'Humanization' and Pet Pampering Help Stimulate Pet Insurance Sales to $551 Million by 2010
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NEW YORK, Nov. 17 /PRNewswire/ -- Pet insurance revenues in North America have jumped 23% since 2004, thanks in large part to the "part of the family" status pets have achieved in many households, particularly those led by recent empty nesters, seniors, singles and gay couples, according to Market Trends: Pet Insurance, a new report from market research publisher Packaged Facts, a division of MarketResearch.com.
And this impressive growth is expected to continue over the next five years. Packaged Facts projects that by 2010, the pet insurance market in the U.S. and Canada will reach $551 million (as measured by gross written premiums), which represents an annual average jump of 24%.
Increased pet owner spending is the most important growth driver, resulting from rising veterinary-related costs, expensive treatment options and prescription drugs, and pet pampering among pet owners with increasing amounts of disposable income.
Ad spends by major insurance marketers, which rose 353% between 2000 and 2004, and affinity marketing linking insurers with household brands, have brought pet insurance out of its infancy as consumer awareness builds.
"As the word about affordable pet insurance hits the streets, more and more pet owners are choosing to safeguard the health of the pets they call 'family'," said Don Montuori, the publisher of Packaged Facts. "They're becoming educated on pet-related cancer, periodontal disease, urinary tract infections, and a whole host of other illnesses, and they're seeking high-tech medical intervention including surgery, chemotherapy, MRI, and CT scans just as they would through their own health insurance."
Market Trends: Pet Insurance provides a comprehensive look at this evolving market, which includes dogs, cats, birds, and exotic animals (equine insurance is not covered in this report). The report examines veterinary care trends, offers competitive profiles of industry leaders, and looks at consumer trends and behaviors surrounding household pets. Priced at $1,995, this report can be purchased directly from Packaged Facts by clicking: http://www.packagedfacts.com/pub/1087710.html. It is also available at MarketResearch.com.
About Packaged Facts
Packaged Facts, a division of MarketResearch.com, publishes research reports on a wide range of consumer industries, including consumer goods and retailing, foods and beverages, and demographics. For more information visit http://www.PackagedFacts.com, or contact Tom Ehart at 240-747-3014, or tehart@marketresearch.com.
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