The numbers are in, and like a dog’s tail, they don’t lie: pet insurance is on its way to becoming a booming industry. On May 17, The North American Pet Health Insurance Association (NAPHIA) issued its long-awaited 2022 state of the industry report. North America’s pet insurance sector exceeded $2.83 billion at year-end 2021, meaning the industry has more than doubled since 2018.

In closely tracking the industry, this means that 2021 saw a near $700 million increase in total in-force premiums (up over 30.5% from 2020), and there are now 4.41 million pets insured across the United States and Canada—that’s a lot of protected pets! However, considering that according to The Humane Society of the United States there are over 128 million homes in the United States alone that own pets—and some of them own multiple pets (and this does not count Canada), that means only a small fraction of the total number of pets in North America are presently insured. The fledgling pet insurance industry is just getting started.

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