Literature review
Nowadays, the number of people who have a pet is increasing and is expected to reach $241.1
billion by 2026 (referencia: Predicting health outcomes in dogs.pdf). Whether people are
looking for a companion or aid in managing certain health conditions, the trend indicates that
pets are increasingly becoming integrated into people’s everyday lives. Some studies say that
there is a possibility that pets have a positive effect on people’s health since the relationship
with pets already showed that it can help lower cortisol levels, which is a stress hormone, and
lower blood pressure (referencia: https://newsinhealth.nih.gov/2018/02/power-pets). Taking into
consideration that pets are becoming so important to people, it’s normal that the pet insurance
market is rising as well since it’s expected to grow from $10,76 billion to $19.33 billion in 2029
(referencia: https://www.mordorintelligence.com/pt/industry-reports/pet-insurance-market).
In 2022, North America saw an increase in the pet insurance industry, with 5.36 million pets
having insurance according to the North American Pet Health Insurance Association
(NAPHIA), which represented a 22.1% rise from the previous year (referencia: NAPHIA-
SOI2023-Report-Highlights_Public-May9.pdf). This rise in pet insurance can be attributed to
several factors, including the increasing awareness of the importance of pet health and the rising
cost of veterinary care (referencia: Why you need to raise your fees - Again.pdf). In the United
States, during the pandemic, there was a surge of 23.2% (referencia: NAPHIA-SOI2023-Report-
Highlights_Public-May9.pdf), as people spent more time at home due to lockdown measures,
many turned to pet ownership for emotional support that’s why pet adoption rose during the
early phase of COVID-19 (referencia: did the covid19 pandemuc spark a public interest in pet
adoption.pdf). This increase has also contributed to a high interest in pet insurance, especially
insurance that covers behavioral problems. With the transition from remote work to hybrid or
in-person office settings, pets’ routines have been disrupted, which caused stress-related
problems (referencia: COVID19-Brings-a-Spike-in-Pet-Insurance.pdf).
In 2022, Portugal registered that 373 thousand people had insurance for their pets (referencia:
https://www.marktest.com/wap/a/n/id~29b9.aspx). These numbers increased during COVID-19
as people sought animal companionship to alleviate loneliness and social isolation (referencia:
https://now.tufts.edu/2020/03/30/how-animals-help-us-during-covid-19-pandemic).
When choosing the insurance for our pets we need to be aware of the term policies of it. The
owner should check if chronic and heritage health conditions and breeds predisposed health
problems are covered, especially if the premium of the insurance is lower than their
competitors. These terms will affect the insured’s finances because when the premium is lower
than the other insurance companies there’s a probability of, for example, if the insured’s dog
develops diabetes during the insurance contract, the insurance will cover the expenses, however,
when the contract is renewed the insurance can consider diabetes as preexisted condition and
exclude for further coverage. (referencia: *Pet-Specific Care for the Veterinary Team -- Lowell
Ackerman -- undefined series for scimag -- Wiley-Blackwell -- 9781119540663 --
809ee4b1b059fb3c181b46d3ce9e723f -- Anna’s Archive.pdf). That’s why is important to check
the terms of the insurance because in this example the cost for the dog owner would be higher
than if, when choosing the insurance for the first time, he chose an insurance that clearly states
that it provides ongoing care regarding chronicle and heritage conditions.
Falar de insurance sem ser pet, so tenho dados estatísticos disso, e assumir tendo em conta que o
mercado do seguro para animais está a aumentar é natural que as fraudes aumentem também
https://anthonyjones.com/pet-insurance-fraud/
