Pet Insurance Facts and Figures for 2022

Pet insurance is a growing business that saves pet owners thousands of dollars a year in emergencies and routine care.

We at the Home Media review team dig deep into the statistics to provide you with pet insurance information and statistics, including information on pet insurance companiesclaims and types of plans.

We have collected data from the North American Pet Health Insurance Association (NAPHIA), The American Pet Products Association (APPA), Healthy Paws Cost of Pet Healthcare Report and our own research.


Owning Animals as a Pet

According to APPA 2021 to 2022 National Pet Owners Survey90.5 million – or 70% – of households in the United States have pets.

Let’s take a closer look at this number based on the type of animal it contains:

  • Dog: 69 million
  • Cat: 45.3 million
  • Seafood: 11.8 million
  • Birds: 9.9 million
  • Small animal: 6.2 million
  • Reptile: 5.7 million
  • Horse: 3.5 million
  • Saltwater fish: 2.9 million

Owning Pets is a Generation

The APPA survey also looked at pet ownership and age. It found that more millennials own pets than any other generation, at 32%.

Almost a quarter of Gen X and Baby Boomers own pets, 14% of Gen Z say they own pets.

Builders, also known as the Silent Generation born before 1945, make up only 3% of pet owners in the United States.


How Often Do Pet Owners Take Their Pets to the Vet?

In our personal survey of 1,000 pet owners, approx 45% of the participants said they take their pet to the vet twice a year.

Over 37% of people take their pets to the vet every year, the rest of the owners only go to the vet when necessary.

Different pet insurance plans cover the cost of routine and emergency vet visits.


The Cost of Vet Emergencies

We asked pet parents how much they pay for emergencies. About 21% said they paid more than $1,000 for a single emergency visit.

Alternatively, 25.1% of pet owners paid $200 or less in the event of an emergency, while the majority of participants (31.5%) fell in between. $201 to $500.

The Health Paws Cost of Pet Health Care Report provides more information on the potential costs of vet visits.


How Pet Owners Can Pay for Contingencies

Our research found that 43% of pet owners pay for an emergency using a credit card or personal loan. Only 12.9% of participants said they relied on pet insurance to cover costs, while most pet owners said they would use cash or cash.

Here is a breakdown of how people responded:

The Cost of Pet Insurance

Some pet parents purchase pet insurance to cover these costs. We surveyed pet owners who have regulations to account for the cost of their sales. About 37% said they pay $25 to $40 in premiums for pet insurance.

Here’s how much the pet owners we surveyed pay for pet insurance each month:

Pet insurance premiums can vary depending on your pet’s age, size, breed, location and your preferences.


Why People Avoid Pet Insurance

We asked uninsured pet owners why they chose not to get a policy.

About 34% of respondents said they do not have pet insurance because they do not know much about it. Another 28% of pet owners gave up the policy because they felt it was too expensive. An additional 16 percent of pet owners said they did not need a policy because their pets were healthy.

Check out the top five reasons below:

Experience in the Pet Insurance Industry

So how many pet owners have pet insurance? Almost half, or 44.6%, of pet owners said they currently have pet insurance in our survey.

On a large scale, NAPHIA 2022 State of the Industry Report found that more than 4.41 million livestock were insured in North America in 2021, up from 3.45 million in 2020. The report also found that $2.84 billion in pet insurance premiums were in effect in 2021, an increase of 30.5% from 2020.

NAPHIA speculates that this increase is related to the number of animals adopted throughout the period and is affected by the increase in animal welfare costs.


Number of Insured Dogs and Cats from 2017–2021

Although some companies offer pet insurance for exotic pets, many plans are designed to protect dogs and cats. As dog and cat ownership has increased over the past few years, so has the need for pet insurance.

Here is a summary of the percentage of dog and cat ownership between 2017 and 2021, based on the NAPHIA report.

The Future of the Pet Insurance Industry

According to the book, pet ownership is on the rise in the United States. As vet bills rise along with the economy as a whole, pet insurance can be a smart investment to protect your pet and avoid unexpected debt.

Here are some tips to help you learn about pet insurance: