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Pet Insurance — An Insurance Goldmine?

Posted By Staff Reporter, Tuesday, October 9, 2018

We all know about the growth of cyber insurance and predictions of profitability from that line. Another line that’s getting increasing attention is insurance for pets. Some in the U.S. these days forgo having children and focus — instead — love and attention on pets.

They are treated as children and family and part of that attention means health insurance for those pets is needed and important.

More and more people are discovering the benefits of pet insurance. The market research company Packaged Facts said pet insurance premiums hit close to $1 billion in 2017. By 2022 — the firm predicts — pet insurance will be double that at $2 billion. Package Fact research director David Sprinkle said as consumers become more aware of the availability, growth could hit about 14% per year.

Pet insurers are also doing what they can to make themselves known.

“Through marketing efforts and consumer education by pet insurance companies and associations, consumers are learning the benefits that pet insurance can offer when a pet becomes ill or is injured,” Sprinkle said. “For example, pet insurance companies use social media and their websites to grow consumer awareness for their offerings by sharing information on pet health, dog and cat breeds, and how pet insurance works. As market penetration remains low, these efforts are crucial to continued growth in the number of policies in force.”

In its study, Packaged Facts said there are trends to look for moving forward:

Partnerships: Pet insurance companies are developing partnerships with veterinarians, employers, animal shelters and breeders. These partnerships can help grow attention for the line for consumers who need such protection for their animals.

Consumer Perception: Many pet owners don’t get the insurance because they think it costs too much and covers too little. Or they think it isn’t necessary at all. Look for consumer education efforts to grow and more information getting to them about the value of the insurance and what it covers.

Payment Options: Like health insurance for people, paying for the insurance can be done a number of ways. Pet insurers are adapting similar payment options ranging from automatic withdrawal from checking accounts or credit card accounts to pet health savings accounts.

Mobile Apps & More: Insurers continue to streamline interaction between the pet owner and the company via mobile apps and other software.

Health Codes: Efforts are also underway to standardize the line which will make processing and making claims easier and more efficient.

Exotic Pets: Right now the insurance that can be purchased for exotic pets like birds or reptiles is limited. Efforts by insurers are underway to remedy that and create policies that will protect these rare pets.

Source link: Insurance Business America

Tags:  Insurance Content  packaged facts  pet insurance  pets  PIA 

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