The increased number of insured pets is attributed to the increased number of new pet owners, the strengthened bond between existing pets and their owners while working from home, and the rise of mental distress reported in the pets during the pandemic. (Credit: VadimGuzhva/Adobe Stock)
While pet insurance is not new, in recent years it has seen an increase in popularity and growth. The North America Pet Health Insurance Association (NAPHIA) reports that approximately 3.45 million pets were insured throughout the United States at the end of 2020, and pet insurance has increased at an average annual growth rate of 23.4% over the last five years.
The 2020 numbers are 23.2% higher than in 2019, leading the pet insurance industry to surpass $2.17 billion in premiums paid. In Canada, pet insurers reportedly sold $244.6 million in premiums, a 17.2% increase since 2019.
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