U. S. Market for Pet Insurance Grew 342% Over the Past Five Years
Total pet insurance market revenue in the United States has skyrocketed over the past 5 years, increasing 342% from 1998 through 2002 according to Market Trends: The U. S. Market for Natural Pet Insurance, a new report published by Packaged Facts available at MarketResearch. com. This figure represents a compound annual growth rate of 45% for the five-year period, with sales totaling approximately $88 million in 2002.
(PRWEB) August 18, 2003
New York, NY (PRWEB) August 18 – Total pet insurance market revenue in the United States has skyrocketed over the past 5 years, increasing 342% from 1998 through 2002 according to Market Trends: The U. S. Market for Natural Pet Insurance, a new report published by Packaged Facts available at MarketResearch. com. This figure represents a compound annual growth rate of 45% for the five-year period, with sales totaling approximately $88 million in 2002.
Despite this impressive growth, the pet insurance market in this country remains underdeveloped. While pet insurance has been available for 20 years, only three companies currently compete on a national level, including Veterinary Pet Insurance (VPI); CanadaÂ’s PetHealth Inc., through its PetCare Insurance Agency Ltd. Subsidiary; and the Hartville Group, through its Petsmarketinginsurance. com Agency, Inc. subsidiary. Further, while spending on veterinary services has increased by 83% since 1996, fewer than 1% of U. S. pet owners have insurance coverage for their animals to offset these costs.
"Maybe consumers donÂ’t know pet insurance exists, or if they do, they think itÂ’s an unaffordable luxury," said Don Montuori, Acquisitions Editor for Packaged Facts. "But with pet care costs rising rapidly, more pet owners may take a second look at such policies, particularly if pet superstores such as Petco or Petsmart enter the market."
Market Trends: The U. S. Market for Pet Insurance presents insight and analysis into market composition, regulations, consumer behavior and more, with forecasts to 2007. No other market research report offers this unique perspective on the pet insurance market. MarketResearch. com offers this report for immediately delivery.
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