Americans are projected to spend $60 billion on their pets this year and a quarter of that will go toward veterinary care. As the bills for Fido continue to increase, so too does the pet insurance industry. Today, there are more sophisticated treatments and more people know about pet insurance, which has led to double-digit increases in this space.
The pet insurance industry is growing. So is awareness of pet insurance as a product, says JoAnne Novak, AVP, new business development at Hartville Pet Insurance, which has been in the pet insurance business since 1997. Theres been annual growth of nearly 11% in the past five years, according to IBISWorld.
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