Packaged Facts projects the pet insurance industry will double by 2022.
According to Market Research firm Packaged Facts, the pet insurance industry is primed for major growth over the next several years. Titled “Pet Insurance in the U.S., 6th Edition”, the firm projects an industry upsurge from $1 billion in 2017 to a projected $2 billion by 2022. Here are the five main factors responsible for its growth.
Many pet owners don’t even know pet insurance exists. As a industry network of veterinarians, employers, shelters and breeders codify, pet insurance will increase in popularity. Marketing efforts for pet insurance and increased consumer awareness will be critical to industry growth.
For many pet owners, the concept of pet insurance seems like a luxury. However, a healthy economy means an increase in discretionary spending. More and more pet owners will have the money and confidence in the economy to entertain pet insurance.
Ease of Enrollment
Like any type of insurance these days, enrollment in an insurance policy is becoming increasingly easy. There are several pet insurance companies that currently provide policies online.
Expense of Care
Veteranarian costs are on the rise, driving pet owners toward insurance. Many pet owners that previuosly opted out of insurance are taking a closer look after seeing an increase in out of pocket costs.
Changing Perceptions of Pets
More and more pet owners perceive their pets as members of the family and see the value in providing insurance.Packaged Facts claims the industry is still in its infancy. With a number of predictors trending upward the pet insurance industry is likely to see more providers and continued growth. Download the entire Packaged Facts report here.