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Pet Insurance Industry Breeds Record Growth; NAIC Grooms Model Act Discussion | Faegre Drinker Biddle & Reath LLP


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For the sixth consecutive year, the pet insurance industry experienced double-digit growth, according to a new report from the North American Pet Health Insurance Association (NAPHIA). NAPHIA’s “2021 State of the Industry Report” shows a record $2.174 billion in-force gross written premium in 2020 (up more than 26% from $1.717 billion in 2019) and 3.1+ million dogs and cats insured across North America (up 22.5% from more than 2.81 million pets insured in 2019).
The Report highlights the types of coverage available for pets, including accident only (i.e., foreign body ingestion, lacerations, motor vehicle accidents, ligament tears, poisoning, etc.); accident and illness (accident benefits plus illness such as cancer, infections, digestive problems, etc.); and insurance with embedded wellness (i.e., comprehensive plans that may include vaccinations, early screening diagnostics, consultations for proper nutri ....

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