How Many People Have Pet Insurance in Canada in 2024? Statistics & FAQ

happy man signing a pet isurance contract with his wife and dog on a meeting with financial advisor

Pet ownership has increased recently, so it’s only natural that everything else associated with pets has also increased. Food, grooming, veterinary bills, and pet insurance have all seen rises in expenditures in recent years.

With less than 3% of pet owners in Canada investing in pet insurance, it’s important to understand the benefits and options. Below, we’ll take a closer look at pet insurance in Canada, including the most popular insurance companies and why it’s important to invest in it for your pet’s and your wallet’s sake.

The Importance of Pet Insurance

While it is possible to own a pet that remains healthy for most of their life, veterinary costs continue to rise. The factors that determine the necessity of insurance depend on the kind of pet you have. For example, large-breed dogs are considered high risk because of certain health conditions that they are prone to compared to other dogs.

Also, cats are susceptible to kidney disease, particularly as they age. Therefore, pet insurance can give you the peace of mind that you can financially care for your pet. Veterinary bills can sometimes be unexpected, and all it takes is one accident or unforeseen illness to drain your paycheck.

Some insurance companies can even help cover the yearly veterinary wellness check, which is a necessary expense that can add up over the course of your pet’s life.

Husky dog lying on vet table with doctor and owner near by — Image By: ressmaster, Shutterstock

How Many People Have Pet Insurance in Canada?

Canada hasn’t embraced pet insurance quite as much as some other countries. But the numbers are definitely on the rise. In 2014, less than 3% of Canadian pet owners had pet insurance. At that time, there were 14 million cats and dogs owned in Canada. To compare, 25% to 30% of U.K. pet owners had pet insurance, and 45% to 50% did in Sweden.

According to the North American Pet Health Insurance Association, in 2021, Canada’s total premium volume for pet insurance totaled CAD 313.4 million, which is up by 28.1% from the previous year. This translates to 3.10% of Canadians taking on pet insurance in 2021. The numbers are up, not by much, but it is believed that the COVID-19 pandemic is the reason for the increase in pet ownership and pet insurance numbers.

The top provinces with insured pets are:

Ontario:	38.9%
British Columbia:	20.3%
Alberta:	18.9
Quebec:	7.1%
Nova Scotia:	4.5%

Popular Pet Insurance Providers in Canada

According to Insurance Business Canada, there are 12 top pet insurance companies available to Canadian pet owners. They are listed here in alphabetical order:

BCAA: It has accident, illness, and alternative therapies coverage. Its plans are customizable, and the claims can be submitted online.
CAA: It offers accident or accident and illness coverage, as well as alternative therapies and optional flex care (for wellness exams).
Costco: It has accident and illness coverage, but it’s only available to Costco members.
Desjardins: It has dental and unlimited coverage for illness and injury, as well as alternative therapies and preventative care.
Fetch by The Dodo: It offers up to 90% reimbursement for most issues (exam fees, clinic visits, dental, holistic, diagnostic tests, cancer treatments, etc.), but it’s for dogs only.
Ontario Veterinary Medical Association: It offers unlimited accident and illness coverage and has an allowance for dental and wellness for dogs and cats.
Peppermint: It offers 80% reimbursement and coverage for accident and illness, and a certain amount is allocated to alternative and behavioral therapies.
Petsecure: It offers 80% coverage and unlimited accident and per condition coverage. There’s also dental and wellness coverage.
Pets Plus Us: It offers a choice between 70%, 80%, and 90% of vet coverage, with no breed exclusions.
Sonnet: It offers up to 80% vet bill coverage and limited coverage on accidents, dental, and alternative and behavioural therapies.
The Personal: It offers unlimited accident and illness and preventative care coverage, as well as for dental and alternative and behavioural therapies.
Trupanion: It offers up to 90% coverage, including for hereditary and congenital conditions.

Always research an insurance company thoroughly before you decide on one.

persian cat checked by vet. — Image By: didesign021, Shutterstock

Trends About Pet Insurance in Canada

Pet insurance in Canada is expected to continue to increase. The numbers have been steadily growing: The total premium volume for pet insurance in Canada in 2013 was CAD 91.1 million, which has gone up to CAD 244.6 million in 2020.

The trends affecting Canada and North America in general are anticipated to exceed CAD 3.8 billion through 2027 in the pet insurance market share.

It’s also expected that providers will have a high claim settlement quota, and there will be an increase in pet insurance plans for illness and accidents. It’s forecast that more pet owners with pets that are not cats or dogs will start to turn to public insurance companies for fuller coverage.

Part of what will drive the pet insurance market up is that pet adoptions in Canada are on the rise. The estimations are that there will be a growth rate of about 7.4% from 2021 to 2027 for pet insurance due to the increase in pet adoptions.

Frequently Asked Questions

pitbull dog check by vet — Image Credit: Andy Gin, Shutterstock

What is the greatest expense of owning a dog in Canada?

The greatest expense is food at CAD 1,200 annually, which isn’t too surprising. However, pet insurance comes in as the second biggest expense, at CAD 1,160 a year. The total cost of owning a dog in Canada in 2022 is about CAD 3,999.

What’s the yearly expense of owning a cat in Canada?

Unlike dogs, the biggest expense for owning a cat in Canada in 2022 was dental cleaning, at CAD 743. However, like dogs, pet insurance was the second biggest expense at CAD 638, and the total amount came in at CAD 2,800 for owning a cat in 2022.

Are dogs or cats the most insured?

The answer here shouldn’t be too much of a surprise: More dogs are insured than cats, with 77.5% of dogs insured in 2021 compared to 22.5% of cats.

What’s the average insurance premium paid in 2022?

For accident and illness coverage, the premium for dogs was CAD 640.04 a year, which works out to CAD 53.34 a month. It was CAD 387.01 a year for cats or CAD 32.25 a month.

Just to compare, in the States, the average yearly premium for dogs was USD 583.91 and USD 342.84 a year for cats. This is probably part of the reason that Canadians aren’t jumping at pet insurance, as we end up paying more than those in other countries.

Why are dogs more expensive to cover than cats?

Technically, everything is already more expensive for dogs, including vet visits, surgery, and general care. Since dogs also tend to be outside more, there can be more risks.

Bottom Line

We Canadians love our pets, and the numbers show it. As Canadians become more invested in their pets’ health and happiness, adoption rates will continue to rise, as will the number of pet owners investing in pet insurance.

The more people learn about how pet insurance works, the more likely they’ll be interested in signing up their pets for it. The peace of mind that pet insurance can give pet owners means we’ll likely see these numbers continue to climb.

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Featured Image Credit: Drazen Zigic, Shutterstock