There's a new article in Business Week Online, Putting on the Dog, that talks about all the new and imaginative items that pet lovers will buy for their beloved. I was chatting with Stacy Perman (she wrote the article) about pet insurance and she was kind enough to give us a mention at the end:
Industry watchers suggest that life-enhancement goods and services have the strongest growth potential. Pet insurance, once viewed as a frivolity, has blossomed, as surgeries and medical care have grown commonplace. The oldest such firm, Brea (Calif.)-based Veterinary Pet Insurance, still holds an estimated 83% share of the market, but more are on the way.
Embrace Pet Insurance, which began as a business plan at Wharton in 2003, will officially launch in Cleveland this October. CEO Laura Bennett expects that more carriers entering the market will actually help boost its numbers rather than cannibalize them. As it stands, pet insurance premiums total only about $120 million annually. Bennett expects that number to more than double to $476 million by 2008 and then continue by 30% annually -- providing plenty of opportunity for her firm and others.
Link: Putting on the Dog.
