The market for insurance plans that cover veterinary bills for pets is referred to as the pet insurance industry. These plans safeguard pet owners financially against the high expenditures of veterinary procedures for their dogs. Pet insurance demand has expanded dramatically in recent years as a result of the growing trend of pet ownership and increased awareness about the benefits of pet insurance. Factors driving the market include rising veterinary care costs, increased adoption of pet insurance in industrialised nations, and increased awareness about animal welfare.
The pet insurance industry is divided into three sections: product type, animal type, and region. The market may be divided into three categories based on product type: comprehensive, accident-only, and routine care. The market may be divided into dog, cat, and other animal types. The market may be divided into four regions: North America, Europe, Asia-Pacific, and the rest of the world.
The North American area is the largest market for pet insurance and is predicted to develop significantly in the next years due to the region’s high levels of pet ownership and growing awareness of pet insurance. Among the market’s key companies are Nationwide, Petplan, Trupanion, and ASPCA Pet Health Insurance. They are investing in R&D to provide new and comprehensive pet insurance products to meet clients’ evolving demands and preferences.
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Key Segments Covered in the Pet Insurance Industry Survey
- By Coverage Type
- Accident Only
- Accident & Illness
- Other Coverage Types
- By Animal Type
- Cats
- Dogs
- Other Animal Types
- By Sales Channel Type
- Bancassurance
- Direct
- Broker
- Agency
- Other Sales Channels
- By Region
- North America
- Latin America
- Europe
- APAC
- MEA
Key Takeaways from the Market Study
- Global pet insurance market revenue to reach US$ 9.9 Bn by the end of 2022
- Europe to hold a revenue share of over 44% of the pet insurance market by 2022
- Asia Pacific region is projected to grow at the fastest rate of over 18% during the forecast period, 2022-2032.
- It is estimated that the accident and illness segment will hold the largest revenue share in 2022 at 85%.
- In 2022, the dogs segment will account for more than 50% of the market’s revenue.
- Direct sales dominated the market in 2021, projected to hold 34% of market revenue by 2022.
Key Companies Profiled
- Trupanion, Inc.
- Deutsche Familienversicherung AG (DFV)
- Petplan (Allianz)
- Animal Friends Insurance Services Limited
- Figo Pet Insurance, LLC
- Direct Line
- PetWatch
- Embrace Pet Insurance Agency, LLC
- Anicom Insurance
- Agria Pet Insurance Co., Ltd.
Competitive Landscape
Players implement various strategic strategies, such as launching new policies, forming partnerships and collaborations, and expanding regionally, in order to increase their market share.
- In June 2020, Veter Software, a provider of technology solutions for animals, signed an agreement with Trupanion. In this partnership, Vetter Software’s cloud-based veterinary practice management platform software was integrated with Trupanion’s software, enabling direct payments to veterinarians.
- AXIS Capital Holdings Limited entered the specialty insurance market in November 2021 by partnering with Managing General Underwriter Petplan. To gain steady growth in the market, its Accident and Health unit partnered up with Petplan.
Key Question answered in the survey of Pet Insurance market report:
- Sales and Demand of Pet Insurance
- Growth of Pet Insurance Market
- Market Analysis of Pet Insurance
- Market Insights of Pet Insurance
- Key Drivers Impacting the Pet Insurance market
- Which are the Key drivers impacted by Pet Insurance market
- Restraints Shaping Market Growth
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Market Survey of Pet Insurance