Escalating growth of the pet insurance industry over the past five years, industry research firm, IBIS World, has added a report to their collection on the topic.
According to IBISWorld industry analyst Andrew Krabeepetcharat, during the five years to 2012, industry revenue grew at an average annual rate of 6.0% to $650.6 million in 2012. Also cited in the release was the fact that as per capita disposable income recovered from recessionary lows, more households were willing to spend on pet insurance plans.
The American Veterinary Medical Association (AVMA) released a portion of their 2012 study of pet ownership, which reported 6 percent of dog owners and 3 percent of cat owners carried pet insurance.
Krabeepetcharat predicts that over the five years to 2017, industry revenue is forecast to grow at an average annual rate of 5.5% to $850.5 million. It is reported that the industry has an extremely high concentration level. Many pet insurance firms are offering a wider variety of options with more customizable plans depending on pet owners’ demands and income levels. IBIS reports that the introduction of new services has increased profit for industry players.
For more information, visit IBISWorld’s Pet Insurance in the US industry report page.
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