NEW YORK (PRWEB) May 20, 2021
Pumpkin and digital marketing agency GR0 announce findings that reveal significant growth in demand for pet insurance in the United States. In March, web searches for ‘pet insurance’ hit its highest rate ever at 201,000, according to Google Keyword Planner. This shows a 22% increase from its pre-Christmas levels, with Pumpkin ranking among the more popular options as more people seek to insure their pandemic pets.
Such a notable spike is no surprise as the American Pet Products Association reports that the overall pet industry grew $3.3 billion from 2019 to 2020, completing the year at $99 billion total. Of that $99 billion, pet owners spent over $31.4 billion on vet care, up from $29.3 billion in 2019, and is estimated to hit $32.3 billion in 2021. 
With pet health care costs continuing to increase, it’s critical for owners to have a reliable financial plan in place to pay for unexpected medical procedures. CNBC reports that one in every three pets will need emergency treatment each year, some of which can cost thousands of dollars. The average cost of an unexpected vet visit can be between $800 and $1,500. If faced with an unexpected expense of $400, 27% of adults said they would have to borrow or sell items to afford the payment, and 12% said they wouldn’t be able to cover it at all. Without pet insurance, many US pet owners are faced with the heartbreaking decision to euthanize their pet because they are unable to afford care.
During the pandemic, there was a 700% rise in pet adoptions and fosters in the US. This increase has helped accelerate growth in the US pet insurance industry. According to the North American Pet Health Insurance Association, the number of insured dogs and cats grew 23%, the highest growth seen in the last 4 years. The average annual growth rate for insured pets in the US since 2016 is 18.9%.
While the US has seen large growth in the pet insurance industry, there is still a lot of room for the market to further expand. On a per capita basis, searches for pet insurance in the UK, for example, were 147% higher than the US according to Google Keyword Planner in March 2021. If the US were to hit the per capita search levels in the United Kingdom, we could expect to see close to 500,000 searches per month. With increased knowledge around the benefits of pet insurance, the annual growth rate of insured pets in the US may continue to climb.
As pet insurance searches in the US have risen, Pumpkin has seen 250% increase in searches for its brand over the last 90 days. Pumpkin, one of the newer pet insurance entrants, launched a year ago to help pet parents give their dogs and cats the best care when they are sick or injured and also offers optional non-insurance preventive care packs to help pets live a long and healthy life. To learn more about Pumpkin’s pet insurance plan, visit http://www.pumpkin.care.
1. Pet Industry Market Size, Trends & Ownership Statistics. American Pet Products Association. (2021, March 24). https://www.americanpetproducts.org/press_industrytrends.asp.
2. Horch, A. J. (2019, June 25). Most Americans own a pet, but not the insurance 1 in 3 faithful companions will need. CNBC. https://www.cnbc.com/2019/06/20/most-americans-own-a-pet-but-cant-afford-to-pay-their-medical-bills.html.
3. Pet Insurance in North America, State of the Industry 2021. North American Pet Health Industry Association (2021, May 4). https://naphia.org/industry-data/section-2-total-pets-insured
About Pumpkin 
Pumpkin Insurance Services Inc. (Pumpkin) is a direct-to-consumer pet care company and insurance producer founded to help ensure pets live their longest and healthiest lives. Pumpkin insurance plans offer dog and cat owners advanced veterinary care coverage, and their optional Preventive Essentials pack add-on offers life-threatening disease prevention through reimbursing for vaccines and the related annual wellness exam and lab tests, helping enable consumers to make data-informed care decisions based upon their individual pet’s health needs. All Pumpkin Plans provide reimbursement for covered care administered by any licensed veterinary clinic in the U.S. and Canada. Pumpkin insurance policies do not cover pre-existing conditions. Pumpkin insurance does not cover routine dental cleanings. Waiting periods, annual deductibles, co-insurance, benefits limits and other exclusions may apply. For all limitations and for information about Pumpkin’s Pet Insurance, and/or to learn more about Pumpkin’s optional add-on Preventive Essentials benefits, visitors can review Terms and Conditions at pumpkin.care/insurance policy and at pumpkin.care/customer agreement, respectively. Additional information may be found by visiting http://www.pumpkin.care.
 Pumpkin Insurance Services Inc. (NPN#19084749) (Pumpkin) is a licensed insurance agency, not an insurer. Insurance is underwritten by United States Fire Insurance Company (NAIC #21113. Morristown, NJ), a Crum & Forster Company and produced by Pumpkin. Pumpkin receives compensation based on the premiums for the insurance policies it sells. Pumpkin Preventive Essentials is not an insurance policy. It is offered as an optional add-on non-insurance benefit. Pumpkin is responsible for the product and administration. Pumpkin Preventive Essentials is not available in all states.