Author: Vikas Kumar
14 January 2023
Thepet insurance market is expected to witness a CAGR of around 12% during the forecast period. A pet owner can lower their overall pet healthcare costs by purchasing a pet insurance policy. The expense of the insured pet’s care, including veterinarian care, injuries, illnesses, accidents, and other veterinary surgical procedures, is reported to be covered in full or in part by pet insurance coverage. For instance, as per the North American Pet Health Insurance Association (NAPHIA) 2021, around 3.45 million pets were insured across the North American region in 2020.
The demand for high-quality veterinary pet health treatments has grown along with the global pet population, as has the cost of treatments needed as a result of mishaps. Therefore, pet insurance is becoming more popular. Blood tests, urinalysis, MRIs, x-rays, CT scans, lab work, ultrasounds, specialized and urgent care treatments, hospitalization, and surgery are all covered. Due to rising medical costs, pet owners can now purchase an extended accident and illness package that includes coverage for a wide range of illnesses in addition to unintentional poisonings and traffic accidents.
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Based on coverage type, the market is segmented into accident & illness, accident only, and others. Among them, the accident & illness category is to witness higher CAGR during the forecast period owing to the high cost of veterinary care and diagnostics, increasing serious illness or major accidents in domestic animal populations, and growing awareness of pet insurance are some major factors driving this market’s expansion.
On the basis of animal type, the market is categorized into dogs, cats, and others. Among these, the dogs to hold a significant share of the market in 2020. This is mainly due to the dogs are the most popular pets, which are also known to improve people’s physical and mental health. And a surge in dog adoption is leading to the growth of the segment. For instance,as per American Pet Products Association’s 2021-2022 National Pet Owners Survey, around 69 million families in the United States own a dog.
For a detailed analysis of the global pet insurance market browse through– https://univdatos.com/report/pet-insurance-market/
For a better understanding of the market adoption of the pet insurance industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Europe is anticipated to grow at a substantial CAGR during the forecast period owing to pet insurance becoming more and more well-liked, the high pet adoption rate, and the major market participants present. Over the past decade, there has been a significant rise in the number of pet animals adopted for companionship in Europe. People primarily get pets for the companionship they provide, and there has been a shift from pet owners to pet parents, indicating that nowadays, pets are considered members of the family. For instance, in 2022, according to the People’s Dispensary for Sick Animals (PDSA), 27% of UK adults have a dog with an estimated population of 10.2 million pet dogs. 24% of the UK adult population have a cat with an estimated population of 11.1 million pet cats.
Some of the major players operating in the market include Trupanion Inc., DFV Deutsche Familienversicherung AG, Animal Friends Insurance Services, Limited, Figo Pet Insurance LLC, U.K. Insurance Limited, Nationwide Mutual Insurance Company, Embrace Pet Insurance Agency LLC, Anicom Holdings Inc., MetLife Services and Solutions LLC, Pumpkin Insurance Services Inc.
Global Pet Insurance Market Segmentation
Market Insight, by Coverage Type
Market Insight, by Animal Type
• Dogs
• Cats• Others
Market Insight, by Sales Channel
• Agency
• Broker• Others
Market Insight, by Region
Top Company Profiles
• Trupanion Inc.
• DFV Deutsche Familienversicherung AG• Animal Friends Insurance Services Limited• Figo Pet Insurance LLC• U.K. Insurance Limited• Nationwide Mutual Insurance Company• Embrace Pet Insurance Agency LLC• Anicom Holdings Inc.• MetLife Services and Solutions LLC• Pumpkin Insurance Services Inc.
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