Global Pet Insurance Market Analysis, Application & Forecast to 2021-2026

Posted November 5, 2021 by smithben2604

Pet insurance is an insurance policy bought by a pet owner which helps to lessen the overall costs of expensive veterinary bills, with coverage similar to health insurance policies for humans.
Bharat Book Bureau Provides the Trending Market Research Report on “Global Pet Insurance Market Outlook, 2026  “ under Services Market Research Reports Category. The report offers a collection of superior market research, market analysis, competitive intelligence and Market reports.

Pet insurance is an insurance policy bought by a pet owner which helps to lessen the overall costs of expensive veterinary bills, with coverage similar to health insurance policies for humans. Pet insurance will cover, either entirely or in part, the often expensive veterinary procedures. The research report titled Global Pet Insurance Market Outlook, 2026 by Our Research categorizes the market to forecast the revenues and analyze the trends in each of the following segments: based animal type (Cat, Dog & others), by insurance type (Accidental and Illness & Accident only endorsement) by the end-user (Agency, Broker, Bancassurance, Direct writing) based on region, countries & major companies.

In simple words, pet insurance can be defined as insurance that covers veterinary treatment’s cost fully or partially. In the year 2015, the value of the pet insurance market was at USD 2.90 Billion, globally. The factors that are driving the market growth include an increasing number of pet adoption and rising awareness regarding pet insurance. Also, various pet insurance providers are offering innovative insurance coverage policies for multiple pets to attract a large customer base. Furthermore, with increasing healthcare costs for pets, pet owners are readily adopting pet health insurance, thereby fostering market growth. With the increasing pet adoption, the market is expected to grow with an anticipated CAGR of more than 10% in the forecasted period.

The accident & illness policy segment dominates the market with a high share of over 90% in 2015, aided by the comprehensive nature of the insurance policies. The customers prefer this policy over the accident only& endorsements segment, as it covers the majority of illnesses and accidents. This is undoubtedly the most favorable policy for young animals and thus driving the market. However, the market is expected to gain more popularity in the coming years and grow with a CAGR of 21%. Moreover, high veterinary treatment and diagnostic costs coupled with an increase in awareness regarding the insurance will further foster the market value.

In the recent past, there has been a high adoption rate especially of dogs; due to this, the dog insurance covered an approx. 3/4th of the total market in 2020. Dogs get cancer almost at the same rate at which humans get, while cats get affected by cancer in fewer numbers. According to the Veterinary Cancer Society, globally, cancer is the leading cause of death in 47% of dogs over 10 years. The trend such as pet humanization is driving the pet insurance market. In this era, people are inclining towards the culture of nuclear families and hence it is resulting in the demand for pet adoption as people have started accepting pets as their family members even in the developing countries. There is an exponential surge in pet cat adoption which is to have a direct impact on cat pet insurance too, growing at a CAGR of 13%.

In terms of end-users, the market is led by the agencies, which held a share of over 43% in the year 2020. Usage of various strategies such as digital marketing and competitive pricing of the monthly premiums are the major factors leading to the market growth. Also, the development of innovative insurance schemes coupled with various efforts to increase customer awareness and satisfaction will further fuel the segment expansion in the future. Thus, the direct writing providers who offer maximum coverage with minimum premiums will further impel the industry revenue, with an anticipated CAGR of 14%.

Standard diagnosis coding system has highly evolved for maintaining human medical records in developed nations. This simplifies the overall process of claiming reimbursement and availing the insurance benefits that are offered by federal governments. However, there is a lack of standardized pet health codes. Most of the veterinary records are free text and do not have a standard diagnosis coding. This is one of the major barriers in using veterinary records for claiming pet insurance, thus hampering the industry growth. Europe, leads the global pet insurance market, while the rising trend of pet acceptance in the developing countries in Asia will further augment the regional growth.

Even though the high cost of the pet plans & lack of awareness is projected as major market restraints, the presence of key players in the market is to push the market growth in the coming period. The major market players are: Trupanion, Pethealth Inc, Ipet Insurance Co. Limited, Petsure (Australia) Pty Limited, Petfirst Healthcare Llc, Anicom Holding, Agria Pet Insurance Limited, Veterinary Pet Insurance Services, Inc, Crum Forster Pet Ins Group, Petplan Limited

• Geography: Global
• Base year: 2020
• Historical year: 2015
• Forecasted year: 2026

• North America
• Europe
• Asia
• Latin America
• Middle East & Africa

• Market Size by Value for the period (2015-2026F)
• Market Share by Animal Type (Cat, Dog & others)
• Market Share by Insurance Type (Accidental and Illness & Accident only endorsement)
• Market Share by End User (Agency, Broker, Bancassurance, Direct writing)
• Market Share by Region
• Market Share by Country
• Market Share by Company

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Issued By Smith Ben
Country India
Categories Business , Pets , Services
Tags global pet insurance market forecast , exclusive market reports , global pet insurance market analysis , global pet insurance market research report
Last Updated November 5, 2021