Pet Insurance Industry

The pet insurance industry has been growing at over a 20% annual growth every year this decade. Is estimated by some industry experts that it will continue to grow at 25% year after year.

With well over 150 million pets in America, and currently less than 1 or 3% insured depending on your source you can see that clearly there is a large room for growth in this industry.

Currently this industry is not as mature as other industries and has not yet undergone consolidation that some industries have.

Right now there are at least eight companies that sell plans in America, with at least that many more are in the UK and Europe as well.

Remember pet insurance is much more popular in Europe right now with some countries having up to 40% of their pet insured.

This leaves tremendous growth in the United States over the next few decades. If you can find a way to capitalize on this opportunity now would be a good time to do it.

You can do this by buying shares in publicly traded companies that sell policies, by working for one of these companies, or by becoming a pet insurance agent or broker.

Factors Contributing To Growth

1. Piece of Mind

Many pet owners love the peace of mind that pet insurance gives them. One trip to the emergency room with their pet can cost thousands of dollars and so having this key is to financial peace of mind and it really helps them sleep better at night

2. Veterinarian Bills.

Veterinary bills expenses are growing at twice the rate of inflation, which means many pet owner's salary simply cannot keep up with this growth rate. Insurance can give them some protection against this.

3. Pets as Children.

More and more families are treating their pets as if they are actual children, and most people have health insurance for their children so why not for their pet. With this humanization of pets, people are seeking more and more advanced care for them, which naturally leads them to getting pet insurance.

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