Pet insurance is the new millennial pink
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The “humanization” of pets among millennials will likely be responsible for a spike in the pet insurance market in the next five years, according to a Pet Insurance Market Analysis & Projections to 2025 report.
The accident and illness pet insurance policies segment is expected to witness an incremental growth of over $8 billion by 2025, according to the report posted Friday on researchandmarkets.com. The U.S. household spent more than $72 billion in 2018 on pet medical insurance care, which is 4.5% higher than in 2017, according to the report.
The increasing popularity of the “pet humanization concept” is increasing demand for pet grooming and care products, and owners, especially millennials, are willing to spend more on their animals to ensure a healthy and secure life, according to the report.
“While a majority of insurers offer this policy, most plans, ranging from premium to advanced, depend on the age and breed of the animal. Since the owners are willing to spend on pet welfare and prevent expensive veterinary bills, the segment is expected to increase its reach during the forecast period,” pet insurance analysts predict.
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