Spot Pet Insurance Outpaces Industry Growth by 3x in Booming U.S. Pet Insurance Sector

Spot Drives 22% of the U.S. Pet Insurance Market's New Pet Growth in 2024

MIAMI, May 8, 2025 /PRNewswire/ -- Spot Pet Insurance has continued its rapid expansion, capitalizing on the growth of North America's pet insurance market. 

NAPHIA recently released their 2025 State of the Industry Report which reveals that total U.S. gross written premium (GWP) hit $4.7 billion by the end of 2024, reflecting a 21.4% year-over-year increase. The North American market (U.S. and Canada combined) surpassed $5.7 billion in GWP, driven by consistent double-digit growth in both countries. While the U.S. has seen a five-year average growth rate of 25%, Spot has consistently outpaced industry averages year-over-year. This trend highlights the strong demand for customizable pet insurance plans that help pet parents manage the cost of veterinary care for their furry companions.

Spot's performance continues to set the pace for the pet insurance industry. In 2024 alone, the company achieved 63% year-over-year growth and accounted for approximately 22% of all the new pets acquired in 2024. With over 750,000+ pets insured, $265+ million in gross written premiums, and a consistently strong customer satisfaction rate, Spot has proven its ability to scale rapidly while staying true to its mission of supporting pet parents through accessible, customizable coverage.*

Trey Ferro, CEO of Spot Pet Insurance, sees the data as a strong validation of the company's mission. "The bond between pets and their parents has never been stronger, and these numbers show that more people recognize the value of protecting that bond with pet insurance," Ferro said. "At Spot, our flexible, comprehensive plans and dedication to education continue to attract pet parents who want peace of mind when it comes to their pets' health. We're not just keeping pace—we're setting the pace."

The NAPHIA's Report also highlighted how the number of insured pets also grew by 12.7%, with millions of dogs and cats now covered nationwide. Notably, insured cats experienced a 23.5% increase—outpacing dogs and representing the fastest-growing segment in the market. While dogs still account for the majority of U.S. gross written premium at 86.1%, cats now make up 13.9%, reflecting a steady rise in feline coverage.

For more information, or to buy a policy visit www.spotpet.com.

About Spot Pet Insurance: 
Spot Pet Insurance is a passionate team of pet-health-obsessed pet parents driven by a shared vision to educate, empower, and engage pet lovers about the benefits of pet insurance. They aim to help pet parents pay for covered veterinary bills, ensuring that their dogs and cats can lead healthier, happier lives.

* 2025 Spot Pet Insurance Services, LLC. claims data.
Paid ad. Waiting periods, annual deductible, co-insurance, benefit limits and exclusions may apply. For all terms visit https://spotpet.com/sample-policy. Products, schedules, discounts, and rates may vary and are subject to change. 10% multi-pet discount is available on all pets after the first. More information available at checkout. 

Insurance plans are underwritten by either Independence American Insurance Company (NAIC #26581. A Delaware insurance company located at 11333 N. Scottsdale Rd, Ste. 160, Scottsdale, AZ 85254) or United States Fire Insurance Company (NAIC #21113. Morristown, NJ), and are produced by Spot Pet Insurance Services, LLC. (NPN # 19246385. 990 Biscayne Boulevard Suite 603, Miami, FL 33132. CA License #6000188).

Sources:

2025 State of the Industry Report, North American Pet Health Insurance Association (NAPHIA), April 22, 2025. Available at www.naphia.org

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SOURCE Spot Pet Insurance