Raleigh, NC (July 1, 2015) – The North American Pet Health Insurance Association has released its 2016 State of the Industry Report, which tracks key benchmarks in the pet health insurance (PHI) industry. Unlike previous reports, this year’s report breaks down the data for each country’s (U.S. and Canadian) PHI industry and all dollar amounts are expressed in both country’s currencies.
Christine Panet-Raymond, Executive Vice President of Willis Towers Watson, says the change allows for better trending and benchmarking analysis. “In our previous Industry Report, currency played a major role in interpreting and benchmarking the Canadian growth, which appeared to grow at a slower pace than in the U.S. (because of the currency conversion to USD),” says Panet-Raymond. “This year’s Report allows us to see both markets’ true growth in their own currency over the last few years. Those who are interested in either the U.S. or Canadian market can now view the data that is most relevant to them and their market.”
NAPHIA has released the 2016 State of the Industry Report based on data gathered independently from member companies. This year, compelling insights showed that in both the U.S. and Canada, the total gross written premium increased. The U.S. saw an increase of 17.1 per cent from 2014, and the Canadian market increased by 15.0 per cent.
Randy Valpy, president of NAPHIA, whose members account for over 99 per cent market share in North America, says that pet health insurance is becoming an integral aspect of being a responsible pet owner. “Pets have become an important part of one’s family, and as we watch the industry’s growth continue, it’s evident that owners are looking out for the best interest of their pet and their wallet.”
The Report Highlights have been released via www.naphia.org. NAPHIA has also released a more in-depth premium version which is available for purchase and includes geographical breakouts, extended data trending and exclusive analysis on key industry benchmarks.
Highlights of the 2016 NAPHIA State of the Industry Report
- The combined total premium volume for all NAPHIA members in North America was $774 million USD in 2015.
- Over 1.6 million pets were insured at year-end 2015 in North America. This represents an average annual growth rate of 12.0 per cent from 2014.
- The average claim amount paid for Accident & Illness plans were $257 USD in the U.S. and $306 CAD in Canada.
- Average Pet Insurance Premiums in 2015:
- Accident & Illness plans generated an average annual premium of $464 USD per insured pet in the U.S. and $537 CAD in Canada.
- Accident Only plans generated an average annual premium of $160 USD per insured pet in the U.S. and $189 CAD in Canada.
Download the report highlights for free, or purchase the in-depth premium version that includes geographical breakouts, extended data trending and exclusive analysis on key pet insurance industry benchmarks for 2016.
For more information, contact information is included in the press release.
The North American Pet Health Insurance Association (NAPHIA) is comprised of reputable pet health insurance (PHI) organizations from across Canada and the United States. NAPHIA’s membership makes up over 99% of all pet health insurance coverage in effect in North America.
As a coalition, NAPHIA works to advance and grow the PHI industry through proactive research, data sharing, benchmarking initiatives, advocacy efforts, strategic partnerships, resource sharing and the dissemination of information to collaboratively address challenges and opportunities.
SOURCE: North American Pet Health Insurance Association (NAPHIA)Tags: pet insurance