According to Esticast Research, The Global Pet Insurance Market Accounted for A Market Value Of $3.9 Billion Projected to Grow with A CAGR of 12.5% From 2019 To 2026.

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Global Pet Insurance Market is propelling at a CAGR of 12.5% during 2019-2020.

Europe is predicted to be the prominent region in the global pet insurance market. The high uptake of pet insurance coverage by pet parents and the growing number of companion animals are some factors that are expected to fuel the market growth in the region. According to the Pet Data Report 2017, the total number of pets was analyzed to be 54 million in the UK. Further, as per the data published by the Association of British Insurers (ABI), the pet insurers paid about Euro 775 million in the year 2017.

According to Esticast Research, The Global Pet Insurance Market Accounted for A Market Value Of $3.9 Billion Projected to Grow with A CAGR of 12.5% From 2019 To 2026.

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OVERVIEW

The rising companion animal population, increasing cost of veterinary services, and increasing prevalence of feline diseases are some factors boosting the market growth. Further, the increasing number of pet adoption and growing spending of pet care is expected to support market growth. For instance, according to the data published by ORVIS News (The Orvis Company Inc.), in 2017, Americans spent nearly $69.4 billion on their pets, including veterinary care, animal food, medicine, grooming, boarding, and other animal supplies. Further, several organic and inorganic growth strategies adopted by key players are anticipated to propel the market growth over the forecast period.

The global pet insurance market has been segmented into the product, animal type, and provider. The product segment has been classified into accident and illness insurance and accident only insurance. On the basis of product, the accident and illness insurance is expected to account for major market share due to the increasing cost for veterinary services and rising awareness about the benefits of pet insurance.

The animal type segment has been segmented into the cat, horse, dog, exotic pet, and others. The insurance coverage for dogs is projected to account for a substantial share due to the increasing number of dog owners globally. Furthermore, by provider, the global market has been divided into public and private. Private insurance providers segment is anticipated to dominate the global market owing to the increasing number of private players in developed countries.

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Based on geography, the global pet insurance market has been categorized into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America has been divided into the U.S. and Canada. Europe region has been bifurcated into the UK, Germany, Italy, France, and the Rest of Europe. Asia-Pacific region has been classified into, Japan, India, South Korea, China, and Rest of Asia-Pacific. Moreover, the South America region has been divided into Brazil, Argentina, Mexico, and the Rest of South America. Further, the Middle East & Africa is categorized into GCC Countries, Africa, and the Rest of the Middle East.

Europe is predicted to be the prominent region in the global pet insurance market. The high uptake of pet insurance coverage by pet parents and the growing number of companion animals are some factors that are expected to fuel the market growth in the region. According to the Pet Data Report 2017, the total number of pets was analyzed to be 54 million in the UK. Further, as per the data published by the Association of British Insurers (ABI), the pet insurers paid about Euro 775 million in the year 2017. Furthermore, the presence of key players such as Nationwide Mutual Insurance Company in the region is projected to aid the market growth.

In North America, the growing companion animal population and increasing awareness about veterinary health are anticipated to boost the growth of the market. Further, the rise in the cost of veterinary services in the region has led to increased adoption of pet insurance by pet parents. According to the North American Pet Health Insurance Association (NAPHIA) the pet health insurance sector for Canada and the U.S. displayed a joint gross written premium of $1.42 billion in 2018, an increase from $1.15 billion in 2017. In addition, the total number of pets insured in the region was 2.43 million at the end of 2018.

Prominent companies functioning in the global market include Petplan Limited, Hartville Group, Inc., Petfirst Healthcare LLC, Anicom Holdings Inc., Nationwide Mutual Insurance Company, Embrace Pet Insurance Agency, LLC, Pethealth, Trupanio, ipet Insurance, Royal & Sun Alliance (RSA), and The Oriental Insurance Company Ltd. Key players are involved in various growth strategies, such as mergers & acquisitions, collaborations, new policies launch, and geographical expansion, to surge their market presence.

Recent Developments by Major Players:

  • In September 2019, Petplan Limited entered into a partnership with Linnaeus. With this partnership, Linnaeus will introduce its clients to Petplan.
  • In January 2018, Embrace Pet Insurance Agency, LLC launched EMBRACE360, a web-based solution that streamlines pet insurance for pet owners and veterinary professionals.

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