According to a new market report published by Industry Probe (www.industryprobe.com) titled ‘Pet Insurance Market (Pet: Dog, Cat, and Others; Coverage Type: Accident & Illness and Accident Only; Distribution Channel: Online and Offline) – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027’ the global pet insurance market was valued at US$ 5,722.2 Mn in 2018 and is expected to expand at a CAGR of 11.0% from 2019 to 2027.
The report states that the companion animal is a pet – mainly adopted for entertainment, protection, and an individual’s company. Additionally, these pets provide their owner’s both emotional and physical benefits. These factors are increasing the number of pet owners across the globe, thereby positively impacting the global pet insurance market during the forecast period. Moreover, increasing awareness about the proper health and wellness of pets in Europe and North America has resulted in the significant growth of the pet insurance market.
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The major reason behind the anticipated growth of the market is the millennial population, which is worried about pet care and therefore, the demand for pet insurance is projected to increase in the near future. The benefits offered by the insurance policy affect the buying decisions related to pet care products. Increase in grooming of pets across the globe is projected to fuel the demand for pet insurance. Moreover, stringent regulations by associations, such as the United States Environmental Protection Agency and the Food and Drug Association has resulted in the rapid growth of the North America pet insurance market.
Dog’s Insurance Segment Dominates the Pet Insurance Market
As per the report, the dog’s insurance dominates the segment by pet and accounted for a market share of 80.6% in 2018. The rapid surge in the number of dog owners across the globe is a prominent factor driving this segment. Additionally, growing awareness about the importance of pet health and high veterinary treatment costs are boosting the market growth. On the basis of coverage type, the accident & illness segment held a major market share of approximately 97% in 2018. The report attributes this growth to high veterinary diagnostic and treatment costs, a rise in the pet population, and increase in awareness about pet insurance.
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One of the prominent and widely accepted thorough insurance plans is an accident & illness with lifetime coverage that provides lifetime cover for pets. The life insurance policy for pets covers the cost of hospitalization, accident & illness, and cost of surgery. Therefore, the increasing demand for lifetime pet insurance, which covers accidents and illness for pets is thereby anticipated to fuel the pet insurance market across the world. The global pet insurance market is dominated by several players who are focused on the development of new products to cater to changing consumer preferences.
The report includes the below-mentioned pointers of major players operating in the global pet insurance market:
- Competition Matrix
- Company Overview
- Product Profiling
- Market Share Analysis (2018)
- Business Strategies/Recent Developments
- Technological advancements
- Key Mergers & acquisitions
- Expansion strategies
- Company Financials
Some of the major Players Covered under the Scope:
- Agria Pet Insurance Ltd
- Allianz Insurance plc
- Anicom Holdings, Inc.
- Trupanion, Inc.
- American Modern Insurance Group
- RSA Insurance Group plc
- Crum & Forster Pet Insurance Group
- Embrace Pet Insurance
- Nationwide Mutual Insurance Company
- Progressive Casualty Insurance Company
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