press release
Published June 30, 2023
InsightAce Analytic Pvt. Ltd. announced the release of a market assessment report on “Global pet insurance market Size, Share and Trends Analysis Report by Coverage Type (Accident and Sickness, Accident Only), Animal Type (Dogs, Cats), Sales Channel (Agency, Broker, Direct, Bank Guarantee), Region, Market Outlook and Industry Analysis 2031″
The global pet insurance market is estimated to reach over USD 37.97 billion by 2031, exhibiting a CAGR of 16.63% during the forecast period.
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Pet insurance coverage usually covers a variety of animal treatments such as accidents, illnesses and sometimes preventative care. The level of coverage and exact treatments may vary depending on the insurance provider and the plan selected. Due to advances in technology, increased specialization, and the availability of advanced treatments, the costs of animal care have increased.
As a result, pet owners are looking to insurance to help manage these rising costs. Pet ownership is constantly expanding as they consider their pets to be members of the family. This development has increased the overall demand for pet health, including insurance coverage.
Several factors contribute to the growth and development of the pet insurance market. Pet ownership is on the rise for reasons such as companionship, emotional support and companionship. As more individuals bring pets into their homes, there is a greater need for pet insurance to keep them safe and receive competent medical care.
List of Prominent Players in Pet Insurance Market:
- PetPlan (Allianz)
- Deutsche Familienversicherung AG (DFV)
- Trupanion, Inc.
- 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.
- MetLife Services and Solutions, LLC
- Pumpkin Insurance Services Inc.
Market volatility:
Drivers:
Increasing incidence of gum and canine related diseases as well as increasing adoption of pets are important drivers in this market. Additionally, increasing demand for pet insurance to help reduce out-of-pocket costs for significant medical risks such as accidental injuries and cancer is expected to drive market expansion in the near future.
Demand for animal health care facilities is increasing, which is expected to contribute to the demand for pet insurance. Veterinary services are particularly capital intensive, requiring specialized veterinarians, experienced technicians and specially developed diagnostic equipment. This can increase medical costs for pet owners, increasing the need for appropriate pet insurance plans.
Challenges:
Pet insurance premiums can be very expensive for some pet owners, especially those with multiple dogs or limited financial resources. Balancing the cost of insurance against the benefits and coverage can be difficult, and some pet owners may choose not to purchase insurance due to financial constraints. Additionally, many dog breeds are more prone to certain health issues or have higher medical bills.
This can result in higher premiums or exclusions for certain species, making it difficult for owners to obtain comprehensive and reasonable coverage.
Regional trends
The European pet insurance market is expected to account for the largest market share in terms of revenue and is estimated to grow at a high CAGR in the near future. Pet insurance coverage covers 23.0% of pets in the UK and 30.0% of pets in Sweden in 2017, and this penetration is expected to grow over time, according to the Department of Clinical Animal Science and the Institute of Animal Nutrition.
For example, Petplaner is headquartered in the United Kingdom, while DFV is based in Germany. These businesses are continuously implementing several strategic initiatives to increase their market share and contribute to regional growth.
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Recent developments
- In the year In November 2021, AXIS Insurance, the specialty insurance business of AXIS Capital Holdings Limited, joined the market in partnership with general manager Petplan Management. The company has partnered with Petplan through its accident and health unit, and this strategic relationship has helped the company’s growth goals.
Pet Insurance Market Segmentation-
Cover Type-
- Danger and pain
- Only danger
- Others
By type of animal-
By sales channel-
- Agency
- Broker
- straight ahead
- Bank guarantee
- Others
by region –
North America-
Europe –
- Germany
- Great Britain
- France
- Italy
- Spain
- The rest of Europe
Asia-Pacific –
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- The rest of Latin America
Middle East and Africa –
- GCC countries
- south africa
- The rest of the Middle East and Africa
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