On Tuesday, the North American Pet Health Insurance Association (NAPHIA) announced the release of their annual industry report. In a departure from previous version, the 2016 State of the Industry Report displays data for both Canada and the United States separately, with all dollar amounts expressed in both countries’ currencies.
“In our previous Industry Report, currency played a major role in interpreting and benchmarking the Canadian growth, which appeared to grow at a slower pace than in the U.S. (because of the currency conversion to USD),” explained Willis Towers Watson executive vice president Christine Panet-Raymond. “This year’s Report allows us to see both markets’ true growth in their own currency over the last few years. Those who are interested in either the U.S. or Canadian market can now view the data that is most relevant to them and their market.”
Notably, this year’s report found that the total gross written premiums increased. While the Canadian market increased by 15.0% from 2014, the US market saw an increase of 17.1% for the same period.
“Pets have become an important part of one’s family, and as we watch the industry’s growth continue, it’s evident that owners are looking out for the best interest of their pet and their wallet,” said NAPHIA president Randy Valpy, interpreting the data.
Other notable details listed by the report include:
- The combined total premium volume for all NAPHIA members in North America (both Canada and the US) was $774 million USD in 2015
- More than 1.6 million pets were insured by the end of 2015 in North America, representing an annual growth rate of 12.0% from 2014
- Accident and illness plans were $306 CAD in Canada and $257 USD in the U.S.
- Accident and illness plans generated an average annual premium of $537 CAD in Canada and $464 USD per insured pet in the US
- Accident only plans generated an average annual premium of $189 CAD per insured pet in Canada and $160 USD in the US
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