Pet insurance hits $1.42B in premiums
Coverage for cats and dogs in the United States and Canada continues to show growth, according to data from the North American Pet Health Insurance Association.
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.