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Wednesday, October 20, 2010

Pet Insurance in North America, 4th Edition

Now in its fourth edition, Packaged Facts’ Pet Insurance in North America is the most comprehensive examination of the U.S. and Canadian pet insurance markets available and a must-have for any company interested in this dynamic industry. Although sales growth slowed due to the recession, revenues (measured as gross written premiums) remained in the double digits in 2009 while delivering a 2005-2009 compound annual growth rate of 21%. Packaged Facts expects the North American market for pet insurance to continue to chart strong annual increases over the next five years, with the high level of competitive activity helping to offset the slow economic recovery and ongoing challenge of communicating the value of pet health insurance to budget-watching consumers.

As of 2010, industry pioneer Veterinary Pet Insurance (VPI) continues to lead the market. However, both the U.S. and the Canadian pet insurance markets have experienced significant market share shifts during the past five years as more than a half dozen new companies have come onto the field. Each of these companies brings with it unique strengths, in some cases including potent co-marketing affiliations with powerful brands (e.g., PetPartners and the AKC, PurinaCare with its own famous name), and in other cases including important retail channel thrusts (e.g., PetFirst with Kroger and Petfinder.com, and Trupanion with Petco). The industry is also seeing more investment backing and large insurance companies coming into the market as underwriters, including Aon with Healthy Paws, Aetna with Pets Best, and Berkshire Hathaway with PurinaCare.
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