In 2020, the pet industry gained a significant amount of consumer base, as loneliness and mental illness drove people to adopt pets in the lockdown, especially the millennial population. This is expected to increase the market value of pet insurance in the upcoming year. With the increasing pet adoption, the market is expected to grow with an anticipated CAGR of more than 10% in the forecasted period.
- Agria Pet Insurance
- Figo Pet Insurance, LLC
- Veterinary Pet Insurance (Nationwide)
- PetFirst Pet Insurance
- Petplan Pet Insurance
- PetSure (Australia) Pty Ltd
- TRUPANION, INC.
Pet insurance is an insurance policy bought by a pet owner which helps to lessen the overall costs of expensive veterinary bills, with coverage similar to health insurance policies for humans. Pet insurance will cover, either entirely or in part, the often expensive veterinary procedures. The research report titled Global Pet Insurance Market Overview, 2020-26 categorizes the market to forecast the revenues and analyze the trends in each of the following segments: based animal type (Cat, Dog & others), by insurance type (Accidental and Illness & Accident only endorsement) by the end-user (Agency, Broker, Bancassurance, Direct writing) based on region, countries & major companies.
This particular niche of the insurance industry has grown massively over the past few years. There is a very good reason for this growth. Traditionally pet insurance has been an afterthought. Sometimes added to other forms of insurance; households are generally covered for most other items. But pet health insurance has changed. In the year 2015, the value of the pet insurance market was at USD 2.90 Billion. As the healthcare costs for pets are going through the roof with innovations and rising demand, pet owners are increasingly adopting pet insurance schemes.
The dog segment holds the dominant share in the pet insurance market; this is primarily accredited to dogs being the most preferred animals in most countries, the higher cost of maintenance, and their increased exposure to accidents. The dog insurance covered an approx. 3/4th of the total market in 2020. The cat segment is expected to witness considerable growth in the coming years. The increasing adoption of smaller animals such as cats as indoor pets with the shrinking size of apartments in cities is driving the demand for the cat segment. This is to have a direct impact on the cat pet insurance too, growing at a CAGR of 13%. The Accident and Illness plan holds the major share in the pet insurance market. This is credited not only to the extensive coverage of the plan but as with the aging of the pet, their illness becomes inevitable. With new state-of-the-art technology, improving the quality of pet healthcare, their medical bills can cost more than $10,000, especially in case of surgery. Thus with the rising awareness regarding the need to invest in pet healthcare has engineered the growth of the policy.
Brokers are one of the efficient indirect distribution systems. They specifically target middle-class and upper-class animal owners. The share of this segment is growing significantly due to the increased efforts put by brokers. The direct writing providers who offer maximum coverage with minimum premiums will further impel the industry revenue, with an anticipated CAGR of 14%. Europe holds the largest share in the global pet insurance market. This is primarily due to the high disposable income of the country, high rate of urbanization, and fast-spreading awareness regarding the benefits of pet insurance. As sophisticated medical care for pets like heart surgery, joint replacement, and chemotherapy becomes more widespread, the insurance market for such procedures has grown rapidly.
Key Topics Covered:
1. Executive Summary
2. Report Methodology
3. Global Pet Insurance Market Outlook
3.1. Market Size by Value
3.2. Market Share
3.2.1. By Animal Type
3.2.2. By Insurance Type
3.2.3. By End User
3.2.4. By Region
3.2.5. By Country
3.2.6. By Company
4. North America Pet Insurance Market Outlook
5. Europe Pet Insurance Market Outlook
6. Asia-Pacific Pet Insurance Market Outlook
7. Latin America Pet Insurance Market Outlook
8. Middle East & Africa Pet Insurance Market Outlook
9. Market Dynamics
9.1. Market Drivers
9.2. Market Challenges
10. Market Trends & Development
10.1. Improvement in Efficiency
10.2. Increasing Digitization
10.3. Shedding of Legacy
10.4. Utilizing the Power of Data
11. Company Profiles
12. Strategic Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/2zkdqk