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US realises pet insurance benefits
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15 December 2005 US realises pet insurance benefits
An increasing number of Americans are realising the benefits of pet insurance, according to a report by the New York Daily News. Gross written premiums in the US and Canada have risen by 23 per cent since last year to reach $185.1 million in 2005, reports Packaged Facts.
It is thought that this figure will climb annually by an average of 24 per cent to $551 million by 2010; a rise from $72 million in 2001.
"For the buyer, the benefits of pet insurance mostly occur in the first year, given the costs of spaying, neutering, shots, check-ups and the like," commented David Lummis, pet market analyst at Packaged Facts.
However, with the rise of sophisticated treatment for pets, the costs of insuring pet health can spread throughout the animal's life, for example owners can now request MRIs, CAT scans, kidney transplants and pacemakers.
Adding to the argument that pet owners are increasingly willing to ask for such procedures, Mr McConnell of Veterinary Pet Insurance said: "Folks who know they would do a medical procedure regardless of whether they had insurance really should have the coverage. This way, they'd be getting some money back."
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