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Family status of pets boosts pet insurance market
Pet Insurance News
18 November 2005 Family status of pets boosts pet insurance market
The growing status of pets as 'part of the family' has led to an increase in the numbers of people in North America who have purchased pet insurance. According to researchers Packaged Facts, the pet insurance market in the US is expected to reach a value of $551 million by 2010.
Veterinary-related costs, expensive treatment options, prescription drugs and increased pet owner spending have all been credited with this rise in the market.
"As the word about affordable pet insurance hits the streets, more and more pet owners are choosing to safeguard the health of the pets they call 'family'," said Don Montuori, the publisher of Packaged Facts.
"They're becoming educated on pet-related cancer, periodontal disease, urinary tract infections and a whole host of other illnesses, and they're seeking high-tech medical intervention including surgery, chemotherapy, MRI, and CT scans just as they would through their own health insurance."
Market Trends also found that the status of the role of cats and dogs in the family is due to an increase in 'empty nesters', seniors, singles and gay couples.
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