The global pet insurance market is expected to be worth USD 8,102.4 million in 2021 and USD 19,945.75 million by 2028, growing at a CAGR of nearly 16.20% during the forecast period.
Pet Insurance Market Analysis
Pet insurance is a type of insurance that assists pet owners in paying for costly medical bills. Pet insurance frequently covers the cost of treating an insured owner’s injured or sick animal. If the animal is killed, stolen, or goes missing, the fee is also paid. Pet insurance policies typically cover dogs, cats, and horses, with some coverage for more exotic animals. Dog accident and illness insurance is more expensive than cat insurance.
Offering insurance coverage to animals of various ages and in large numbers is novel. Private companies that take these steps may increase their market share in the pet health insurance industry. Because it reduces out-of-pocket expenses for serious medical conditions such as cancer and unintentional injuries, pet insurance is expected to be the primary growth driver. Market growth is hampered by a lack of well-defined pet health payment categories, risks for pet insurance enterprises, an entry barrier, fierce competition, and a lack of pet insurance awareness.
Market Segmentation for Pet Insurance
Policy coverage, animal type, sales channel, and region are the four segments of the global pet insurance market.
The market is divided into three categories based on policy coverage: accident and illness, accident only, and others. The accident and illness category will dominate the market in 2021, accounting for 84.0% of total revenue. The primary forces driving this expansion are rising veterinary care and diagnostic costs, an increase in the number of companion animals, and increased awareness of pet insurance. Accidents and illnesses are almost certainly covered by pet insurance companies. There is discussion of medication, diagnostic procedures, acute and chronic illnesses, and other topics. Following the accident, this segment is expected to grow the fastest.
The market is divided into brokers, agencies, and other groups based on the sales channels. During the forecast period, the agency section is expected to grow at the fastest rate.
Dogs, cats, and other types of animals have their own sections in the market. The dog segment, which currently dominates the market, will account for half of all sales in 2021. The main drivers of this share are increased pet adoption, the expansion of insurance companies’ service offerings, and rising disposable income in key areas. In addition, an increase in the number of dogs kept as pets in the region, as well as the availability of various insurance policies to address a variety of pet needs, will support future market growth.
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
By Animal Type
By Sales Channel
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East Africa
Rest of Middle East Africa
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