Increasing pet adoption, high veterinary costs, rising pet health issues and awareness among pet owners are the major growth drivers for Sweden Pet Insurance Market

Increasing Cost of Claims: With the increased rate of insurance, the costs for claims also increase among insurance companies. Around SEK 4200 Mn compensations were paid in 2022P. Almost all companies have increased premiums in the past few years. This can hinder the progress in the upcoming years & hence should be taken care of. Moreover, this will also result in more competition among the existing players which can ultimately increase the power of buyers.

Lock-in Effects: A major challenge in Sweden Pet Insurance Market is that the obligation to contract is limited for pet insurance. This makes it harder for consumers to switch insurance companies and leads to lock-in effects. Lock-in effects are negative for competition and lead to higher prices for consumers, thereby adding to financial pressure.

Availability of options: Pet Insurance companies in Sweden offer various kinds of insurance options such as breeding insurance, rehabilitation insurance & veterinary insurance which attracts consumers to them. Moreover, this also increases the overall profit generated by the companies operating in the market.

Visit @ https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/sweden-pet-insurance-market-outlook-2027/596254-93.html

Artificial Intelligence: Digital veterinary care services are becoming the trend in Sweden Pet Insurance Market. Modern pet insurance policies are designed with the ability to cover pet medical costs and liability to third parties for the action of pets. Moreover, Sweden has a requirement for dog owners to maintain liability coverage and, as a result, 60-70% of pet owners retain pet insurance. New technologies will be the upcoming trend. Pet owners will increasingly use technology to enhance and improve quality of their pets’ lives, leading to a great potential for market. This period will be characterized by use of advanced artificial intelligence (AI) automation to ensure provision of tailor-make products for customers. Adapting individual aspects of products into modular pieces, personalized products are expected to be served. Demand for pet insurtech applications and platforms is expected to grow.

Analysts at Ken Research in their latest publication, “Sweden Pet Insurance Market Outlook 2027F- driven by an increasing pet adoption, high veterinary costs, rising pet health issues and awareness among pet owners.” By Ken Research observed that the Sweden Pet Insurance is in a growing stage. Increasing pet adoption, high veterinary costs, rising pet health issues and awareness among pet owners are some of the factors that will contribute to the growth of Sweden Pet Insurance Market in the upcoming years. It is expected that Sweden Pet Insurance market will grow at a CAGR of 8.6% in the upcoming years.

Learn more about report @ https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/sweden-pet-insurance-market-outlook-2027/596254-93.html

Key Segments Covered in the report

Sweden Pet Insurance Market

By Type of Animals
Dogs
Cats
Others
By Mode of Distribution
Agency
Broker
Bancassurance
Direct
Key Target Audience

Millennials
Young Individuals
Senior Citizens
Unmarried Individuals
Time Period Captured in the Report:

Historical Period: 2017-2022P
Base Period: 2022P
Forecast Period: 2023-2027F
Companies Covered

Agria
Svedea
Sveland
Moderna
Folksam
Furry Champ
If
ManyPets
Trygg Hansa
Dina Forsakringer
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Key Topics Covered

How is Pet Insurance Market Positioned in Sweden?
Country Overview (Sweden) of Pet Insurance Market
Sweden Pet Market Overview
Overview of Pet Dogs and Cats in Sweden
Overview of Other Animals in Sweden
Overview of Veterinary Clinics and Regulations in Sweden
Ecosystem of Sweden Pet Insurance Market
Business Cycle of Sweden Pet Insurance Market
Common Types of Pet Insurance in Sweden
Business Model in Sweden Pet Insurance Market
Timeline of Major Players in Sweden Pet Insurance Market
Recent collaborations in Sweden Pet Insurance Market
Sweden Pet Insurance Market Size & Segmentation, 2017-2022P
End User Analysis of Sweden Pet Insurance Market
Decision Making Parameters for Pet Owners in Sweden Pet Insurance Market
Pet Insurance Compensation Calculation Method
Key AI enabled use cases across pet insurance value chain
Porter’s Five Forces Analysis on Sweden Pet Insurance Market
Growth Enablers in Sweden Pet Insurance Market
Bottlenecks and Challenges in the Sweden Pet Insurance Market
Trends and Developments in Sweden Pet Insurance Market
SWOT Analysis of Sweden Pet Insurance Market
Overview of how the COVID-19 Pandemic impacted the Sweden Pet Insurance Industry
Competition Framework for Sweden Pet Insurance Market
Market shares for Major Players present in Sweden Pet Insurance Market
Cross Comparison of Major Players in Sweden Pet Insurance Market
Business Strategies of Major Players in Sweden Pet Insurance Market
Sweden Pet Insurance Market Size Future Outlook, 2022P-2027F
Sweden Pet Insurance Market Segmentation based on the mode of distribution, 2027F
Sweden Pet Insurance Market Segmentation based on the type of animals, 2027F
Upcoming Technologies in Sweden Pet Insurance Market
Recommendation for Pet Insurance Players- Operational Strategies
Recommendation for Pet Insurance Players- Marketing Strategies

For more information on the research reports, refer to below link:

https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/sweden-pet-insurance-market-outlook-2027/596254-93.html

Related Reports:-

https://www.kenresearch.com/blog/2022/02/europe-pet-insurance-market-research-report/

https://kenresearchindia-my.sharepoint.com/personal/rishita_trivedi_kenresearchindia_onmicrosoft_com/Documents/enresearch.com/blog/2022/02/north-america-pet-insurance-market-research-report/