The 2019 State of the Industry report from the North American Pet Health Insurance Association shows continued growth in the pet health insurance market. At the end of 2018, nearly 2.43 million pets were insured in the United States, an increase of 18% from 2017. Gross written premium also shows similar increases, growing to $1.3 billion at the end of 2018.
Despite this growth, veterinary daily visits have fallen nearly 19% year over year from March 25 through April 5 as a result of social distancing efforts related to COVID-19. With the decrease in veterinary visits, it’s almost certain that the pet health insurance industry is going to be impacted by COVID-19. At this point, it’s unclear whether that impact is going to be positive or negative.