Global Pet Insurance Market Projected to Reach USD 10 Billion by 2026

18-Jun-2020 | Facts and Factors

Findings from Facts and Factors report “Pet Insurance Market By Policy Coverage Type (Accident and Illness, Only Accident, Others), By Animal Type (Cat, Dog, and Others), and By Provider Type (Public, and Private):  Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global Pet insurance market in 2019 was approximately USD 5.7 billion. The market is expected to grow above a CAGR of 8.5% and is anticipated to reach over USD 10 billion by 2026.

The policy bought by the pet owner is generally referred as pet insurance that helps to reduce the total expenses of excessive veterinary bills. The coverage of the pet insurance is similar as of health insurance for humans. In pet insurance, certain policies covers all the expensive veterinary procedures while some policies covers only certain part of the bills. Pet insurance also includes reimbursement of the procedures such as heartworm testing, vaccination, etc. The factors impacting the cost of pet insurance are type of the pet insurance, age of the animal, the length of the policy, location of the pet, indoor and outdoor risks associated with the pet, etc.

Browse the full “Pet Insurance Market By Policy Coverage Type (Accident and Illness, Only Accident, Others), By Animal Type (Cat, Dog, and Others), and By Provider Type (Public, and Private):  Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026" https://www.fnfresearch.com/pet-insurance-market-by-policy-coverage-type-accident-1222

Major insurance companies are also offering coverage for pet healthcare services to attract the larger customers. Along with this, various government organizations are making efforts to streamline and standardize pet health codes in order to ensure a smooth and efficient reimbursement process. Also, growing awareness about increasing veterinary cost and pet insurance advantages are driving the market growth.

Moreover, growing adoption of the pet through various regions, increasing per capita income is also driving the market growth. Several pet insurance companies are providing different schemes which can further propel the market growth. However, lack of the reimbursement policies for standard animal health code, may produce the difficulties while processing claims, this may restraint the market growth.

Moreover, in the developing countries, many regions are not aware of significant of pet insurance. The lack of awareness about the pet insurance policies may also limit the market growth. However, rising pet disease and pet accidents and injuries are boosting the market growth. Furthermore, rising awareness about the cost of the pet medical expenses may produce lucrative opportunities in the market.

By policy coverage type, the accident and illness policy dominated the market in 2019, and it is expected to grow over the forecast period owing to its ability to provide reimbursement for different types of illness including accidents.

On the basis of animal type, dog category led the market in 2019, attributed to high adoption of dog and lucrative dog insurance policies which cover wide range of dogs hunting dogs, cross bred, etc.

By provider segment,   private insurance category is the largest growing segment due to the rising number of private insurance provider and attractive schemes provided by the private insurance companies.

By geography, North America continues to dominate the global market owing to the high adoption of the animals and awareness about the pet insurance policies.

Report Scope

Some of the leading players in the global market include

Anicom Holdings Inc, Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC., Hartville Group, Health for Pet, Hollard, Nationwide, Oneplan, Petfirst Healthcare LLC, Pethealth, Petplan, Protectaplan, Royal & Sun Alliance, The Oriental Insurance Company Ltd., Trupanion, and others.

This report segments the pet insurance market as follows:

By Policy Coverage Type Segmentation Analysis

• Accident and Illness
• Only Accident
• Others

By Animal Coverage Type Segmentation Analysis

• Cat
• Dog
• Others

By Provider Type Segmentation Analysis

• Public
• Private

By Regional Segmentation Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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