BIG DOLLARS IN THOSE COLLARS: THE LATEST ON DOGS AND HOMEOWNERS’ INSURANCE By Kevin C. Amrhein, CIC, CBIA We have three cats and a betta fish. But the real star of our show is Bruce, our 16-year-old rat terrier who still gets around pretty doggone good.
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If this resembles the ensemble at your home, we are not alone. As evidenced below, America’s love of (and spending on) dogs and pets in general is growing by leaps and hounds. I could go on, but this is an article about insurance, so let’s do this: 4
A MASSIVE EXPOSURE ▲ The National Pet Owners Survey (found at americanpetproducts. org) says 70% of U.S. households owned a pet in 2020, up 3% since 2019 and consistent with annual growth since the survey began in 1988. ▲ Dogs rule. Approximately 70 million households have at least one dog. 45.3 million have at least MAY 2022
one cat. Placing a distant third are freshwater fish which can be found swimming in 11.3 million households. ▲ Americans spent almost $104 billion on pet expenditures in 2020. To illustrate the massive growth in this space, in 2017, pet expenditures accounted for $69.5 billion in spending.
