Pet insurance hits $1.42B in premiums

Pet insurance reached new heights in 2018, according to the North American Pet Health Insurance Association (NAPHIA).

By the end of 2018, total premiums reached $1.42 billion in North America, and the number of insured pets in the United States was up 18% to 2.16 million.

Pet owners continue to choose policies mostly for accident and illness coverage, which makes up 98% of coverage in the United States, but also includes insurance with embedded wellness. (What are the most common claims? Click here.)

The organization also shared the average accident and illness premiums:

> Dogs: $47/month in the United States, $61/month in Canada

> Cats: $29.50/month in the United States, $33/month in Canada

NAPHIA is comprised of pet health insurance organizations in Canada and the United States and has been monitoring trends in its industry since 2013.