Global Pet Insurance Market by Product (Accident Only, Illness, Accident), by Animal Type (Cats, Dogs), by Sales Channel (Broker, Agency) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global pet insurance market was worth USD 3.33 billion in 2018. It is expected to grow at 16.3% CAGR over the forecast period. This market is driven by rising pet adoption and the increasing prevalence of feline- and dog-related diseases. The market is expected to grow due to rising demand for pet insurance that helps to limit out-of pocket expenditures on critical medical conditions such as cancer and other injuries.

The demand for veterinary care facilities will increase due to the anticipated rise in companion animals. Veterinary services require capital investment and the expertise of veterinary technicians and veterinary doctors. According to the 2018 American Pet Products Association report, overall U.S. pet industry spending increased by 4.1% between 2016 and 2017. Additionally, the veterinary care spending rose by 7% from USD 1595 billion in 2016 and USD 17.07 billion for 2017.

Since its inception, the pet insurance industry has experienced a high level of growth. Currently, there are more than 12 players in the U.S. market. Many of these players sell multiple white-label products or co-branded products through the assistance of MGAs (Managing General Agents) for pet insurance. An MGA is an authorized company that receives commission from the Association for Professionals in Infection Control and Epidemiology, Inc., to source and underwrite pet health insurance for APIC. It is difficult to obtain a license as a pet insurance broker because it falls under property insurance.

NAPHIA members in the U.S. collectively represents almost 20 pet insurance brands that are marketed throughout the country. According to the Casualty Actuarial Society in the U.S., there has been an increase in pet insurance actuary demand since 2018, which presents new opportunities for entrepreneurs in the actuarial field.

Additionally, advances in pet insurance such as Trupanion's vet direct pay are changing the face of medical insurance for dogs and cats by eliminating the reimbursement model. Due to strict regulations in Europe regarding pet insurance, pet insurance is on the rise in Europe.

Product Insights

According to product, pet insurance held the largest market share in 2018. These key drivers include high veterinary costs & diagnostics, an increase in companion animals and increased awareness about pet insurance. A comprehensive plan that covers animals for life, called Lifetime Insurance. Contractual insurance covers injury and illness, as well as the cost of surgery and hospitalization. This policy is most suitable for young animals.

A significant share of the market was also held by accidents. This segment is driven by high treatment costs and an increase in animal health problems. Only animals not eligible for lifetime or non-lifetime policies are covered by accident only. Accident only policies can also be used for older animals with pre-existing medical conditions. These policies are much cheaper than other forms of pet insurance. Embrace, Real Insurance and Pet Plus Us are the major players in this market. Online sales channels are a key channel for insurance providers to increase penetration. Roover.com was a partner of Healthy Paws in February 2018 to help increase market penetration.

Information on Animal Types

In 2018, the Dogs Insurance segment was the most dominant by animal type. This segment is driven by an increase in dog owners around the world. Market growth is also being driven by the rising importance of pet health, as well as high veterinary treatment cost. The North American Pet Health Insurance Association, (NAPHIA), 2017 estimates that there are 89.7 millions dogs in the United States. Rabies and parvovirus are the most common diseases in dogs. Petplan Limited, Trupanion, Inc., Nationwide Mutual Insurance Company, Hartville Group, Inc., Pethealth, Inc., PetFirst Healthcare LLC, and others are some of the key players in this sector.

Over the forecast period, the cat market is expected to grow at an exorbitant rate. Canada is seeing more cats adopted than dogs. There are two types of cat insurance available: non-lifetime and lifetime. Feline Immunodeficiency Virus, Feline LeU.K.emia Virus, (FelV), heartworm and high-rise syndrome are the most common diseases in cats. Ringworm, upper respiratory infections (worms, rabies and ringworm are also some of the most common. Petplan Limited, Trupanion, Inc., Nationwide Mutual Insurance Company, Hartville Group, Inc., Pethealth Inc., and PetFirst Healthcare LLC are some of the key players in this market.

Sales Channel Insights

As of 2018, agency held the largest share of the channel sales segment. This segment is driven by a large customer base. These services are in high demand due to the increase in companion animals.

Over the forecast period, Bancassurance will experience lucrative growth. This growth can be attributed in large part to the existence of established banks around the world. Tesco Bank and M&S Bank are some of the most prominent banks. This segment is also growing because of geographic expansion. In April 2018, CIMB Bank, Singapore, was the first bank to offer pet insurance that covers a variety of animals.

Regional Insights

The largest share of pet insurance in 2018 was held by Europe. The Department of Clinical Veterinary Science (Pet Food Institute) reported that 23.0% of pets living in the United Kingdom and 30.0% in Sweden were covered in 2017. Only 1% of U.S. pets are covered by pet insurance. This region is further fueled by the presence of large corporations and favorable insurance policies.

As of 2018, North America had the second-largest share in revenue. As of 2018, the market's key drivers were an increase in companion animals and increased awareness about pet insurance. Market growth is further supported by high veterinary healthcare costs as well as per capita income. The growth potential for this market is high, as a large portion of pets remain uninsured.

The Asia Pacific region is predicted to experience lucrative growth during the forecast period due to the rising trend in pet adoption and the development of the economy. The market is also driven by a growing awareness about veterinary health and a rising number of companion animals. The International Monetary Fund 2019 estimates that the per capita income in Asia Pacific was USD 7.35 million in 2019, and will rise to USD 10.18 thousand by 2024.

Pet Insurance Market Share insights

There are many small and large players in the industry, making it highly competitive. Petplan Limited, Trupanion, Inc., Nationwide Mutual Insurance Company, Hartville Group, Inc., Pethealth, Inc., PetFirst Healthcare LLC, Royal & Sun Alliance Insurance Company of Canada, Inc., and Embrace Pet Insurance Agency, LLC are some of the major players.

To capture more market share, companies are involved in a variety of strategies such as the launch of new policies and mergers & acquisitions. Royal and Sun Alliance supported insurance technology company Moreth>n in April 2019. This partnership allowed for lower premiums and helped to maintain good health for dogs. VitusVet and Nationwide partnered in July 2017 to offer pet owners a mobile-based claim submission tool. This partnership has improved pet owners' claims processes, which will lead to increased pet insurance adoption over the next few years.

Pet Insurance Market Report Scope

The Report Covers Certain Segments

This report predicts revenue growth at the global, regional, and country levels. It also provides analysis of industry trends in each sub-segment from 2015 to 2028. Grand View Research has divided the global pet insurance market report by product, animal type and sales channel.

• Product Outlook (Revenue USD Million, 2014-2028)

  • Accidents and Illness

  • Only accidents

• Animal type Outlook (Revenue USD Million, 2014-2028)

  • Dogs

  • Cats

  • Other

• Sales Channel Outlook (Revenue, USD Million, 2014 - 2028)

  • Agency

  • Broker

  • Bancassurance

  • Direct Writing

• Regional Outlook (Revenue USD Million, 2014-2028)

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

These are the most frequently asked questions about this report

b. Global pet insurance market size was USD 3.8 billion in 2019, and is forecast to rise to USD 4.4 billion by 2020.

b. Global pet insurance markets are expected to expand at a compound annual rate of 16.5% between 2019 and 2027, reaching USD 14.9 billion in 2028.

b. With a 39.44% share in 2019, Europe was the dominant market for pet insurance. This can be attributed to the increase in companion animals and the presence large companies with favorable insurance policies.

b. b.

b. b.

Up Market Research published a new report titled “Pet Insurance Market research report which is segmented by Product (Accident Only, Illness, Accident), by Animal Type (Cats, Dogs), by Sales Channel (Broker, Agency), By Players/Companies Agria, PetSure, Trupanion, Petsecure, Embrace, Hartville Group, Pethealth, Petplan UK (Allianz), Royal & Sun Alliance (RSA), Nationwide, Anicom Holding, Japan Animal Club, ipet Insurance, Petplan NorthAmerica (Allianz), Petfirst, Direct Line Group”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

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 Pet Insurance Market Report Segments:

The market is segmented by Product (Accident Only, Illness, Accident), by Animal Type (Cats, Dogs), by Sales Channel (Broker, Agency).

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 Pet Insurance Market

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

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

                1. Accident Only

                2. Illness

                3. Accident

                1. Cats

                2. Dogs

                1. Broker

                2. Agency

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 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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• Correctly Positioning New Products
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Reasons to Purchase the 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.