Global Germany Pet Insurance Market by Sales Channel (Broker, Agency), by Animal Type (Horses, Cats, Dogs), by Coverage Type (Liability Insurance, Health Insurance) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Germany's pet insurance market was worth USD 693.3million in 2020. It is expected to grow at a compound annual rate (CAGR of 14.1%) between 2021 and 2028. The market is expected to grow due to increasing pet ownership, supportive regulations and humanization of pets. It also faces high costs for veterinary treatment and surgeries. Brandenburg, Hamburg and Berlin, Lower Saxony. Thuringen. Niedersachsen. These are some of the German states that have made it compulsory for pet owners to have liability insurance. This has helped drive market growth.

The COVID-19 epidemic accelerated the market growth and led to a rise in pet insurance policies. As people were restricted from moving and quarantine, the country saw a sharp rise in pet ownership and adoption. Deutsche Welle (DW), reported an exponential increase in domestic demand for cats and dogs in January 2021. According to the German Kennel Club, VDH, pet dogs were bought 20% more in 2020 than they were in previous years. Further, the increasing number of pet owners in small and single-person households is expected to increase the population.

Coya, an insurance company for pet owners in Germany, found that Germany has some of most desirable cities to raise pets. According to the Best Cities for Dogs Index, Hamburg and Cologne ranked among the top 30. The study considered dogs/capita and number of vets/dogs as well as pet stores, pet shops, dog-friendly restaurants, hotels, parks in the infrastructure category.

Under the cost, regulation and ownership category were also considered lifetime costs, abandoned dogs/year and dog waste fine factors. These results showed a rising trend in pet humanization, which leads to increased expenditures on pets and premiumization for pet products and services.

Coverage Type Insights

In 2020, the largest market share was 80.0% for the health insurance segment. This is due to the increasing number of pet insurance policies available by market players, pet adoption, and rising vet costs. Lifetime insurance policies provide more long-term and comprehensive protection to ensure your pet's health than other types. On the other hand, the Surgery segment is expected to grow fastest. Market players offer tailored insurance plans that target pet owners at affordable premiums.

From 2021 to 2028, the liability insurance segment will experience a significant CAGR. German law makes dog owners legally responsible for any damages their pet causes. This can lead to an increased financial burden on owners. This is expected to increase the adoption and demand for dog liability insurance in Germany.

Information on Animal Types

In 2020, the market's largest segment was the dogs' and they accounted for 57.5% of the total revenue. This is due to the increase in companion animals, chronic diseases in pets and expensive veterinary treatment. It also means that there is less risk to financial loss. According to the 2020 European Pet Food Industry report and FEDAIF, Germany has the highest pet population in Europe. German households adopted the most cats, followed closely by dogs. According to the report, the country's dog population was estimated at 10.7 million by 2020. This number is expected to rise over the forecast period.

Vet visits can become more expensive due to the increasing pet population. In the event of an accident or illness, treatment costs can rise to four-digits. pet Insurance covers such treatment, protecting pet owners against financial risk. This market will be driven by the growing need to reduce financial risk and protect pet health.

Sales Channel Insights

In 2020, the agency segment was the dominant market player and had 56.9% of the total revenue. For a commission, insurance agencies sell products from an insurance company to pet owners and consumers. They assist consumers in selecting the right policy and represent the insurance company during the transaction. They can represent one or multiple insurers. Segment growth is expected to be driven by the growing adoption of pet liability and health insurance, as well as the increase in pet insurance agencies.

Direct writing is expected to experience the fastest CAGR at 15.3% during the forecast period. Because they are required to work with fewer providers and have to be familiar with specific products, direct writers have special knowledge. This allows them to spend more time with customers and build relationships, which helps to grow the segment. The segment of bancassurance is expected to see significant growth. This segment is a combination of the insurance and banking industries. In this case, banks sell insurance products as a partnership. Both entities benefit from these arrangements. The bank receives a commission or fee, while the insurance company gains more customers and markets. Some of Europe's most important markets for premium insurance through bancassurance channels include the U.K. and Spain.

Market Share Insights & Key Companies

Germany's pet insurance market is highly competitive. Strategic initiatives include the deployment of custom insurance plans, different pricing models, partnerships and expanding global footprint. SanteVet, a French firm, launched its German pet insurance portfolio in November 2020 to make it available to the German market. SanteVet provides cat and dog health insurance products. The all-inclusive tariff of the dog insurance policy covers all risks. It also guarantees reimbursement for veterinary expenses in the event that a pet is injured, sick, or killed. The company offers cat insurance at two price points, and it is specifically tailored for indoor and outdoor cats.

DFV on the other side, partnered with ProSiebenSat.1 Digital to launch digital animal insurance under the name Petprotect in May 2019. It also entered the German emerging market for animal health insurance. The company offers both health insurance plans for cats and dogs, as well liability insurance for dogs. The following are some of the most prominent players in Germany's pet insurance market:

• Petplan

• Barmenia Versicherungen aG

• ELEMENT Insurance AG

• Coya Ltd.

• DFV Deutsche Familienversicherung AG

• Getsafe GmbH

• Helvetia Insurance

• AGILA Pet Insurance AG

• SanteVet

• Balunos

Up Market Research published a new report titled “Germany Pet Insurance Market research report which is segmented by Sales Channel (Broker, Agency), by Animal Type (Horses, Cats, Dogs), by Coverage Type (Liability Insurance, Health Insurance), By Players/Companies Barmenia Versicherungen aG, Sant©Vet, DFV Deutsche Familienversicherung AG, Helvetia Insurance, Petplan, AGILA Pet Insurance AG, ELEMENT Insurance AG, Getsafe GmbH, Balunos, Coya Ltd”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Germany Pet Insurance Market Report Segments:

The market is segmented by Sales Channel (Broker, Agency), by Animal Type (Horses, Cats, Dogs), by Coverage Type (Liability Insurance, Health Insurance).

Germany Pet Insurance Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Germany Pet Insurance Market

Overview of the regional outlook of the Germany Pet Insurance Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Germany Pet Insurance Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Germany Pet Insurance Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Broker

                2. Agency

                1. Horses

                2. Cats

                3. Dogs

                1. Liability Insurance

                2. Health Insurance

9. Market scenario by region, sub-region, and country.
10. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
11. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
12. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Germany Pet Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Germany Pet Insurance Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.