Learn About the European Influence and Market Share

Pet insurance first started in 1924 where the first policy for a dog was written in Sweden. Currently in Sweden 48% of pet owners have insurance for their pets. In 1947 the first pet insurance policy was written and today there are currently 18% of pet owners have pet insurance for their pets in the UK.

Pet insurance providers in the UK tend to pay for 100% of the veterinary bill, while companies in the US tend to cover 80-90% minus a deductible. Historically, all pet insurance providers did not cover routine coverage until recently companies in both the US and the UK have added routine coverage.

The first pet insurance policy in the US was written in 1982 to cover the famous TV dog Lassie, by Veterinary Pet Insurance (VPI). Since then, VPI has grown to currently be the largest US pet insurance provider, writing over 450,000 policies.

The trend of pet insurance in Canada somewhat mirrors the US. Over the past 5 years Canada has shown a stronger growth rate. In 2003 the Canada wrote 8.9% of all pet insurance policies in North America, and in 2007 that jumped to 15.4%. North America is still far behind market numbers in Europe, insuring only 1% of the 170 million pets (163 million in the US and 11 million in Canada).

Share of North American Pet Insurance Market: United States vs. Canada (percent)