21+ Important Pet Insurance Statistics In 2023 & Beyond
Pet insurance started in 1890, not for pets, but for livestock. Since then the pet insurance industry has grown rapidly, especially in the last few decades.
Today, over 70% of households own pets, and 3.45 million pets are insured.
From insurance statistics to yearly growth and market share, here is everything you need to know about our favorite companions and their insurance coverage.
Table Of Contents
Key Pet Insurance Statistics
- The entire U.S. pet insurance industry is worth $2.5 billion. (IBISWorld)
- The number of pets insured has increased at an annual growth rate of 23.4% over the past 5 years. (NAPHIA)
- Dogs are the majority of insured pets making up 82.9% of all pet insurance policies.
- Of the over 154 million pets in the U.S., only approximately 2.2% of them are insured. (APPA, NAPHIA)
Pet Insurance Market Statistics
- The pet industry is forecasted to grow by over 7.7% through 2027. (GMInsights)
- The pet insurance market is expected to be $3.9 billion in 2027. (GMInsights)
- There was $2.174 billion of in-force gross written pet insurance premium in 2020. (NAPHIA)
Pet Ownership Breakdown
- Pet ownership has grown from 56% of households in 1988 to close to 70% today. (APPA)
- According to the American Pet Products Association, 69 million people own a dog. (APPA)
- California has by far the highest share of pet ownership, at 19.2% of all pets being from California. (NAPHIA)
Here is a breakdown of pet ownership.
Expenses on pets are rising rapidly, and have more than doubled in the last 10 years.
Total expenditures are now over $100 billion a year.
Below are the total U.S. pet industry expenditures since 2010.
Here is a breakdown of the average annual dog and cat expenses.
Pet Vet Care & Products
- Spending on vet care has been increasing steadily. $32.3 billion was spent on vet care in 2021, up from $31.4 billion in 2020. This explains much of the rise in people interested in pet insurance.
Vet prices will depend on the area, but below are average estimates for routine vet care.
Source: Emergency Vets
Surgeries and other unexpected vet costs can be much more than routine care.
Here is a breakdown of costs for various surgeries.
Source: Emergency Vets
- The average dog pet insurance premium is $50/month. (NAPHIA)
- The average cat pet insurance premium is $28/month. (NAPHIA)