Industry experiences up to 22% year-over-year revenue growth while exceeding 4 billion dollars mark for the first time
Winnipeg, MB, April 10, 2024 /CNW/ – The North American Pet Health Insurance Association (NAPHIA) today announced its 2024 edition. State of the Industry (SOI) Report According to this, the North American pet medical insurance sector grew an additional 21.9% in 2023.
This year's SOI report For the first time in the North American pet insurance industry, 4 billion dollars With mark and record setting $4.27 billion Total premiums sold in USD in 2023 (up 21.9% y-o-y) 3.5 billion USD In 2022), more than 6.25 million pets will be insured worldwide. North America (20.9% increase from 5.17 million insured pets in 2022).
in Canadatotal premium amount* $485.5 million CDN, an increase of 29.8% from the previous year.There are an estimated 16.4 million pets Canadathe average prevalence is 3.52% (5.52% for dogs and 1.67% for cats); Rick FaucherNAPHIA President and Fetch Pet Insurance Chief Partnerships Officer expressed optimism for the industry's continued long-term growth domestically.
“Last year, the Canadian market recorded its highest year-on-year growth rate since 2015, outpacing the U.S. market,” Faucher said. “With the continued growth of the Canadian market and the current prevalence of dogs and cats, Canadais expected to be a huge upturn for the industry. Canada And I'm very encouraged about the future. ”
NAPHIA Executive Director kristen lynch We noted an average growth rate of 23.6%. Canada Data from the past five years shows that many Canadian pet owners understand the value of pet insurance and find it helps reduce unexpected veterinary costs.
“With increasing financial pressures on households, pet insurance provides pet owners with financial protection to cover increased veterinary costs,” Mr Lynch said. “The strong growth of our industry means that Canadian pet families recognize the value of pet health insurance coverage and appreciate the certainty insurance provides in the event their pet becomes unexpectedly ill or injured. This is proof of that.”
of SOI report is published annually to provide NAPHIA members, industry regulators, media, and other stakeholders with a key benchmark on the current state of the North American pet insurance industry.
* Reported by NAPHIA members
Industry highlights:
Mr. Nafia State of the Industry (SOI) Report is published using data compiled, aggregated and verified by Willis Towers Watson, a global multinational risk management and advisory firm. NAPHIA members and their SOI participants currently account for 99% of all active pet health insurance. North America.
To view results and download the full report, visit https://naphia.org/industry-data/.
Canada
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$485.5 million CAD – Total premium (up 29.8% year-on-year)
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577,785 – Total number of pets insured (13.6% increase compared to previous year)
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$258.2 million CAD – Total claims paid in 2023 (up 22.8% year-on-year)
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The majority of insured pets live in the following areas: Ontario (37.9%), british columbia (18.7%) and alberta (16.4%)
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75.5% of insured pets were dogs, compared to 24.5% for cats.
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The average premium for dog accident/illness insurance is $940.91/year or $78.41/month Canadian dollar
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The average accident/illness insurance premium for cats is $488.73/year or $40.73/month Canadian dollar
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Canada This represents approximately 10% of the total number of insured pets. North America
America
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$3.91 billion – Total insurance premium (21.6% compared to previous year)
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5,676,776 million – total number of insured pets (up 17.1% year-on-year)
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$2.48 billion – Total insurance claims paid in 2023 (29.8% increase compared to the previous year)
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More than one-third of insured pets in the United States live in the following areas: California (18.3%), new york (7.5%) and florida (6.2%)
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78.6% of insured pets were dogs, compared to 21.4% for cats.
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The average dog accident/illness insurance premium is $675.61/year or $56.30/month USD
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The average accident/illness insurance premium for cats is $383.30/year or $31.94/month USD
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The United States accounts for approximately 90% of the total number of insured pets. North America
About Nafia
The North American Pet Health Insurance Association (NAPHIA) is comprised of trusted pet health insurance organizations from around the world. Canada and US. As the industry trade association, NAPHIA works to collaboratively address challenges and opportunities in the pet insurance industry through proactive research, data sharing, benchmarking efforts, advocacy, strategic partnerships, resource sharing, and information dissemination. We are committed to advancing and growing our industry and markets.
SOURCE NAPHIA – North American Pet Health Insurance Association
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