Pet Insurance Grows to a $1B Market

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For over a decade, Pets Best Insurance Services, LLC, a U.S. pet insurance agency based in Boise, Idaho, has been on the cusp of industry innovation, while helping to provide peace of mind to pet parents by offering customizable pet insurance plans and quick reimbursements on veterinary bills.

NAPHIA, the North American Pet Health Insurance Association, announced a new report stating that pet insurance is now a $1 billion industry. This is an especially incredible benchmark for Pets Best because, according to Pets Best, its founder, Dr. Jack Stephens, launched the pet insurance industry in the U.S. and wrote the first policy ever in 1981. Dr. Stephens brought together over 900 veterinarians to create the first pet insurance company in the U.S. and is known as the “father” of pet insurance in North America, according to the company. In 2005 he went on to co-found Pets Best by introducing innovations in online enrollment, claims processing, and a more customer-friendly reimbursement model that is now the industry norm.

“We have a very unique perspective of how far the pet insurance industry has come, because Jack [Stephens] was there from the very beginning,” Pets Best President Chris Middleton said. “Trends will come and go, but Pets Best has always been dedicated to Dr. Stephen’s original mission to end economic euthanasia.”

You can read the full report from NAPHIA here.