{"id":10192,"date":"2021-05-10T12:40:23","date_gmt":"2021-05-10T19:40:23","guid":{"rendered":"https:\/\/todaysveterinarybusiness.com\/?p=10192"},"modified":"2022-06-15T17:47:54","modified_gmt":"2022-06-15T17:47:54","slug":"pet-insurance-2020-naphia-report","status":"publish","type":"post","link":"https:\/\/navc.sitepreview.app\/todaysveterinarybusiness.com\/pet-insurance-2020-naphia-report\/","title":{"rendered":"Pet Insurance Sees Another Year of Double-Digit Growth"},"content":{"rendered":"

U.S. pet owners spent just shy of $2 billion in 2020 on pet health insurance, a 27.5% one-year increase and an all-time record.<\/p>\n

Rick Faucher, the North American Pet Health Insurance Association\u2019s board president, called the sales figure a sign of a maturing, 41-year-old U.S. industry.<\/p>\n

\u201cWith only a fraction of the potential market realized, we are confident the North American pet health insurance market can continue on this steady pace of growth for the foreseeable future,\u201d he said.<\/p>\n

The number of insured U.S. pets hit 3,101,956, with 83% of them dogs and 17% cats. NAPHIA\u2019s annual report found that 19.2% of insured cats and dogs lived in California, 8.7% in New York and 5.8% in Florida.<\/p>\n

When Canadian premium sales of $188 million (U.S.) are added to the U.S. figure of $1.99 billion, the North American market saw its sixth consecutive year of double-digit growth.<\/p>\n

According to NAPHIA, evidence of the maturing market included:<\/p>\n