X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Dog in car Since 2016, the number of pets covered has grown by an average 18.9% in the U.S., and 12.6% in Canada.

Employers who are looking for unique benefits to woo new talent to their organizations should consider offering pet health insurance. The market topped $2 billion in 2020, according to a report by the North American Pet Health Insurance Association, continuing a five-year growth streak that has seen annual double-digit increases. Average annual growth is over 23%, the report found.

Related: Pet adoption, care awareness to lift pet insurance market

In the U.S., total premium volume was $1.99 billion as of the end of 2020, while in Canada, total volume reached $188 million ($244.6 million CAD).

“Last year, we saw the stay-at-home and work-from-home measures introduced during the pandemic create even closer bonds between pet owners and their pets,” Kristen Lynch, executive director of NAPHIA, said in a statement. “We believe these strong human-animal relationships are driving pet owners’ desire to address financial uncertainty by mitigating unexpected veterinary costs, contributing to our record 2020 results, in a year that also saw new pet purchases and adoptions reach record levels.”

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

Danielle Andrus

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.