Pet Insurance Market in North American Continues to See Growth

Farmington, CT (I-Newswire) November 15, 2010 - According to the new report, "sales of pet insurance in the United States total $303 million in 2009, up 16% from $262 million in 2008, when sales rose 27%." In light of these projected growth rates, "despite the currently high level of market dynamism, our projection represents significant moderation over the 25%-35% rates we predicted in previous editions due to the lingering effects of the recessions," states David Lummis, Packaged Facts senior pet market analyst. "That said, the level of competitive activity is at an all-time high, and with so many irons in the first we are not ruling out a higher growth rate. However, such growth will depend on the ability of marketers to move from what appears to be a stage of market cannibalization to one of more uniform growth via an expanded overall consumer base."

Gross written premiums (GWPs), also known as "annualized premiums" or "earned premiums" are the primary tool for calculating market size in this report. GWPs are defined as the revenues expected to be received over the life of the contract when a non-life insurance company closes a contract to provide insurance against loss".

Currently, industry pioneer Veterinary Pet Insurance (VPI) continues to lead the market. The pet insurance industry as a whole is experiencing more support in terms of investment backing and more large insurance companies are entering the market as underwriters (i.e. Aetna with Pets Best, Berkshire Hathaway with PurinaCare, and Aon with Healthy Paws).


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