Trade skilled a ~22% year-over-year income improve whereas surpassing the $4 billion mark for the primary time
WINNIPEG, MB, April 10, 2024 /CNW/ – The North American Pet Well being Insurance coverage Affiliation (NAPHIA) at this time launched its 2024 State of the Trade (SOI) Report displaying the North American pet medical insurance sector grew one other 21.9% in 2023.
This yr’s SOI Report indicated, for the primary time, the North American pet insurance coverage {industry} had exceeded the $4 billion mark, with a record-setting $4.27 billion USD in whole premiums bought in 2023 (a 21.9% improve from $3.5 billion USD in 2022) and over 6.25 million pets insured throughout North America (a 20.9% improve from the 5.17 million pets insured in 2022).
In Canada, whole premium quantity* totalled $485.5 million CDN, a rise of 29.8% over the earlier yr. With an estimated 16.4 million pets in Canada, and a median penetration charge of three.52% (5.52% for canines and 1.67% for cats), Rick Faucher, NAPHIA President and Chief Partnerships Officer with Fetch Pet Insurance coverage, expressed his optimism for the {industry}’s continued long-term progress within the nation.
“Final yr, the Canadian market skilled its highest year-over-year progress charge since 2015 and outperformed the US market,” mentioned Faucher. “With the continued progress of the Canadian market and present penetration charge for canines and cats in Canada, we see an amazing upside for the {industry} in Canada and are very inspired in regards to the future.”
NAPHIA Government Director Kristen Lynch famous the 23.6% common progress charge in Canada over the previous 5 years demonstrates that many Canadian pet house owners perceive the worth of pet insurance coverage and expertise its affect in mitigating sudden veterinary prices.
“At a time when households are experiencing rising monetary pressures, pet insurance coverage offers house owners with monetary safety to cowl the rising prices of veterinary care,” mentioned Lynch. “Our {industry}’s robust progress is proof that Canadian pet households acknowledge the worth of pet medical insurance protection and recognize the understanding it provides in these cases when their pet has an sudden sickness or harm.”
The SOI Report is printed yearly to offer NAPHIA members, {industry} regulators, media, and different events with key benchmarks on the up to date standing of the North American pet insurance coverage {industry}.
* As reported by NAPHIA members
Some Trade Highlights:
NAPHIA’s State of the Trade (SOI) Report has been printed utilizing information compiled, aggregated and validated by the worldwide multinational danger administration and advisory agency Willis Towers Watson. NAPHIA members and SOI individuals symbolize 99% of all pet medical insurance protection in impact in North America.
To view the outcomes and obtain the total report, please go to: https://naphia.org/industry-data/
Canada
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$485.5 million CAD – whole premium quantity (29.8% improve YoY)
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577,785 – whole variety of pets insured (13.6% improve YoY)
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$258.2 million CAD – whole quantity of claims paid in 2023 (22.8% improve YoY)
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Majority of insured pets reside in Ontario (37.9%), British Columbia (18.7%) and Alberta (16.4%)
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75.5% of insured pets have been canines versus 24.5% cats
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Common accident and sickness premium for canines was $940.91/yr or $78.41/month CAD
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Common accident and sickness premium for cats was $488.73/yr or $40.73/month CAD
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Canada represents ~10% of the overall variety of insured pets in North America
United States
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$3.91 billion USD – whole premium quantity (21.6% YoY)
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5,676,776 million – whole variety of pets insured (17.1% improve YoY)
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$2.48 billion USD – whole quantity of claims paid in 2023 (29.8% improve YoY)
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Greater than a 3rd of U.S. insured pets reside in California (18.3%), New York (7.5%) and Florida (6.2%)
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78.6% of insured pets have been canines versus 21.4% cats
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Common accident and sickness premium for canines was $675.61/yr or $56.30/month USD
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Common accident and sickness premium for cats was $383.30/yr or $31.94/month USD
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The US represents ~90% of the overall variety of insured pets in North America
About NAPHIA
The North American Pet Well being Insurance coverage Affiliation (NAPHIA) is comprised of respected pet medical insurance organizations from throughout Canada and america. Because the {industry}’s commerce affiliation, NAPHIA works to advance and develop the pet insurance coverage {industry} and market by way of proactive analysis, information sharing, benchmarking initiatives, advocacy efforts, strategic partnerships, useful resource sharing and the dissemination of data to collaboratively handle challenges and alternatives.
SOURCE NAPHIA – The North American Pet Well being Insurance coverage Affiliation
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