The global pet insurance market is estimated to register a growth rate of over 11% during the forecast period from 2020 to 2028. The prime factors assisting the growth of this market is perpetual increase in adoption of pet and companion animals, growing awareness about veterinary health and safety as well as continuous rise in costs of veterinary healthcare. As the healthcare costs for pets is growing, pet owners are increasingly adopting pet insurance schemes.
It is also anticipated that the global pet insurance market shall witness more participants in the years to come, offering innovative coverage solutions at greater affordability. Moreover, the existing players are increasingly focusing on growing awareness among pet owners with respect to the growing cost of healthcare and benefits offered by efficient and appropriate insurance cover. Regulations are also being revised in several countries for incorporating new plants for animal and pet insurance.
Adroit Market Research study on the global market for pet insurance offers a holistic view of the industry from 2020 to 2028 as forecast period, including factors such as market drivers, limitations, opportunities, threats and regulatory overview. The market has been analyzed from 2018 to 2028, with a base year estimate of 2019 and a projection from 2020 to 2028. The report covers the current status and potential characteristics of the market at both the global and the country level. Moreover, the report also assesses market competition with Porter's analysis of five strengths and places leading players on the basis of their product range, regional presence, strategic initiatives and overall sales. Prominent players in the global pet insurance market have been analyzed in depth.
Pet Insurance Market Scope
|Forecast Unit||Value (USD)|
|Growth Rate||CAGR of 11.36% during 2021-2028|
|Segment Covered||Policy Type, End User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Key Players Profiled||Anicom Holdings, Embrace Pet insurance Agency, Figo Pet Insurance, Crum & Forster Pet Insurance Group, Health for Pet, Hollard, Nationwide, PetFirst Healthcare, Pethealth, Petplan, Trupanion, Agria Pet Insurance, and RACQ among others.|
Key segments of the global pet insurance market
Policy Type Overview, 2018-2028 (USD Million)
- Lifetime Cover
- Accident & Illness Cover
- Accident Cover
- Non-lifetime Cover
- Accident & Illness Cover
- Accident Cover
End User Overview, 2018-2028 (USD Million)
- Exotic Pets
Regional Overview, 2018-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
Frequently Asked Questions (FAQ) :
Digitization of financial tools is the latest trend observed in the pet insurance sector. Through digitization, the insures are able to increase their outreach and efficiency. This has allowed for benefits such as risk reduction, effective payments collections, data security, faster claim settlement and so on. By adopting digitization, insurance companies are able to save substantial costs and therefore focus on enhancing their core competencies. Insurers are embracing digital transformation more than ever before by implementing technologies into their long-term planning strategies. Insurers will be able to offer customers quicker responses, leading to better overall customer service satisfaction. Pet owners no longer have to spend as long on a call or searching for insurance documents as everything will be accessed online.
Furthermore, digitization is also taking massive advantage of high penetration of smartphones and internet among consumers across the globe. This has also enabled active automation of customer service and therefore offering dual advantage of lowering operational costs and improve company reputation. Digitizing the insurance process allows insurance providers to have access to large quantities of data that can help identify pet breeds that are susceptible to a certain illness or injury. This analysis can provide owners more choice when it comes to preventative medicine and to use it from an early age and save money in the long-term and avoid the risk of traumatic surgery and treatments for pets later in life.
Based on policy types, the global pet insurance market is classified into lifetime insurance and non-lifetime insurance covers. These segments are further split into accident and illness cover, and accident cover. Between the major segments, lifetime insurance cover occupies the larger market share in the base year 2019, and is anticipated to dominate the market through the forecast period. Accident and illness plans provide coverage for both accidents and sudden illness. It represents around 98% of the plans issued by most pet insurance companies. It is expensive as compared to an accident-only coverage plan, but it offers the most ample coverage. Accident only policy provides treatment for accidental injuries and therefore have a limited preference by pet owners.
Based on regional demarcation, the global pet insurance market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Among these, the adoption of pet insurance is the highest in Europe, while North America captures over 25% of the global market share in 2019. Additionally, Asia Pacific is anticipated to be the fastest growing regional market for pet insurance. However, in majority of the countries, uptake of pet insurance is greatly concentrated on insurance for dog pets. The demand for pet insurance for exotic animals is mostly focused in developed markets of North America and Europe. In North America, US accounts for approximately 90% of the market share; this trend is mainly contributed by high awareness about availability and benefits of pet insurance.