With more than 62% of American households owning a pet and just 0.3% of the cat and dog population insured in recent years, pet insurance is an industry that is constantly changing as veterinarian costs continue to rise.
According to Embrace Pet Insurance, pet insurance is a market that continues to grow too - written premiums grew at a compounded rate of 18% between 2003 and 2008. The American Pet Products Association projected pet owners would spend $12.2 billion for veterinary care in 2011. That number grew from $11 billion in 2010 and $8.2 billion in 2006. Part of it is just like human health care, vet prices continue to rise. For cats, owners spent an average of $423 on surgical veterinary visits in 2010 - up from an average of $278 in 2008.
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