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The UK has seen a steady growth in the demand for pet insurance over the past 15 years and now it would appear the upward curve is about to replicate in the United States.

A new market research report claims that North Americans will take an increasingly strong interest in pet insurance during the next five years, placing sales as high as $1.1 billion in 2012. This forecast is consistent with soaring revenues in the overall pet market due to affluent households and their willingness to spend more on the health and wellness of their beloved furry family members. A conservative estimate indicates revenues of pet insurance were at $248 million in 2007, up 21% from $205 million in 2006.

North America is primed for expansion in the pet insurance market. For the first time insurance plans are being sold under nationally known pet care brands, including PurinaCare and the American Kennel Club. Helping to drive further interest and awareness, companies are targeting consumers through new distribution channels, such as, direct-to-consumer, veterinarian offices, pet care service providers, supermarkets and insurance agencies.

“Many new companies have entered the market over the past three years and it’s a sure bet that more well-funded companies will jump on-board in the coming year. Each company has its own version of pet insurance products, ranging from highly customizable plans to greatly simplified ones for a mass market,” notes Tatjana Meerman, Publisher of Packaged Facts who put the research together.

“In the pet insurance spotlight are pet market companies and brands-including PurinaCare, AKC, ASPCA — as well as dedicated pet insurance underwriters such as American Pet Insurance Company and SecuriCan, and following in the footsteps of providing consumer finance services, Kroger.”

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