Americans love their pets. According to an American Veterinary Medical Association survey, 45% of Americans own dogs, and 32% own cats.[1]Â This amounts to over 86 million pet-owning families.[2]
However, caring for a pet – especially their medical needs – can be expensive. Total pet industry expenditures in 2023 averaged $147 billion, and with inflation being what it is, it can only have gone up from there.[3]Â
To handle these costs, a rising number of pet owners have gotten insurance. The total number of pets insured in the U.S. in 2023 was nearly 5.7 million, which represented a 17 percent increase over the previous year.Â
If you have considered getting pet insurance or already have it, you should know about the current trends changing the industry. From technological advancements to evolving consumer preferences and new policy offerings, here are the big trends impacting pet insurance this year.