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Published: Nov 1, 2005 - 132 Pages
Table of Contents:
Chapter 1: Market Trends
- Introduction
- Market Definition
- Range of Coverage
- Typical Restrictions
- Other Services
- Equine Insurance Excluded
- Market Size and Composition
- North American Pet Insurance Market Revenues, 2001-2005
- Figure 1-1: Share of North American Pet Insurance Market: United States vs. Canada, 2005 (percent)
- Table 1-1: North American Pet Insurance Market Revenues, 2001-2005 (in millions of dollars)
- U.S. Pet Insurance Market Revenues, 2001-2005
- Table 1-2: U.S. Pet Insurance Market Revenues, 2001-2005 (in millions of dollars)
- Canadian Pet Insurance Market Revenues, 2001-2005
- Table 1-3: Canadian Pet Insurance Market Revenues, 2001-2005 (in millions of dollars)
- Share of Policies by Animal Type
- Figure 1-2: Share of U.S. Pet Insurance Market Revenues by Animal Type, 2005 (percent)
- Top 10 Pet Insurance Claims
- Market Outlook
- Overall Pet Market Going Strong
- Table 1-4: Average U.S. Household Expenditures on Pet Products and Services, 1994 vs. 2003 (in dollars)
- Table 1-5: Aggregate U.S. Household Expenditures on Pet Products and Services, 1994 vs. 2003 (in thousands of dollars)
- Pet Insurance Market Peculiarities
- Trends in Veterinary Care Spending and Services
- Table 1-6: Average and Aggregate Annual Consumer Expenditures on Veterinary Services, 1994-2003
- Table 1-7: Trends in Veterinary Care Spending and Service Types Among Pet Owners, 2003 vs. 2004 (percent)
- Pet Oral Care an Important Growth Area
- Rising Expenditures on Human Health Insurance
- Table 1-8: Average U.S. Household Expenditures on Insurance, 1994 vs. 2003 (in dollars)
- Increased Advertising, Participation by Corporate Giants
- Pet Humanization an Ongoing Factor
- Table 1-9: Consumer Activities and Opinions Reflecting Humanization of Pets, 2003-2004 (percent)
- Pet Population Trends
- The Aging Pet Population
- The Overweight Pet Population
- The Boomer Factor
- Figure 1-3: Share of U.S. Population Growth for Selected Age Brackets, 2005-2010 (percent)
- Table 1-10: Dog and Cat Ownership Indices: By Adult Age Bracket, 2004 (U.S. households)
- Other Key Demographics
- Looking Ahead
- Market Projections
- Double-Digit Gains to Continue in Both U.S. and Canada
- Figure 1-4: Projected North American Pet Insurance Market Revenues, 2005-2010 (in millions of dollars)
- Table 1-11: Projected North American Pet Insurance Market Revenues, 2005-2010 (in millions of dollars)
- Table 1-12: Projected U.S. Pet Insurance Market Revenues, 2005-2010 (in millions of dollars)
- Table 1-13: Projected Canadian Pet Insurance Market Revenues, 2005-2010 (in millions of dollars)
Chapter 2: Competitive Trends
- Overview
- VPI Leads North American Market
- Table 2-1: Top North American Marketers of Pet Insurance
- Figure 2-1: Estimated Share of North American Pet Insurance Market by Company, 2003 vs. 2005 (percent)
- Figure 2-2: Estimated Share of U.S. Pet Insurance Market by Company, 2003 vs. 2005 (percent)
- Figure 2-3: Estimated Share of Canadian Pet Insurance Market by Company, 2003 vs. 2005 (percent)
- Strategic Directions
- Direct-to-Consumer Marketing
- Table 2-2: National Consumer Advertising Expenditures on Pet Insurance, 2000-2004 (in thousands)
- Veterinarians Still Key Allies
- Group Sales and Company Benefits Programs
- Marketing Alliances
- Simplification and Differentiation
- Underwriting Viewed as Profit Path
- Market Continues to Attract New Players
- Outside Competition
- Competitor Profile: Veterinary Pet Insurance Co. (VPI)
- Company Overview
- Coverage Expanded to Include Vet-Prescribed Devices
- Corporate Upheaval
- The Financial Picture
- Figure 2-4: Veterinary Pet Insurance Gross Written Premiums, 1998-2004 (in millions of dollars)
- New $15 Million Cash Infusion from Scottsdale
- Marketing Avenues
- Direct-to-Consumer Via Ramped Up Advertising
- Figure 2-5: Total National Consumer Advertising Expenditures by Veterinary Pet Insurance by Month, 2002 vs. 2004 (in thousands)
- Table 2-3: National Consumer Advertising Expenditures by Veterinary Pet Insurance, 2000-2004 (in thousands)
- Corporate Alliances: The Iams Team-Up
- Veterinary Channel Marketing
- Employee Benefits Programs
- Web-Based Marketing
- Competitor Profile: Pethealth, Inc.
- Company Overview
- PetCare Program Types and Underwriters
- Steady Revenue Growth
- Figure 2-6: Pethealth Revenues, 1999-2004 (in Canadian dollars)
- Figure 2-7: Pethealth Total Policies in Force, 1999-2004
- Share of Policies in Force by Type
- Figure 2-8: Share of Pethealth Paid Pet Insurance Policies in Force by Type, 2002 vs. 2004 (percent)
- Distribution Strategy
- Shelters
- PetCare Direct
- Veterinary Clinics
- Strategic Partners
- Online Brokers
- The U.S. Push
- The Technology Push
- E-Commerce
- 24PetWatch Pet Registry Services
- PetPoint Software
- EVE Online Claims Processing
- Looking Ahead
- Database Development
- Underwriting Risk
- Legal Concerns
- Competitor Profile: SecuriCan General Insurance Company
(Petplan)
- Company Overview
- Canada’s First Dedicated Pet Insurance Underwriter: SecuriCan
- Petplan Policy Types
- Marketing Channels
- Other SecuriCan Pet Insurance Lines
- Strategic Alliances
- Petplan Teams up with Iams to Offer Pet Health Packages
- Petplan U.K.
- Veterinary Pet Insurance (VPI)
- Other Alliances
- Competitor Profile: Hartville Group, Inc.
(Petsmarketing Insurance.com Agency, Inc.)
- Company Overview
- Types of Plans
- Company Sales Trends
- Figure 2-9: Hartville Group Gross Revenues and Gross Written Premiums, 2000-2004 (in millions of U.S. dollars)
- Reinsurance Ups and Downs
- New Consumer Ad Campaign
- Direct Sales Pitch Through Catalina Marketing
- On the Web
- AKC Partnership Discontinued; PetMed Deal Uncertain
- Looking Ahead
- Competitor Profile: Pet Protect, Inc.
- Company Overview
- Types of Plans
- Standing Out in the Crowd
- Marketing Approaches
Chapter 3: Consumer Trends
- Introduction
- Methodology and Data Sources
- Pet Owner Trends and Demographics
- Over 50 Million U.S. Households Own Dogs or Cats
- Trends in Multiple-Pet Households
- Figure 3-1: Total Households for Selected Pet-Owning Classifications: By Number of Dogs or Cats Owned, 2004 (in thousands of U.S. households)
- Pet Ownership by Age Bracket: The Boomer Skew
- Whites 20% More Likely to Own Both Dogs and Cats
- Dog Owners Skew Upscale
- Households of 5+ Persons Are 66% More Likely to Own Both Dogs and Cats
- The Pet Specialty/Mass-Market Divide
- Pet Specialty Store Shopper Demographics
- Health Attitudes and Concerns of U.S. Pet Owners
- Pet Health Product Demographics
- Household Purchasing of Pet Supplies by Retail Outlet Type
- Pet Owners Active on the Web
- Table 3-1: Household Penetration Rates for Selected Pet-Owning Classifications, 2000-2004 (U.S. households)
- Table 3-2: Dog and Cat Ownership Indices: By Adult Age Bracket, 2004 (U.S. households)
- Table 3-3: Total Households for Dog and Cat Ownership Classifications: By Adult Age Bracket, 2004 (in thousands of U.S. households)
- Table 3-4: Dog and Cat Ownership Indices: By Race/Ethnicity, 2004 (U.S. households)
- Table 3-5: Dog and Cat Ownership Indices: By Household Income, 2004 (U.S. households)
- Table 3-6: Dog and Cat Ownership Indices: By Household Size, 2004 (U.S. households)
- Table 3-7: Percentage of Pet-Owning Households Who Shop for Pet Supplies in Specialty vs. Mass-Market Outlets: By Number of Dogs or Cats Owned, 2004 (U.S. pet-owning households)
- Table 3-8: The Pet Store or Online Shopper for Pet Supplies: Dog or Cat Owners, 2004 (U.S. dog- or cat-owning households)
- Table 3-9: Health Attitudes and Concerns: Cat and Dog Owners vs. All U.S. Adults, 2004 (percent)
- Table 3-10: Pet Health Product Usage: By Number of Cats or Dogs Owned, 2004 (in millions of U.S. adult pet owners)
- Table 3-11: Top Pet Health Product Demographics by Percentage, 2004 (U.S. adult pet owners)
- Table 3-12: Pet Health Product Purchasing: By Pet Supply Outlets Used, 2004 (in millions of U.S. adult pet owners)
- Table 3-13: Household Purchasing of Non-Food Pet Supplies by Outlet Type: Purchasing vs. Sole Purchasing, 2004 (U.S. adult cat or dog owners)
- Table 3-14: Household Purchasing of Non-Food Pet Supplies by Outlet Type: Percent of Purchasers Who Are Sole Purchasers, 2004 (U.S. adult cat or dog owners)
- Table 3-15: Use/Influence of Internet: U.S. Adults Overall vs. Cat and Dog Owners, 2004 (percent)
- Pet Owners and Insurance
- The Quintessential Purchaser of Pet Insurance
- Females Calling the Pet Care Shots
- Top Veterinary Services and Products
- Pet Owners Out Front for Most Types of Human Insurance
- Pet Owners as Medical Insurance Holders
- Pet Owners as Life Insurance Holders
- Table 3-16: Demographic Characteristics Favoring Purchasing of Pet Insurance, 2005 (U.S. adults)
- Table 3-17: Household Penetration Rates for Selected Types of Insurance: Overall Households vs. Dog- or Cat-Owning Households, 2005 (U.S. households)
- Table 3-18: Usage Indices for Selected Types of Insurance: Dog- or Cat-Owning Households, 2005 (U.S. households)
- Table 3-19: Method of Obtaining Medical Insurance by Percent: Overall Households vs. Dog- or Cat-Owning Households, 2005 (U.S. households)
- Table 3-20: Indices for Method of Obtaining Medical Insurance: Dog- or Cat-Owning Households, 2005 (U.S. households)
- Table 3-21: Company Providing Medical Insurance: Overall Households vs. Dog- or Cat-Owning Households, 2005 (U.S. households)
- Table 3-22: Value of Life Insurance by Percent: Overall Households vs. Dog- or Cat-Owning Households, 2005 (U.S. households)
- Table 3-23: Indices for Value of Life Insurance: Dog- or Cat-Owning Households, 2005 (U.S. households)
- Table 3-24: Company Providing Life Insurance: Overall Households vs. Dog- or Cat-Owning Households, 2005 (U.S. households)
Abstract:
Although rising policy sales over the past few years suggest there is growing interest in pet insurance among American pet owners, the U.S. market still has a long way to go if it is to achieve the level of penetration seen in Great Britain (25% of dog owners) or Sweden (nearly 50% of all pet owners), since the rate of pet insurance ownership in the United States is still in the low single digits. At the core of the challenge are a much tougher regulatory environment for pet insurance in this country, concerns that existing plans do not offer enough value, competition from managed veterinary care providers and discounters, and a lukewarm feeling among veterinarians and retailers when it comes to promoting pet insurance to their clients and customers. Nevertheless, marketers and investors remain optimistic, bringing to bear in this market an increasingly sophisticated arsenal of strategic initiatives.
Pet Insurance in North America, a fully updated edition of Packaged Facts’ pioneering report on the U.S. pet insurance industry, charts historical sales for the past five years and makes market projections through 2010, expanding coverage to examine more fully the North American market including Canada. It profiles leading providers Veterinary Pet Insurance (VPI), Pethealth, Hartville, and Pet Protect, as well as competitive health plan providers and discounters from outside the pet insurance fold, such as Banfield, PrePaid Vet, AmeriPlan, CareCredit, and Pet Assure. Extending beyond the traditional veterinary marketing model, educating consumers about pet insurance is at the center of most companies’ market expansion plans for the future, as is building strong relationships with partners capable of delivering solid referrals—as seen in Pethealth’s renewed alliance with PETCO, Hartville’s tie-in with PetMed Express and the American Kennel Club, and VPI’s synergy with Iams. The report also covers employee benefit plans as a route to fast-track growth, as well as bellwether trends in the more developed and still-growing U.K. market.
Packaged Facts’ Pet Products and Services Collection
Packaged Facts is the leading source of market intelligence for pet products and services. No other market research publisher offers the breadth and depth of coverage in this lucrative, fast-growing industry. Other titles include The U.S. Market for Pet Food, The U.S. Pet Insurance Market, Market Trends: Pet Supplements and Nutraceuticals, Market Trends: Natural, Organic and Eco-Friendly Pet Products, and The U.S. Market for Pet Services.
Report Methodology
The information contained in this report was obtained from both primary and secondary research. Primary research entailed attendance at industry trade shows and extensive interviews with industry officials. Secondary research included extensive Internet canvassing and research- and data-gathering from relevant trade, business, and government sources; company reports including annual reports, 10Ks, and other financial releases from public companies; company profiles in trade and consumer publications; and other reports by Packaged Facts, which has been reporting on pet-related markets for nearly two decades.
Our market size estimates are based on extensive interviewing, company reports and figures appearing in the trade press. Our analysis of consumer demographics derives primarily from the Simmons Market Research Bureau (New York, New York) spring 2005 consumer survey, which is based on approximately 28,000 respondents
What You’ll Get in this Report
Pet Insurance in North America: The Market and Trends in the U.S. and Canada offers unique perspective on this burgeoning market. No other market research report provides the analysis and trends coverage that this report offers. Plus, you’ll benefit from extensive data, presented in easy-to-read and practical charts, tables and graphs.
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