Facts + Statistics: Pet Ownership and Insurance | III

Pet insurance

According to the North American Pet Health Insurance Association, (NAPHIA), pet insurance has existed outside the U.S. since the early 1900’s. Lassie, the famous TV collie, received the first pet insurance policy issued in the U.S. in 1982.

NAPHIA’s State of the Industry Report 2024 Highlights states that the total premium volume for pet insurance in the U.S. was $3.9 billion in 2023. The total number of pets insured in the U.S. at year-end 2023 was nearly 5.7 million, a 17 percent increase over 2022. The average accident and illness premium for dogs was $676 a year or $56 a month. The average accident and illness premium for cats was $383 a year or $32 a month. The largest share of insured pets reside in California, New York, and Florida. Dogs comprised the largest category of insured pets (80 percent versus cats at 20 percent). 

Pet ownership in the United States

An estimated sixty-six percent of U.S. households, or about 86.9 million families, own a pet, according to the 2023-2024 National Pet Owners Survey conducted by the American Pet Products Association (APPA). This is up from 56 percent of U.S. households in 1988, the first year the survey was conducted.

Total pet industry expenditures in the U.S. totaled $147 billion in 2023, up 7.5 percent from $136.8 billion in 2022.