for download at www.naphia.org.
The complete version is available for purchase and includes detailed breakdowns of GWP and number of pets insured for the U.S. and Canada, by state/province and by company. It also features extended data trending and analysis on key industry benchmarks.
For More Information:
Full report coming soon: https://naphia.org/industry/research-and-reports/
The North American Pet Health Insurance Association (NAPHIA) is comprised of reputable PHI organizations from across Canada and the United States. NAPHIA’s membership makes up over 99 percent of all pet health insurance coverage in effect in North America.
As a coalition, NAPHIA works to advance and grow the PHI industry through proactive research, data sharing, benchmarking initiatives, advocacy efforts, strategic partnerships, resource sharing and the dissemination of information to collaboratively address challenges and opportunities. Each year, NAPHIA marks its performance and growth with the release of its State of the Industry Report at the annual NAPHIA Summit.