Dublin, Nov. 25, 2024 (GLOBE NEWSWIRE) -- The "U.S. Pet Insurance Market Size, Share & Trends Analysis Report by Coverage (Accident & Illness, Accident Only), Animal (Dogs, Cats), Sales Channel (Agency, Broker), States, and Segment Forecasts, 2025-2030" report has been added to ResearchAndMarkets.com's offering.
The U.S. pet insurance market was valued at USD 4.99 billion in 2024 and is projected to grow at a CAGR of 20.98% from 2025 to 2030 to reach a market valuation of USD 15.71 billion.
The increasing disbursement of insurance claims, the rise in underwritten policies, the increase in veterinary care costs, initiatives by key companies, and the evolution of regulatory structures are critical drivers of this market. 
One of the primary drivers of this market is the substantial increase in the annual gross written premium (GWP) of pet insurance, which indicates the increasing adoption of pet insurance among pet owners across the country. According to the North American Pet Health Insurance Association's (NAPHIA) State of the Industry (SOI) 2024 report, the GWP has increased substantially by more than 35% from 2019 to 2023. The GWP was valued at around USD 1.5 billion in 2019, which rose to more than USD 3.9 billion by 2023. This highlights the massive demand for viable insurance plans that can cover veterinary fees among pet owners in the country
Furthermore, the need is also highlighted by the staggering amount of disbursed insurance claims for pets. According to NAPHIA SOI reports, the highest insurance claim amount in dogs & cats ranged from USD 20,000 to USD 60,000 in 2023. These amounts spotlight the ever-rising veterinary care costs driving pet owners to opt for insurance covers.
For instance, an April 2024 article published in USA Today highlighted the Bureau of Labor Statistics reports regarding more than a 7.9% price rise in urban veterinary services within just a year, i.e., between 2023 and 2024. Furthermore, it was noted that urban pet care costs have seen 11% in the last 2 years and nearly 60% over the previous decade. The organization also conducted a survey, known as "USA Today Blueprint," among the country's veterinary industry participants. This survey indicated that 91% of participant pet owners experienced financial stress due to high veterinary care costs. Another poll conducted by Forbes Advisor inferred that 63% of pet owners struggle with unexpected vet bills, and around 42% showcased a willingness to incur debts to pay these bills. These factors indicate a rising demand for pet insurance amidst increasing veterinary costs and corroborate the high growth in GWP in the country over the last few years.
However, some recent developments in the market may hamper its growth. For instance, in June 2024, one of the largest pet insurance providers in the country, Nationwide Mutual Insurance, announced the cancellation of more than 100,000 pet insurance policy coverage and will not be eligible for renewal. The company cited rising veterinary care costs as one of the leading reasons for this decision. Such developments create uncertainty for pet owners towards pet insurance providers, which may prove to be deteriorating for the market in the future.
U.S. Pet Insurance Market Report Segmentation
This report forecasts revenue growth at country and state levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, the analyst has segmented the U.S. pet insurance market report based on coverage, animal, sales channel and states.
Why should you buy this report?
- Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments
- Competitive Landscape: Explore the market presence of key players worldwide
- Future Trends: Discover the pivotal trends and drivers shaping the future of the global market
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions
This report addresses:
- Market intelligence to enable effective decision-making
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listing for you to stay ahead of the curve
The leading players in the U.S. Pet Insurance market include:
- Trupanion, Inc.
- Jab Holding Company
- Nationwide Mutual Insurance Company
- Allianz
- Fetch Pet Insurance
- Spot Pet Insurance
- MetLife, Inc.
- Odie Pet Insurance
- Crum & Foster
- ManyPets (EQT Group)
- Lemonade Inc.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 100 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $4.99 Billion |
| Forecasted Market Value (USD) by 2030 | $15.71 Billion |
| Compound Annual Growth Rate | 20.9% |
| Regions Covered | United States |
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. U.S. Pet Insurance Market Variables, Trends, & Scope
3.1. Market Lineage Outlook
3.2. Market Dynamics
3.2.1. Market Drivers Analysis
3.2.1.1. Increasing Disbursement of Insurance Claims
3.2.1.2. Rise in Underwritten Policies
3.2.1.3. Increasing Veterinary Care Costs
3.2.1.4. Initiatives By Key Companies
3.2.1.5. Evolving Regulatory Structure
3.2.2. Market Restraints Analysis
3.2.2.1. Cancellation of Policies
3.2.2.2. Pet Insurance Cost Concerns
3.2.2.3. Regulatory Scrutiny
3.2.3. Market Opportunity Analysis
3.2.4. Market Challenges Analysis
3.3. Pet Insurance Market Analysis Tools
3.4. COVID-19 Analysis
3.5. Estimated Pet Population, by key states.
Chapter 4. U.S. Pet Insurance Market: Coverage Estimates & Trend Analysis
4.1. Segment Dashboard
4.2. Pet Insurance Market: Coverage Movement Analysis, USD Million, 2024 & 2030
4.3. Accident & Illness
4.4. Accident Only
4.5. Others
Chapter 5. U.S. Pet Insurance Market: Animal Estimates & Trend Analysis
5.1. Segment Dashboard
5.2. Pet Insurance Market: Animal Movement Analysis, USD Million, 2024 & 2030
5.3. Dogs
5.4. Cats
5.5. Others (horses, small mammals, pet birds, etc.)
Chapter 6. U.S. Pet Insurance Market: Sales Channel Estimates & Trend Analysis
6.1. Segment Dashboard
6.2. Pet Insurance Market: Sales Channel Movement Analysis, USD Million, 2024 & 2030
6.3. Agency
6.4. Broker
6.5. Direct
6.6. Bancassurance
6.7. Others
Chapter 7. U.S. Pet Insurance Market: State Estimates & Trend Analysis
7.1. U.S. Pet Insurance Market Share, By State, 2024 & 2030, USD Million
7.2. California
7.3. New York
7.4. Florida
7.5. Texas
7.6. New Jersey
7.7. Pennsylvania
7.8. Massachusetts
7.9. Washington
7.10. Illinois
7.11. Other States
Chapter 8. Competitive Landscape
8.1. Market Participant Categorization
8.2. Company Market Position Analysis/ Heat Map Analysis
8.3. Estimated Company Market Share Analysis, 2024
8.4. Strategy Mapping
8.4.1. Mergers & Acquisitions
8.4.2. Partnerships & Collaborations
8.4.3. Others
8.5. Company Profiles
- Trupanion, Inc.
- Jab Holding
- Nationwide Mutual Insurance
- Allianz
- Fetch Pet Insurance
- Spot Pet Insurance
- MetLife, Inc.
- Odie Pet Insurance
- Crum & Foster
- ManyPets (EQT Group)
- Lemonade Inc.
For more information about this report visit https://www.researchandmarkets.com/r/xtw4kq
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