Consumer Perceptions of Pet Insurance

As reported by the North American Pet Health Insurance Association (NAPHIA) in its 2021 State of the Industry Report, North America’s pet health insurance sector exceeded $2.174 billion USD in 2020, as the industry recorded its sixth consecutive year of double-digit growth.

More than 3.45 million pets are insured across North America – that’s up 22.5% from just two years ago.

Only 1% of pets are insured in US compared to 25% in the UK and 40% in Sweden. Moving from 1% to just 5% of pets covered could represent a $5.2B opportunity.

OBJECTIVES

Explore pet owners’ emotional connection to their pets, and their pet care attitudes and behaviors

Determine what drives consumers to purchase pet insurance, and the barriers that keep pet owners from obtaining pet insurance

Understand the pet insurance purchase process, spend, and pet insurance carrier selection criteria

SURVEY TOPICS

  • What types of pets do consumers own and what emotional benefits do pets bring to owners’ lives?
  • How do owners care for their pets and how much do they spend on them?
  • What makes pet owners decide to purchase or not purchase pet insurance?
  • How do they select a pet insurance carrier and how much do they spend on insurance?

METHODOLOGY

Online survey among a nationally representative sample of pet owners. N-500

RESULTS

Results, including industry implications, will be shared in early 2022 with interested companies. Zeldis is funding this research as part of our Thought Leadership series.  We are able to share results freely, as this is not proprietary.

LEARN MORE

To learn more about this study, please contact Amy Rey, Executive Vice President: amy@zeldisresearch.com.

Learn more about NAPHIA’s 2021 research HERE.