Pet Insurance Business

The pet insurance business is an industry that is poised for rapid growth over the next decade. During the early part of this decade it was estimated that this industry has grown at over 20% every year.

And it is estimated by several sources that anywhere from less than 1% to up to 3% of pets have insurance policies. This leaves a room for tremendous growth.

Remember in Europe some countries have well over 50% of pet have insurance policies.

With a rough estimate of about 150 million Pets in America you can see the potential for growth in this industry.

If you’re even considering getting into this business you should do everything possible to get in now at the ground floor before this industry becomes a more mature market where companies consolidate.

At this point there are still at least eight companies that sell pet insurance in America. But like most industries as it matures there will be consolidation and buyouts.

As the industry matures there is less and less chance for an easy entry which is why if you’re considering this industry is important to do it right now,

One company, Packaged Facts, estimates that pet insurance will grow at a 25% growth rate to reach about $400 million by the year 2010.

Economic conditions

With a growing financial crisis in America more or more pet owners will likely be looking towards some sort of financial protection in the form of pet insurance in the future.

Having a pet policy can protect an owner from the large expense of emergency veterinary visits, which is the most devastating financially.