Growth spurt for the pet insurance marketAugust 13, 2020
What to consider when renewing pet insuranceSeptember 23, 2020
The US pet insurance market is rapidly growing and according to WFMJ, is expected to grow from $1 billion in 2018 to $2 billion in 2022. Some key factors contributing to this growth are an increase in consumer awareness of pet insurance, technological advancements with websites and mobile apps and more concern surrounding the health of pets. Another less obvious growth factor is an increase in the adoption of exotic pets.
Exotic pets such as snakes, foxes and reptiles are becoming increasingly popular in the US. But what does this mean for the pet insurance industry? Exotic pet insurance is similar to regular pet insurance in that it covers unexpected visits to the vet and can include cover for theft, death, illnesses and injuries. However, exotic animals require special care that not all standard vets can offer, meaning a vet with specialised knowledge may be needed, resulting in higher costs. Without pet insurance, exotic pet owners may struggle to pay for the full cost of these veterinary fees. Depending on the exotic pet insurance cover, owners who make a claim will usually have to pay an excess, so it is essential they thoroughly check the policy.
An open opportunity
Despite more people opting to own exotic animals, there is limited exotic pet insurance available in the US. This suggests that there is an opportunity for US insurance providers to penetrate this market, as many other countries already have. According to Canine Journal, one of the only pet insurance companies to offer exotic pet insurance in the US is Nationwide, which provides insurance packages for exotic birds, rabbits, reptiles, rodents and more. Similar to its dog insurance policy, Nationwide covers accidents and illnesses in addition to exams, lab fees, x-rays, hospitalisation and prescriptions for exotic pets.
As mentioned in our previous blog, the US pet insurance market has potential for substantial growth. At Aquarium, we aim to provide pet insurers with an intelligent digital solution for managing all aspects of their insurance processes. Our mission is to help pet insurance providers administer the most efficient service for their customers, especially in areas like North America where there is a promising future within the pet market.