The global pet insurance market was valued at USD 8,102.4 million in 2021 and is expected to rise to USD 19,945.75 million by 2028, at a CAGR of nearly 16.20% over the forecast period. The study examines the market’s drivers, restraints/challenges, and the impact they have on demand during the forecast period. Furthermore, the paper investigates new opportunities in the pet insurance sector.
Pet Insurance Market: Overview
Pet insurance is coverage for pet owners that helps to cover the costs of expensive medical bills. Pet insurance often covers the cost of treating an insured owner’s injured or sick animal. When the animal dies, goes missing, or is stolen, it is also paid. Pet insurance policies primarily cover dogs, cats, and horses, with additional coverage available for more exotic animals. The average cost of accident and illness insurance for dogs is more than for cats. Routine care, general exams, preventative treatment, teeth cleaning and deworming, and vaccines are all covered by some insurance plans. Increasing pet adoption and the rising prevalence of feline and canine-related illnesses are key factors in this business. Insurance packages that cover pets of all ages, as well as multi-pet insurance, are innovative. Private companies may grow their market share in the pet health insurance industry by taking such steps. Demand for pet insurance to help reduce out-of-pocket spending for major medical issues such as cancer and accidental injuries is projected to fuel growth. Concerns such as a lack of defined pet health categories for payment, risks for pet insurance businesses, a barrier to entry, strong competition, and a lack of understanding of pet insurance are all issues that limit the market growth.
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Pet Insurance Market: Segmentation
The worldwide pet insurance market is divided into four segments: policy coverage, animal type, sales channel, and geography.
The market is divided into three sections based on policy coverage: accident and illness, accident only, and others. The accident and sickness category dominates the market, accounting for 84.0% of revenue in 2021. The main drivers of this expansion are rising veterinarian care and diagnostic costs, an increase in the number of companion animals, and increased knowledge of pet insurance. Accident and illness coverage is most commonly provided by pet insurance carriers. This covers a wide range of topics, such as medications, diagnostic procedures, acute and chronic disorders, and more. After the accident, the segment is expected to grow at the fastest rate in the future years.
The market is split into brokers, agencies, and others based on sales channels. The agency segment is predicted to grow at the fastest rate over the projection period.
The market is separated into dog, cat, and other animal types. Among these, the dog segment dominates the market, accounting for 50% of revenue in 2021. The main drivers of this share include increased pet adoption, the expansion of insurance companies’ service offerings, and rising disposable income in key areas. Furthermore, future market growth is expected to be supported by an increase in the number of pet dogs in the area, as well as the availability of various insurance policies to meet a variety of pet demands.
Pet Insurance Market: Competitive Landscape
Some of the main competitors dominating the global pet insurance market include – Pet Insurance Agency, LLC, Figo Pet Insurance LLC., PetFirst, Pet Insurance, Pets Best Insurance Services, LLC, Hartville Group, Nationwide, Pet Assure Corp., Royal & Sun Alliance (RSA), and Trupanion.
The Global Pet Insurance market is segmented as follows:
By Policy Coverage
Accident and Illness
Accident Only
Others
By Animal Type
Dogs
Cats
Others
By Sales Channel
Broker
Agency
Others
By Region
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
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