Pet Insurance Market Introduction
Pet insurance enables a pet owner to cover the veterinarian fees and cost of medication and necessary surgery. Pet insurance policies pay in total or partly for veterinary treatment of injured or ill cat or dog. In addition, other pet insurance policies offered by pet insurance companies pay out (only) when the pet is lost or stolen or if the pet dies. Pet owners are inclined towards adding pet insurance to their benefits portfolio offering. Further, this enables pet owners to afford quality care for their pets. In addition, rising cost of sophisticated treatments available for animals makes pet insurance a smart investment.
Rising incidences of pet illness or injuries and increased awareness among pet owners are anticipated to accelerate the pet insurance market growth at a considerable rate during the forecast period. In addition, incorporation of pet insurance plans in employees’ salary packages as employee benefit plan is driving the penetration of pet insurance across major countries such as the U.S., UK, and Sweden. However, the risk of data loss and rise in the value of cyber-attacks has adversely impacted the market growth.
The global pet insurance market is segmented based on cover type, pet type, age type, channels, and geography.
Cover type segment includes accident only, accident and illness, and comprehensive. By pet type, the pet insurance market is segmented into small breed dog, medium breed dog, large breed dog, unknown breed dog, and house cat. Based on age type, the pet insurance market includes below 1 to 4 years and 5 to 9 years segments. Based on channels, the global pet insurance market is segmented into insurance agents and underwriters. Based on region, the market is segmented into North America, Europe, Asia Pacific, and rest of the world. Among countries, US, UK, Australia, and Sweden account for more than 50% share of the overall pet insurance market revenue. Further, in near, pet insurance penetration in these countries are anticipated to increase at a significant rate.
Pet Insurance Market Competitive Landscape
Key vendors offering pet insurance policies are inclined towards improving customer experience by simplifying the buying processing of pet insurance. In addition, prominent players emphasize on encouraging pet owners to buy pet insurance policies directly through digital modes via the Internet. Further, to opt a pet insurance policy pet owner is required to answer a few questions, compare and fine-tune several pet insurance policies, select the best, and check-out with debit or credit card. Prominent players analyzed in the pet insurance market are Blue Cross (Asia-Pacific) Insurance Limited, Petplan Limited, Trupanion, Inc., Nationwide Mutual Insurance Company, Hartville Group Inc., Pethealth Inc., Embrace Pet Insurance Agency, LLC, Direct Line Insurance Group plc, Petsecure, PetFirst Healthcare LLC, Royal & Sun Alliance Insurance Company of Canada, Inc., UniKode S.A., and Robertet Groupe.
Major Regions/Countries include:
- Western Europe
- United Kingdom
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific (APAC)
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa (MEA)
- North Africa
- South Africa
- Rest of MEA
This research report on pet insurance market would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.