With a total addressable U.S. market standing around $2.5 billion, and with a five-year historical CAGR of 26%, the pet insurance market represents not only a business opportunity but also a pet life-saving opportunity. According to the North American Pet Health Association, insured dogs visit the vet 29% more and insured cats visit the vet 81% more than those uninsured. (Credit: Happy monkey/Shutterstock.com)
In 2020, the U.S. saw a pet boom of historic proportions, with around 90 million homes — that's 70% of U.S households — having a pet of some kind, according to the Insurance Information Institute. And it's a number that's growing. With the evolution of hybrid working and de-urbanization, pet category growth remains positive.
More interestingly at the macro level, this increase in pets has developed in lockstep with another pet trend; humanization — with 85% of pet parents now considering their pets part of the family rather than just an animal.
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