Stats for Pet Insurance in 2023
Stats for Pet Insurance in 2023

Stats for Pet Insurance in 2023

Here’s an interesting pet insurance tidbit: The inaugural pet to be insured in the United States was none other than Lassie, the renowned TV collie, back in 1982. Presently, dogs dominate the ranks of the 5.36 million insured pets in the U.S., with approximately 80% being dogs compared to 20% being cats.

The average yearly expenditure for dog ownership is roughly $1,400, while cat guardianship entails around $1,150. However, these figures exclude unforeseen veterinary expenses arising from issues such as ingested foreign objects or cancer. Astonishingly, one out of every three pets requires emergency veterinary care annually, resulting in a pet receiving emergency treatment every 2.5 seconds in the U.S.

The pet insurance sector is witnessing a surge in momentum as pet owners increasingly realize the importance of safeguarding their cherished companions. The rapid growth in pet ownership, coupled with a growing understanding of potential pet healthcare costs, has led to a significant upswing in demand for the pet insurance industry.

NEWARK, Del, Aug. 14, 2023 (GLOBE NEWSWIRE) — Projections indicate that the Pet Insurance Market will attain a value of US$ 9.53 Billion in 2023 and is anticipated to reach US$ 40 Billion by 2033. Throughout this forecast period, sales within the pet insurance market are predicted to rise at a Compound Annual Growth Rate (CAGR) of 16.8%. An encouraging trend involves the emergence of specialized coverage plans. These tailored policies cater to specific breeds, age groups, or health conditions, thereby addressing the unique needs of individual pets and bolstering their well-being while addressing a variety of medical concerns.

This customization fosters a more profound sense of care, resonating with pet parents who seek personalized protection for their treasured companions. The infusion of technology is driving a revolution in the industry. Digital platforms facilitate streamlined claim processing, real-time health monitoring, and telemedicine services, thereby simplifying interactions between pet owners and insurers. This tech-savvy approach not only heightens convenience but also cultivates a stronger bond between pets and their human counterparts.

Furthermore, sustainability has emerged as a pivotal focus. Environmentally conscious pet parents are in search of insurance providers that align with their values by offering coverage options for holistic and alternative treatments, promoting a more sustainable and natural approach to pet healthcare. In terms of prospects, the underexplored domain of senior pet insurance is gaining traction. With pets living longer, there is an increasing demand for policies that address age-related conditions and provide comprehensive care for older animals.

Numerous pet owners depend on pet insurance to defray veterinary costs; nonetheless, the vast majority of pet proprietors remain without coverage. The ensuing pet insurance statistics shed light on various facets of the connection between pets and their owners.

Overview of Pet Insurance in the United States

Leading pet insurance plans encompass an array of coverage elements designed to assist with unexpected mishaps and illnesses. Furthermore, many plans offer the option to include a pet wellness package, which covers routine veterinary check-ups, vaccinations, and other essential costs for maintaining your pet’s well-being.

On average, the monthly premium for accident and illness pet insurance in the U.S. hovers around $53 for dogs and approximately $32 for cats. Over the past three years, the annual average expenses for veterinary visits in households with dogs or cats have experienced a significant rise.

Among dogs, the foremost medical condition is skin-related issues, while for cats, urinary tract infections take the lead. In an unprecedented development, recreational drugs entered the roster of the ASPCA’s top 10 toxins treated for animals in 2022.

In terms of insurance claims, the highest payout for medical-related incidents reached $60,882 for dogs and $40,057 for cats in the previous year. Notably, canine owners exhibit the greatest concern about their pets ingesting foreign substances or objects, including toys.

Pet Insurance Statistics

As of 2023, two-thirds of U.S. households are home to pets, marking a substantial 56% surge since 1986, based on a pet ownership statistics assessment by Forbes Advisor.

Regarding pet insurance coverage, a mere 4% of dog owners and approximately 1% of cat owners have chosen to insure their pets.

Further insights into pet insurance include:

– The cost of pet insurance tends to be higher for dogs compared to cats.
– A pet owner encounters a vet bill of $1,000 or more every six seconds.
– In 2022, the pet insurance market was valued at $8.6 billion, with a projected value of $16 billion by 2032.
– The count of insured pets has undergone double-digit increments over the last four years, maintaining an average growth rate of 26.6% since 2018.
– By the close of 2022, insurance companies amassed $3.2 billion in pet insurance premiums.

Pet Insurance by Breed

Your pet’s breed will be a factor when an insurer determines pet insurance costs. Large dog breeds like mastiffs tend to be more expensive to insure than small dog breeds like Chihuahuas. The most expensive dog breed to insure is the American Bandogge Mastiff, according to a Forbes Advisor analysis of pet insurance filings.

Pet insurance for dogs such as French bulldogs, golden retrievers, and German shepherds is more expensive than insurance for Chihuahuas, Shih Tzus, and small mixed breeds.
Pet insurance for a French bulldog is $63 more per month compared to a Chihuahua for a plan with unlimited annual coverage, a $500 deductible, and 90% reimbursement level.
Pet insurance for cats such as Maine coons, British shorthairs, and Abyssinians is more expensive than insurance for mixed breeds and domestic shorthairs.
Pet insurance for a Maine coon costs $10 per month more to insure than a domestic shorthair for a plan with unlimited annual coverage, a $500 deductible, and 90% reimbursement level.

Pet Insurance Costs by State in 2023

The location you reside in and the local expenses associated with veterinary care will influence the cost of your pet insurance. To illustrate, in California, pet insurance for a dog with a policy covering $5,000 in annual expenses, a $250 deductible, and 80% reimbursement, averages around $28 per month. In contrast, pet insurance in Texas is more budget-friendly, with an average monthly cost of $21 for the same plan.

The expense of pet insurance premiums can vary significantly depending on the state.

Arkansas stands as the least expensive state for dog pet insurance ($20 per month), while Connecticut ranks as the priciest state ($37 per month) for the same plan encompassing $5,000 in annual coverage, a $250 deductible, and 80% reimbursement.

Primary Medical Conditions for Dogs and Cats

Frequent medical issues can result in costly visits to the veterinarian. To illustrate, the typical expense for treating a urinary tract infection in cats amounts to $1,000.

Gastroenteritis/gastrointestinal conditions rank as the second most prevalent medical condition for both dogs and cats.
Additionally, urinary tract infections, skin conditions, diarrhea, and vomiting constitute other shared leading medical concerns for these animals.

Top 10 Pet Toxins

In 2022, the ASPCA aided over 278,000 pets nationwide that had ingested toxins, signifying a 5% escalation compared to the prior year. Remarkably, recreational drugs entered the top 10 list for the first time in 2022, displacing gardening products.

The leading toxins for pets in 2022 included:

1. Over-the-counter medications
2. Food
3. Human prescription medications
4. Chocolate
5. Plants
6. Household toxins
7. Veterinary products
8. Rodenticides
9. Insecticides
10. Recreational drugs

Annual Pet Care Expenses

On average, the annual expenses for caring for a pet are around $1,391 for a dog and $1,149 for a cat.[3] Nevertheless, these figures do not encompass substantial veterinary bills arising from issues like cancer or torn ligaments. If you’re contemplating pet insurance, the most effective approach to economize is to compare insurance quotes from various providers.

Cats typically incur lower costs of ownership compared to dogs. On average, cats amount to $242 less in annual expenses than dogs, and initial costs like spaying/neutering, vaccines, collars, and leashes are $575 less.

The primary annual expenses for dog owners consist of dog food (47%), veterinary bills and vaccinations (28%), and treats and toys (10%).[

Dental conditions rank as the eighth most prevalent medical issue for cats in 2022.

Leading Pet Insurance Claims in 2022

For those concerned about potential hefty veterinary expenses, considering a plan with unlimited annual coverage might be wise. Leading budget-friendly pet insurance providers offer accident and illness plans with unlimited coverage. Additionally, these providers often offer advantageous extras like access to a 24/7 pet telehealth line and the option to include wellness plans.

In 2022, the highest medical-related pet insurance claim payout for dogs amounted to $60,882.
For cats, the highest medical-related pet insurance claim payout in 2022 reached $40,057.

Health Worries of Pet Owners

Pet guardians grapple with a multitude of apprehensions regarding their cherished companions, encompassing potential confrontations with other animals, accidents involving vehicles, or ingestion of inappropriate objects. In the event of an unfortunate incident or a pet falling ill, pet insurance serves as a valuable resource for covering veterinary expenses.

When contemplating the value of pet insurance, it’s prudent to evaluate how a substantial and unforeseen vet bill might impact your financial stability.

A survey revealed that 23% of dog owners consider their dogs’ health issues to be the most significant challenge of pet ownership. The primary health-related concerns among dog owners include foreign object ingestion, vehicular accidents, and injuries from other animals.

Within the past year, dog owners reported postponing annual vet visits, vaccinations or booster shots, dental care, and spaying/neutering procedures due to financial constraints.

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