Global Pet Insurance Market
Global pet insurance market report provide a comprehensive outlook on pet insurance worldwide with specific focus on key region such as North America, Europe, Asia Pacific, Latin America and MEA. The report on global pet insurance market gives historical, current and future market size (US$ Mn) on the basis of policy coverage, animal, provider, and geography. This study analyses the global pet insurance market dynamics in a detailed manner to identify current trends and drivers, growth opportunities and potential challenges to the key stakeholders in the operating market. In addition, PBI has analyzed the global market to better equip customers with possible investment opportunities across region and consumer unmet needs.
Global Pet Insurance Market:
In 2019, the market value of pet insurance surpassed US$ 5.9 billion and is poised to rise between 2019 and 2025 at a CAGR of over 8.4%. The growth of the market will be enhanced by growing preferences for pet humanization and increasing demand for pet grooming and care products. Growing companion animal number, rising health benefits of ownership of pets, increasing demand for creative pet insurance along with rising veterinary service costs are likely to fuel the growth of the market for pet insurance. On the other hand, the low penetration rate will further fuel several opportunities that will lead to the growth of the market for pet insurance in the forecast period. The lack of knowledge of pet insurance in emerging economies, together with the high cost of pet insurance policies, would hinder the growth of the pet insurance market during the forecast.
Increasing consumer awareness pertaining to various policies and benefits boost the market growth:
In the future, the pet insurance industry will see inflows of new and private entrants providing creative and affordable coverage. Present players are also making efforts to inform customers about the veterinarian costs and the different benefits of pet health insurance policies. In addition, different government agencies are making efforts to streamline and standardize pet health codes in order to ensure a seamless and reliable process of reimbursement. There are various and ongoing campaigns by pet insurance providers to raise customer understanding of different plans and the incentives associated with them. Players in the industry use social media and digital marketing as a way to improve consumer outreach by exchanging knowledge on different cat and dog breed insurance plans. The untapped and poorly penetrated markets are targeted by the majority of companies with the primary goal of acquiring a greater share.
Europe dominates the share in global pet insurance market:
Europe, with over 53% share of the global economy in 2019, was the main market. The area is projected to contribute significantly to the adoption of safety cover policies with more than 102 million cats, 85 million dogs, and about 50 million birds as pets. The idea of humanization and the rising preference for the pet industry are important drivers for the industry. The growth of the market in this area will also be supported by a growing number of government measures to support animal protection and wellbeing, combined with incentives for pet adoption.
Key players profile in global pet insurance market include-
- Anicom Holdings Inc.
- Embrace Pet Insurance Agency LLC.
- Figo Pet Insurance LLC.
- Hartville Group
- Health for Pet
- Petfirst Healthcare LLC.
- Royal & Sun Alliance
- In September 2019, Anicom announced the launch of new pet insurance scheme called Animal Kenshoku ni. This insurance scheme is aimed to provide cover to pets that are more than 8 years old.
- In February 2019, Petsecure announced agreement with the Winnipeg Humane Society to exclusively run six-week complimentary trial insurance for the Winnipeg Humane Society’s pet adopters.
Key findings of report:
- Global pet insurance market expanding at significant CAGR over 2020 to 2026 owing to growing preferences for pet humanization and increasing demand for pet grooming and care products.
- Europe accounted for larger share of market revenue based on the region and projected a gain in market revenue over a forecast period.
- Players focusing on innovation of technologies and collaboration strategies to retain market position in global market.
Key features of the report:
- The report provides granular level information about market size, regional market share, historic market (2015-2019) and forecast (2020-2026).
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market.
- The report provides plethora of information about market entry strategies.
- Accident only
- Accident & illness
- Rest of Europe
- Southeast Asia
- Rest of APAC
- Rest of SA
- Saudi Arabia
- South Africa
- Rest of MEA