Top trends in pet insurance: Insights from Embrace Pet Insurance's Q3 2024 report
CLEVELAND, Nov. 21, 2024 /PRNewswire/ -- Embrace Pet Insurance, a leading provider of comprehensive pet health insurance, has released its Q3 2024 Insights report, highlighting key trends in pet health insurance claims and providing critical data on how pet insurance supports better pet care. This quarter includes one of the highest claims covered in 2024, underscoring Embrace's commitment to helping pet parents manage substantial veterinary costs.
Key highlights from the Q3 2024 Insights report include:
Record-breaking claims: The highest claim of the quarter was $31,263 for a mixed breed dog with Immune-Mediated Thrombocytopenia (IMTP), an autoimmune blood disorder. Other notable claims included $27,062 for a mixed breed dog with acute liver failure and $25,064 for a domestic short-haired cat with cholangiocarcinoma.
State-wide costs: States with the highest average claim costs this quarter were Washington, D.C., at $520; California at $513; and Washington at $503, with Arizona making a notable jump to fourth place at $494. The average claim cost across all states for Q3 2024 was $442.
Mixed breed marvels: Mixed breed dogs represent more than 24 percent of Embrace's insured pets, more than any other breed.
Insights from Q3's pet insurance claims trends: Seasonal variations led to increases in claims for conditions such as insect stings and pruritus (itching) in dogs, reflecting the impact of warmer weather and heightened outdoor activity. The quarter also saw substantial rises in claims for serious conditions including Feline Infectious Peritonitis (FIP) in cats and Lupoid Onychodystrophy in dogs.
Cost vs. Care: Embrace Pet Insurance member survey: The recent survey of nearly 13,000 insured pet parents underscored the vital role of pet insurance in maintaining pet health and happiness. Sixty-seven percent prioritize their pet's health and well-being significantly, with 85 percent referring to themselves in terms such as "dog mom" or "cat dad." Forty-six percent of respondents use pet technology products like smart feeders and pet cameras to enhance their pet's life.
Black cats: Breaking the myths: Despite superstitions, black cats face high euthanasia and low adoption rates. Embrace encourages breaking these myths to improve their adoption chances.
Holiday pet safety: Essential tips: Embrace provides tips on keeping holidays safe for pets by avoiding sweets, creating calm spaces, ensuring pets have ID tags and microchips, and using pet-friendly decorations.
"At Embrace, we're committed to transparency and empowering pet parents with real data on the costs and challenges of pet healthcare," said Brian Macias, CEO of Embrace Pet Insurance. "This quarter's insights reveal the reality of major pet health expenses, with claims reaching over $30,000 for complex conditions—not to overshadow the hundreds of thousands of claims for more common conditions we also cover. By sharing this information, we highlight the vital role pet insurance plays in giving families the freedom to focus on their pets' health without financial worry. Our goal is to ensure no pet's care is ever compromised due to cost."
For more detailed insights and to view the full Q3 2024 Insights report, visit Unleashing Insights: 2024 Q3 Report
For more information about Embrace Pet Insurance, visit embracepetinsurance.com or call (800) EMBRACE.
About Embrace Pet Insurance
Embrace Pet Insurance, a top-rated pet health insurance provider for dogs and cats in the United States, offers comprehensive accident and illness insurance plan. In addition to insurance, Embrace offers Wellness Rewards, a non-insurance, optional preventative care product that is unique to the industry. Wellness Rewards reimburses for routine veterinary visits, grooming, vaccinations, training, and much more, with no itemized limitations. Embrace has received numerous accolades for customer and employee satisfaction, including being named the top pet insurance provider on the Forbes list of America's Best Insurance Companies 2022 and receiving the Great Place to Work™ certification. Embrace is a proud member of the North American Pet Health Insurance Association (NAPHIA) and continues to innovate and improve the pet insurance experience for pet parents across the country. Embrace Pet Insurance is a privately held organization, backed by JAB Holding Company.
For more information about Embrace Pet Insurance, visit EmbracePetInsurance.com or call (800) 660-3817.
Media Contacts
Amber Batteiger
PR and Communications Manager, Embrace Pet Insurance
[email protected]
SOURCE Embrace Pet Insurance
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