Healthy Paws

October 13 2020

The high cost associated with veterinary services has encouraged customers to purchase a pet insurance policy. Expenditure on unexpected veterinary surgeries as well as on treating critical animal health conditions like cancer and cruciate ligament tears can cost owners between $10,000 to $20,000 USD. Pet insurance provides multiple benefits such as coverage for all animals irrespective of their age and full coverage for acquired disorders. Added benefits like 80-90% coverage on treatment costs could boost the demand for pet insurance policies, stimulating market growth.

The accidents and illness policy segment in the pet insurance market is projected to garner 8.5% growth through 2025. There has been a considerable rise in the number of companies offering pet insurance policies with maximum benefits. This policy offers reimbursement for the treatment of urinary tract infections, broken bones, burns, poison ingestion, X-rays, surgeries, swallowed objects, hospitalization, and laboratory tests. Accidents and illness schemes provide coverage for many chronic illnesses, the treatment cost for which is exorbitant without insurance.

The U.S. pet insurance market is estimated to witness 12% growth during the forecast period owing to increasing awareness regarding the benefits of pet insurance policies and the high cost of veterinary services. The region's pet insurance industry is in its initial growth stage and is expected to develop rapidly compared to other countries. Major service providers in the region are coming up with innovative schemes that tackle the growing concerns among owners regarding their pet's health.

In the Spotlight - The Mind Share Game

Petplan Pet Insurance is a Philadelphia-based pet insurance company, providing insurance for pet owners to cover veterinary bills. It was founded in 2003 by Chris Ashton and Natasha Ashton.

Lemonade Insurance Company is an American property and casualty insurance company headquartered in New York City offering renters and home insurance policies for homes, apartments, co-ops, and condos and is now expanding into pet insurance.

Wagmo is a modern pet insurance company, built with new pet parents in mind. Wagmo's wellness and insurance plans empower pet owners to get the care they need for their pets when they need it the most.

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Funding & Deal Highlights:

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