The future of pet insurance may depend on your insurance company
A recent report found that the number of pet policies sold by pet insurance companies in the United States is on the decline.
The report from the Pet Insurance Research Association found that pet insurance premiums were on the rise last year, from $2,842 per policy in 2015 to $2.732 per policy this year.
However, pet insurance prices were actually up by about 4% last year.
“In 2017, pet policies in the US increased by 2.7%, according to data provided by Pet Insurance Data, a market research firm,” said the report.
“However, this increase was driven by a 1.4% increase in pet insurance policies purchased for pets in 2018.”
Pet insurance rates were up slightly in 2018, but they were down slightly from last year as pet owners switched to the new American Pet Insurance Association (APIA) policies.
“Pet insurance policies are a growing industry with pet owners switching to new policies and increasing their premiums, but this year’s data does not paint a clear picture of the impact of the pet insurance industry on pet policy premiums,” said Matt Trescott, vice president of the Pet Insurers Association.
“The pet insurance marketplace is still evolving and we do not yet know how many pet policies will be available next year, and we will need to see how these policies affect pet insurance rates,” he added.
The American Pet Insurer Association estimates that pet policy rates are likely to increase over the next five years.