Avi Ben-Hutta
Editor at Coverager

NAPHIA releases pet insurance market figurers

The North American Pet Health Insurance Association released its 2024 State of the Industry Report, which shows that the North American pet health insurance sector grew by 21.9% in 2023.

Based on the report, the North American pet insurance industry recorded $4.27 billion in total premiums sold in 2023, a 21.9% increase from $3.5 billion in 2022. Over 6.25 million pets were insured across North America, a 20.9% increase from the 5.17 million pets insured in 2022.

In the US, total premium volume (as reported by NAPHIA members) was $3.91 billion, a 21.6% increase over 2022. According to estimates, there are 154 million pets in the US and the average pet insurance penetration rate is 3.69% (5.07% for dogs and 1.84% for cats).

Additional highlights:

United States

  • $3.91 billion – total premium volume (21.6% YoY)
  • 5,676,776 million – total number of pets insured (17.1% increase YoY)
  • $2.48 billion – total amount of claims paid in 2023 (29.8% increase YoY)
  • More than a third of US insured pets reside in California (18.3%), New York (7.5%) and Florida (6.2%)
  • 78.6% of insured US pets were dogs versus 21.4% cats
  • Average accident and illness premium for dogs was $675.61/year or $56.30/month
  • Average accident and illness premium for cats was $383.30/year or $31.94/month
  • The US represents ~90% of the total number of insured pets in North America.

Canada

  • $485.5 million CAD – total premium volume (29.8% increase YoY)
  • 577,785 – total number of pets insured (13.6% increase YoY)
  • $258.2 million CAD – total amount of claims paid in 2023 (22.8% increase YoY)
  • Majority of insured pets reside in Ontario (37.9%), British Columbia (18.7%) and Alberta (16.4%)
  • 75.5% of insured Canadian pets were dogs versus 24.5% cats
  • Average accident and illness premium for dogs was $940.91/year or $78.41/month CAD
  • Average accident and illness premium for cats was $488.73/year or $40.73/month CAD
  • Canada represents ~10% of the total number of insured pets in North America.

Access the full report here.

NAPHIA’s State of the Industry Report has been published using data compiled, aggregated and validated by Willis Towers Watson. NAPHIA members and SOI participants represent 99% of all pet health insurance coverage in effect in North America.