The global pet insurance market is expected to be worth USD 8,102.4 million in 2021 and USD 19,945.75 million by 2028, expanding at a nearly 16.20% CAGR during the forecast period.
Pet Insurance Market Analysis
Pet insurance is a type of insurance that helps pet owners pay for expensive medical bills. The cost of treating an insured owner’s injured or sick animal is frequently covered by pet insurance. The fee is also paid if the animal is killed, stolen, or goes missing. Dogs, cats, and horses are typically covered by pet insurance policies, with some coverage for more exotic animals. Insurance for dog accidents and illnesses is more expensive than insurance for cats.
It is novel to offer insurance coverage to animals of various ages and in large numbers. Private enterprises that pursue these actions may increase their market share in the pet health insurance sector. Pet insurance is expected to be the primary growth driver because it reduces out-of-pocket expenses for serious medical conditions like cancer and unintentional injuries. A lack of well-defined pet health payment categories, risks for pet insurance enterprises, an entry barrier, fierce competition, and a lack of pet insurance awareness are all impeding market growth.
Pet Insurance Market: Segmentation
The global pet insurance market is divided into four sections: policy coverage, animal type, sales channel, and region.
Based on policy coverage, the market is divided into three categories: accident and illness, accident only, and others. In 2021, the accident and illness category will account for 84.0% of total revenue, dominating the market. Rising veterinary care and diagnostic costs, an increase in the number of companion animals, and increased awareness of pet insurance are the primary forces driving this expansion. Pet insurance companies will almost certainly cover accidents and illnesses. Medication, diagnostic procedures, acute and chronic illnesses, and other topics are covered. This segment is expected to grow the fastest following the accident.
The market is divided into brokers, agencies, and other groups based on the sales channels. During the forecast period, the agency section is expected to grow at the fastest rate.
Dogs, cats, and other types of animals have their own sections in the market. The dog segment, which currently dominates the market, will account for half of all sales in 2021. The main drivers of this share are increased pet adoption, the expansion of insurance companies’ service offerings, and rising disposable income in key areas. In addition, an increase in the number of dogs kept as pets in the region, as well as the availability of various insurance policies to address a variety of pet needs, will support future market growth.
Pet Insurance Market: Competitive Landscape
Some of the main competitors dominating the global pet insurance market include – Pet Insurance Agency, LLC, Figo Pet Insurance LLC., PetFirst, Pet Insurance, Pets Best Insurance Services, LLC, Hartville Group, Nationwide, Pet Assure Corp., Royal Sun Alliance (RSA), and Trupanion.
The Global Pet Insurance market is segmented as follows:
By Policy Coverage
Accident and Illness
By Animal Type
By Sales Channel
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East Africa
Rest of Middle East Africa
Zion Market Research
US OFFICE NO +1 (302) 444-0166
US/CAN TOLL-FREE +1 (855) 465-4651