While 1-in-3 U.S. consumers adopted or considered adopting a pet during the pandemic, most decided against purchasing coverage for their new furry family member, according to a survey from Liberty Mutual Insurance, which also found nearly three-quarters of animal owners do not have a pet policy.
This low level of pet insurance adoption is despite high awareness for these types of plans, with 67% of consumers saying they know about pet policies.
Despite this, some are predicting big things for the pet insurance market, with projections of annually compounded growth of 7% through 2027.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
