US pet insurance reaches 500,000 animals covered, in momentum, for the segment
Pets Best Insurance Services have reached a “milestone” number of customers, while projections forecast a constant increase in the segment until 2030.
The company believes that this amount reinforces the trend that pet parents are seeking protection for their animals against unexpected bills.
“We are proud to celebrate this milestone because it means pet parents don’t have to risk overextending their personal finances, and over half a million pets can get the best care possible with pet insurance,” said Melissa Gutierrez, senior vice president, and general manager of Pets Best.
The rising pet population is driving the growth of the insurance market for animals.
According to global technology research company, Technavio, the pet insurance market is anticipated to grow by USD 12 billion (€11.3B) until 2026, at a CAGR of 27.11%.
Some other projections from ResearchAndMarkets reveal that the segment could increase to $32.7 billion (€30.9B) by 2030 due to the “rising number of pets across the globe, high veterinary care costs, and the need to reduce financial risk.”
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