A higher proportion of dog owners in Australia purchase pet insurance for man's best friend than cat owners for their kitty.
Some 5.4 million Australians have a dog, of these 7.1% have pet insurance. In comparison, only 3.8% of an estimated 3.4 million cat owners have pet insurance.
Overall, an estimated 609,000 pet owners in Australia had pet insurance in the year to March 2018, according to new research from Roy Morgan.
Given that around 7.3 million Australians have a dog or cat, or at least have one in their household, this is a very small proportion, says the market research company. This coverage accounts for only 6.0% of total dog and cat owners.
These are the latest findings from Roy Morgan’s Single Source survey of over 50,000 consumers per annum, including over 50% of whom are dog or cat owners.
Profile of pet insurance buyer
The low incidence of pet insurance appears to revolve around issues to do with household finances and life stage.
Employed people account for 77.4% of those holding pet insurance, well above their population proportion (57.5%). Income plays a major role, as shown by the fact that individuals with an income of at least A$50,000 ($36,800) per annum account for 56.4% of those with pet insurance and only represents 35.5% of the population – indeed those earning over A$200,000 per annum are four times as likely to have pet insurance as the average Australian.
Life stage has an impact on pet insurance as shown by the fact that 46.7% with this insurance are paying off their house well above the population average of 31.0%. Families (partner and children) account for 42.9% of pet insurance holders (population share 30.3%) and Generation X makes up 38.9% of holders (population share 23.9%).
Females appear to be more concerned about pet insurance, making up 59.8% of the market (population share 50.8%).
Mr Norman Morris, Industry Communications Director, Roy Morgan, said, “To enable providers of pet insurance to have a greater understanding of pet owners and as a result target their message more efficiently, Roy Morgan has prepared a detailed profile report Dog and/or Cat Owners Profile. The report covers demographics, psychographics, media and general interests of pet owners.”