Pet Insurance Sales Are Up
Pet insurance providers have grown tenfold during the last decade to 11 companies — including Pets Best Insurance, the Hartville Group and Embrace Pet Insurance.
Though only about 1% of U.S. dogs and cats are insured 2009 spending totaling $303 million is expected to jump to $753 million by 2014, according to a report by Packaged Facts research firm. Overall, pet insurance policy sales have increased between 8% and 10% annually at different companies, says Kristen Lynch, executive director for the North American Pet Health Insurance Association.
In 2011, Americans spent an estimated $50.8 billion on their pets, and more than a quarter of those expenses — $14.1 billion — came in the form of vet bills, according to the American Pet Products Association.