Pet Health Insurance is emerging as a viable and sustainable sector and many U.S. and Canadian start-ups are turning to the numbers when they consider their next business move.
The American Pet Product Association estimates the size of the North American pet insurance industry is close to $500 million, with an average growth rate of 13% each year. The industry is forecast to grow organically as consumers and companies become more familiar with pet insurance brands and opportunities.
In Canada, Wal-Mart (2012), PetPlan (2012) Pets Plus Us (2013) are new to the pet insurance market. In the United States, Cabelas (an outdoor outfitting retailer) began offering pet insurance in 2011 when it discovered Cabelas customers, outdoor and hunting enthusiasts, wanted to take care of their pets as well.
According to Veterinary Pet Insurance (VIP), the oldest and largest pet insurance provider in the U.S., pet insurance is successful as more and more people consider pets as members of the family.
Pet insurance companies are also seeing an increase in the number of policies offered to employees as part of their insurance package. More than 3,000 companies offer VPI pet insurance, including one-third of the Fortune 500 companies.
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