The pet insurance market will continue to grow as pet owners invest in high-quality care

In the year The global pet insurance market, valued at USD 8.5 billion by 2021, is expected to grow at a steady CAGR of 16.5% during the forecast period. In the year By 2032, based on this growth rate, the market for this industry is expected to be $45.6 billion. The pet insurance market is a growing industry that provides pet owners with coverage for their pet’s medical expenses. Pet insurance policies typically cover accidents, illnesses, and routine care such as vaccinations and annual checkups. In recent years, the market has grown steadily, driven by pet owners who are willing to pay for high-quality care for their pets.

North America dominates the global animal insurance market with the largest share in terms of revenue. The region has many pet owners who are willing to pay for pet health care. Europe is the largest market for pet insurance, with countries such as the UK, Germany and France leading the way.

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The main ways of market research

• Global pet insurance market revenue will reach $9.9 billion by the end of 2022
• Europe will account for more than 44 percent of the pet insurance market by 2022
• The Asia Pacific region is projected to grow at the fastest rate of over 18 percent during the forecast period of 2022-2032.
• By 2022, the accident and illness segment is estimated to account for the largest revenue share at 85 percent.
• In the year By 2022, the dog segment will account for more than 50% of the market revenue.
• Direct selling dominated the market in 2021 and is expected to account for 34% of market revenue by 2022.

Competitive landscape

Players implement various strategic strategies to increase their market share, such as new policies, forming partnerships and collaborations, and regional expansion.

• In June 2020, Veter Software, a provider of technology solutions for animals, signed an agreement with Trupanion. Through this partnership, VeterSoft’s cloud-based veterinary practice management platform software has been integrated with Trupanion software to enable direct billing for veterinarians.
• AXIS Capital Holdings Limited has entered the specialty insurance market in November 2021 in partnership with General Motors Petplan. For continuous growth in the market, the Accident and Health department has partnered with Petplan.

Key companies are revealed

• Trupanion, Inc.
• Deutsche Familienversicherung AG (DFV)
• PetPlan (Allianz)
• Animal Friends Insurance Services Limited
• Figo Pet Insurance, LLC
• Straight line
• PetWatch
• Hug Pet Insurance Agency, LLC
• Anicom Insurance
• Agria Pet Insurance Co., Ltd.

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Regional analysis

1. North America: North America dominates the global animal insurance market with the largest share in terms of revenue. The region has a high rate of pet ownership, and pet owners are more aware of the benefits of pet insurance. The US and Canada are the main markets in the region, with a large number of pet insurance providers offering a variety of policies.
2. Europe: Europe is the largest market for pet insurance, with countries such as the UK, Germany and France leading the way. The market in Europe is driven by factors such as increasing pet ownership, rising healthcare costs and increasing awareness of pet insurance policies.
3. Asia-Pacific: The Asia-Pacific region is the fastest growing market for pet insurance, driven by increasing pet ownership rates and increasing disposable incomes in countries such as China, Japan and India. The market in the region is still relatively young, but there is great potential for growth in the coming years.
4. Latin America: The pet insurance market in Latin America is growing, driven by increasing rates of pet ownership and rising healthcare costs. Brazil and Mexico are the main markets in the region, with several pet insurance providers offering customized policies.
5. Middle East and Africa: The animal insurance market in the Middle East and Africa is relatively small, but there is significant growth potential in the coming years. The market is driven by increasing pet ownership rates, increasing healthcare costs, and increasing awareness of pet insurance policies.

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More useful insights

Fact.MR, in its latest offering, presents an unbiased analysis of the pet insurance market, featuring historical market data (2015-2021) and forecast statistics for the period 2022-2032.

The study provides key insights into five key areas based on coverage type (accident and sickness, accident only and others), animal type (dogs, cats and others) and sales channel (agency, broker, direct, bank guarantee and others). Americas, Latin America, Europe, Asia Pacific and the Middle East and Africa).

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