{"id":23757,"date":"2023-05-08T21:44:01","date_gmt":"2023-05-08T21:44:01","guid":{"rendered":"https:\/\/todaysveterinarybusiness.com\/?p=23757"},"modified":"2023-05-09T22:03:31","modified_gmt":"2023-05-09T22:03:31","slug":"pet-insurance-2022-report","status":"publish","type":"post","link":"https:\/\/navc.sitepreview.app\/todaysveterinarybusiness.com\/pet-insurance-2022-report\/","title":{"rendered":"Pet Insurance Industry Enjoys a Record Year"},"content":{"rendered":"

The U.S. pet insurance market grew by double digits in 2022 as policyholders spent an all-time high of $3.22 billion and the number of covered pets rose to a record 4.85 million.<\/p>\n

In the United States and Canada, the industry generated more than $3.5 billion in combined revenue, a 23.5% jump from the year before. The number of insured Canadian pets surpassed 500,000 for the first time.<\/p>\n

\u201cWith more than 5 million pets now insured across North America, it\u2019s clear that more and more pet owners are viewing pet health insurance as an ideal way to ensure their pets are well cared for,\u201d said Kristen Lynch, executive director of the North American Pet Health Insurance Association.<\/p>\n

The trade group\u2019s State of the Industry Report found that U.S. spending on pet insurance skyrocketed by 24.2% in 2022. Of the 4.85 million insured U.S. pets, 80% were dogs.<\/p>\n

\u201c2022 marked a return to pre-COVID levels of growth for our industry,\u201d said Rick Faucher<\/a>, NAPHIA\u2019s president and the CEO and founder of Toto Pet Insurance. \u201cThis steady growth is significant during a period when many North Americans were also forced to make difficult decisions on their household spending.<\/p>\n

\u201cIt\u2019s the product\u2019s strong value proposition that is driving the significant advances the North American pet insurance industry has experienced over the past five years.\u201d<\/p>\n

According to the report, the five largest U.S. insurers and their 2022 sales were:<\/p>\n