Whether as a member of a veterinary team or as a pet owner, pet insurance is becoming a more prevalent consideration in managing both life quality and financial risk when owning a pet. The number of insured pets increased climbing to 1.83 million last year, up about 16% from the previous year. That’s only 1% of dogs and cats, but insurers expect the expansion to continue.
Source: Wall Street Journal, August 24, 2018. Link.
Insurance to offset the cost of veterinary care is a hybrid product. Like health insurance, it typically covers accidents and illnesses, but because pets are possessions, it is technically property and casualty insurance.
Also see: Search Results for: pet insurance, Animal Health Digest. Link. Comparison charts, Consumer Reports analysis, contribution to clinic revenue and more.