Dublin, May 2, 2023 /PRNewswire/ – The “Pet Insurance Global Market Report 2023”. Report added. ResearchAndMarkets.com’s Providing.
The global pet insurance market has grown from 6.76 billion dollars In 2022 to 7.82 billion dollars In the year at a compound annual growth rate (CAGR) of 15.7% by 2023. The pet insurance market is expected to grow 14.11 billion dollars by 2027 at a CAGR of 15.9%.
Pet insurance growth and awareness have been major trends in this market. Digital solution providers are looking to partner with insurers to enhance the customer experience for insurers through value-added services. For example, Figo Pet Cloud offers Figo Pet Cloud, which allows for real-time pet GPS tracking, medical record management, mobile claims submission, social pet profiles, pet-friendly business directory, vaccinations and appointments. Alerts via smartphone app. Pet insurers must use a unique digital marketing strategy to build trust and connect with millennial customers.
in October 2021, JAB Holding Co., a German-based conglomerate, has acquired Cardiff Pinnacle for an undisclosed amount. Through the acquisition, the investment firm aims to become a major player in the rapidly growing animal health insurance industry. JAB’s veterinary clinics have access to a wealth of consumer spending data, which helps the company price premiums more effectively. Cardiff Pinnacle is the UK-based pet insurance subsidiary of BNP Paribas SA.
North America It was the largest region in the pet insurance market in 2022. Regions Covered in Animal Insurance Market Report Asia-Pacific, Western Europe, Eastern Europe, North America, south america, middle east And Africa.
The rising number of pet adoptions is expected to continue driving the pet insurance market during the construction period. During the Covid-19 pandemic, interest in adopting or fostering pets has risen worldwide, from Canada to the India. Adopting a pet can help people by providing health benefits ranging from lowering blood pressure to stress relief.
For example, according to Pete Pointe, in March and September 2020, the number of American pet adoptions increased by 8 percent. Similarly, household, income and labor dynamics in Australia (HILDA) survey, published in 2020, found that two-thirds of Australians have at least one pet, accounting for 62% of respondents. The reports indicate that 72% of Australian pet owners have at least one dog and 37% have at least one cat. Therefore, the increase in the number of pet adoptions will increase the growth of the pet insurance market.
The pet insurance market includes revenue generated by entities offering services such as lifetime coverage, time-limited coverage, and cash limits. The market price includes the price of related goods sold by the service provider or included in the service. Only goods and services traded between firms or sold to end consumers are included.
A selection of companies featured in this report include:
- Trupayon Inc.
- Deutsche Familienversicherung AG (DFV)
- PetPlan (Allianz)
- Animal Friends Insurance Services Limited
- Figo Pet Insurance LLC
- Straight line
- National Mutual Insurance Company
- Hug Pet Insurance Agency LLC
- Anicom Insurance
- ipet insurance co. Ltd.
- Hartville Group
- Pet Insurance Corporation
- PetFirst
- Royal and Sun Alliance (RSA)
- AGRIA PETS INSURANCE LIMITED
- 24 PetWatch
Key topics covered:
1. Executive summary
2. Characteristics of the pet insurance market
3. Pet insurance market trends and strategies
4. Pet insurance – macroeconomic situation
4.1 Impact of COVID-19 on the pet insurance market
4.2 The impact of the Ukraine-Russia war on the animal insurance market
4.3 The impact of high inflation on the pet insurance market
5. Pet Insurance Market Size and Growth
5.1. Global pet insurance historical market, 2017-2022, $ billion
5.1.1. Market drivers
5.1.2. Restrictions on the market
5.2. Global Pet Insurance Market Forecast, 2022-2027F, 2032F, $ Billion
5.2.1. Market drivers
5.2.2. Restrictions on the market
6. Pet insurance market segmentation
6.1. Global Pet Insurance Market, Segment by Policy Coverage, Historical and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Danger and pain
- Only danger
6.2. Global Pet Insurance Market, Split by Animal Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.3. Global Pet Insurance Market, Segment by Vendor, Historical and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7. Regional and Country Analysis of Pet Insurance Market
7.1. Global pet insurance market, by region, historical and forecast, 2017-2022, 2022-2027F, 2032F, $ billion
7.2. Global pet insurance market, by country, historical and forecast, 2017-2022, 2022-2027F, 2032F, $ billion
For more information about this report visit https://www.researchandmarkets.com/r/eyjkdl
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