Now in its fifth edition, Packaged Facts' Pet Insurance in North America is the most comprehensive examination of the U.S. and Canadian pet insurance markets available and a must-have for any company interested in this dynamic industry. Revenues (measured as gross written premiums) remained in the double digits in 2013, while showing robust growth over the previous five years, recession notwithstanding. Packaged Facts expects the North American market for pet insurance to continue to chart strong annual gains over the next five years, with the high level of competitive activity generating increased awareness and demand among pet owners.
Industry pioneer Veterinary Pet Insurance (VPI) continues to lead the market. However, both the U.S. and the Canadian pet insurance markets have experienced significant market share shifts during the past five years as newer entrants have gained traction and made huge inroads into the business. The industry has been good to new entrants including Trupanion, PetPlan and PetFirst, while two smaller players-PurinaCare and PetSafe-have left the scene (with PurinaCare's policies acquired by Pethealth). The industry has also seen some changes in ownership and financial backing, strengthening the prospects of companies including Embrace, Hartville, Trupanion and Western Financial.
This latest edition of Packaged Facts' groundbreaking 2003 report offers a road map for competing in this market both now and in the years ahead. This edition includes expanded coverage of alternative payment options and competitive forces (e.g., Banfield, Pet Assure, pet savings accounts), the impact of word of mouth and social media, more detail about the Canadian market, and meticulous discussions and examples of competitors' marketing and go-to-market strategies. Every pet insurance player is profiled in depth, including Embrace, Fetch (Petplan), Hartville (ASPCA), Healthy Paws, PetFirst, Pethealth, PetPartners (AKC), PetPremium, Pets Best, Pets Plus Us, Protect Your Bubble, Trupanion, Western Financial (Petsecure), and VPI. Statistics provided include historical and projected market revenues, number of policies in force, and company shares (both U.S. and Canadian), along with profiles of pet owners and pet insurance purchasers, based on data from sources including Simmons and Packaged Facts own pet owner surveys.