Lemonade's pet insurance policies start at $12 a month with a 10% discount for existing home insurance policyholders. (Photo: Lemonade) Lemonade's pet insurance policies start at $12 a month with a 10% discount for existing home insurance policyholders. (Photo: Lemonade)

Americans sure do love our pets. Consider how Americans spent approximately $75 billion on pets in 2019 alone, including health costs. So it's no surprise that more pet parents are purchasing pet insurance to help with the high costs of veterinary bills.

But it's not just stateside pet owners who recognize the benefits of insuring their dogs, cats and every species in between. Fortune Business Insights projects the global pet insurance market to reach $11.25 billion by 2026. As such, insurance companies are hoping to gain a piece of the pie.

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Heather A. Turner

Heather A. Turner is the managing editor of ALM's NU Property & Casualty Group. She can be reached at [email protected].

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