Pulse - October 2024 - 8

Pet Insurance is a
Growing Industry,
Speed Bumps and All
By Don Jergler
'We're seeing a
bigger and bigger
shift towards
younger millennials,
elder Gen Z and
everyone in that 25to
35-year-old age
bracket.'
W
ant a picture of how the pet insurance industry has
evolved in the last five years? Just think of a J-curve: a
slight upward slope at first, and then straight up.
The J-curve analogy comes from Travis
Worra, general manager for the Midwest
and Southwest regions at Trupanion, a pet
insurance provider operating out of Seattle,
Washington.
That curve describes both the industry's
and the company's growth. Trupanion began
operating in 1998 and started slowly growing.
Just five years ago, roughly 500 people worked
at the company, which was mainly operating
in the U.S. The company now employs more
than 1,500 people, and operates in the U.S.,
Canada, Australia and Europe.
" The 30,000-foot view of pet insurance is in
the last five years, it's growing like crazy; most
importantly the number of pet parents who are
choosing pet insurance and deciding that 'Yes,
this is the right idea,' truly it's a J-curve, " Worra
said. " It's exponential how quickly it's grown. "
Data on the pet health insurance industry
from the North American Pet Health Insurance
Association supports his assertion. The
association's 2024 State of the Industry Report
8
shows pet insurance grew 21.9% in 2023. The
industry reached $4.27 billion in total premiums
in force in 2023 in North America.
More than 6.25 million pets were insured
across North America at the end of last year,
up roughly 20% from 2022. The average takeup
rate for pet insurance in the U.S. was 3.69%
and 3.52% in Canada. That's plenty of room
for more growth, but the group's figures show
the U.S. experienced 17.1% growth in the
number of insured pets last year, while the
Canadian market grew 13.6%.
The most populous U.S. state makes up
the majority of pet policies in force. According
to the NAPHIA report, 18.3% of insured
pets are n California. New York (7.5%),
Florida (6.2%), Texas (5.7%) and New Jersey
(4.9%) follow.
Far more dogs are insured than cats. The
rate of insured dogs in the U.S. was 5.0% and
it was 1.84% for cats, according to the American
Veterinary Medical Association's Pet
Demographics Survey 2023.
OCTOBER 2024
PULSE

Pulse - October 2024

Table of Contents for the Digital Edition of Pulse - October 2024

Chapter Meetings & Calendar
President’s Perspective
Pulsepoints
SCVMA Profile
FEATURE STORY
Practical Pathology
UC Davis Update
Updates
Tools for Success
Industry Insights
Resources
Disease Table
From the SCVMA Office
Pulse - October 2024 - Cover1
Pulse - October 2024 - Cover2
Pulse - October 2024 - Chapter Meetings & Calendar
Pulse - October 2024 - 2
Pulse - October 2024 - President’s Perspective
Pulse - October 2024 - Pulsepoints
Pulse - October 2024 - 5
Pulse - October 2024 - SCVMA Profile
Pulse - October 2024 - 7
Pulse - October 2024 - FEATURE STORY
Pulse - October 2024 - 9
Pulse - October 2024 - 10
Pulse - October 2024 - 11
Pulse - October 2024 - 12
Pulse - October 2024 - Practical Pathology
Pulse - October 2024 - UC Davis Update
Pulse - October 2024 - Updates
Pulse - October 2024 - 16
Pulse - October 2024 - Tools for Success
Pulse - October 2024 - 18
Pulse - October 2024 - Industry Insights
Pulse - October 2024 - 20
Pulse - October 2024 - Resources
Pulse - October 2024 - Disease Table
Pulse - October 2024 - 23
Pulse - October 2024 - 24
Pulse - October 2024 - 25
Pulse - October 2024 - 26
Pulse - October 2024 - 27
Pulse - October 2024 - 28
Pulse - October 2024 - 29
Pulse - October 2024 - 30
Pulse - October 2024 - 31
Pulse - October 2024 - 32
Pulse - October 2024 - 33
Pulse - October 2024 - 34
Pulse - October 2024 - 35
Pulse - October 2024 - 36
Pulse - October 2024 - 37
Pulse - October 2024 - 38
Pulse - October 2024 - 39
Pulse - October 2024 - From the SCVMA Office
Pulse - October 2024 - Cover3
Pulse - October 2024 - Cover4
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