Five years ago today, I started writing this blog, which was about a year and a half before we sold our first policy.
I had no idea back then how the blog would turn out, let alone Embrace, but I think the articles I've written here have added something to the pet insurance world, even if it was just telling our fellow competitors what Embrace is all about!
Pet insurance has grown from approximately $150 million in premium in 2005 to approximately $350 million of premium. 2015 probably looks to be about $600-700 million in premium under the current circumstances.
However, I see pet insurance growing mainstream over the next 5 years. I see larger and larger brands offering pet insurance as they grow to trust the products on the market enough to put their brand on them. With larger brands comes greater awareness of pet insurance and after a while, it becomes normal, just another decision to be made about another family member.
So, it is within the realm of possibility that pet insurance reach $1 billion level if a few big names join the party. Either that or Obama makes pet insurance mandatory for every pet in the US ;)
Where do you see pet insurance in the next 5 years? What do you think?
P.S. That's Storm in the picture, one of our very first beneficiaries of Embrace pet insurance. He's still with us along with quite a few others. It feels good to have made a difference to so many pet's health.
