Pet Insurance Volume Is Rising
Pet insurance revenues in North America have jumped 23 percent
since 2004 due in large part to pets’ growing status as
family members—particularly in households led by empty
nesters, seniors, singles and gay couples, according to a report
by Packaged Facts (New York), a division of MarketResearch.com.
If the market continues to grow at the same rate over the
next five years, as it is expected to do, it will reach $551
million in the United States and Canada, as measured by gross
written premiums, by 2010.
The most important growth drivers include increased spending
due to rising veterinary-related costs, expensive treatment
options and prescription drugs, and pet pampering among owners
with more disposable income.
Advertising expenditures by major insurance marketers, which
rose 353 percent between 2000 and 2004, and affinity marketing
that links insurers with household brands have helped build
consumer awareness for pet insurance.
”As the word about affordable pet insurance hits the
streets, more and more pet owners are choosing to safeguard
the health of the pets they call ‘family,’ ”
said Don Montuori, publisher of Packaged Facts. “They’re
becoming educated on pet-related cancer, periodontal disease,
urinary tract infections and a whole host of other illnesses,
and they’re seeking high-tech medical intervention including
surgery, chemotherapy, MRI and CT scans just as they would
through their own health insurance.”
For more information on “Market Trends: Pet Insurance,”
visit www.packagedfacts.com/pub/1087710.html. [February 2006
PET AGE]
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