Pet insurance is predicted to reach $12 billion by 2027, a compound annual growth rate of around 7.2% from 2020-2027. With that growth, pet insurance companies are also becoming more technologically advanced, especially as attitudes toward pets change.
Younger consumers, especially in the millennial age bracket, seem to view their pets as family, leading to a greater interest in pet insurance, says Bob Capobianco, senior vice president of Crum & Forster Pet Insurance Group, providers of ASPCA® Pet Health Insurance.
