Pet Insurance Market Size By Policy Coverage (Accident Only, Accident & Illness), By Animal (Cat, Dog), By Provider (Public, Private) Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025

Industry trends

Pet Insurance Market size exceeded USD 5.7 billion in 2019 and is poised to grow at a CAGR of over 8.4% between 2019 and 2025. With increasing healthcare cost for pets, the owners are readily adopting pet health insurance, boosting the market growth.
 

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The pet insurance market will witness influx of new and private players offering innovative and affordable coverage in the future. Also, current players are taking efforts to educate consumers about increasing veterinary costs and various advantages of pet medical insurance plans. Furthermore, various government organizations are putting in efforts to streamline and standardize the pet health codes to ensure smooth and efficient reimbursement process.
 

Pet insurance companies are making numerous and continued efforts to increase consumer awareness pertaining to various policies and the benefits associated with them. Industry players are using social media and digital marketing as a tool to maximize the customer outreach by sharing information regarding various insurance policies of cat and dog breeds. Majority of the companies are targeting the untapped and poorly penetrated markets with primary objective of gaining a higher share.
 

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Accident and illness policies are in demand due to coverage of large number of chronic diseases

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Accident and illness insurance coverage segment revenue was over USD 5.4 billion in 2018 attributed to the ability of the policy to provide reimbursement for maximum number of illness and accidents.
 

Accident and illness policy provide reimbursement for treatments of broken bones, burns, swallowed objects, poison ingestion, urinary tract infections, allergies, laboratory tests, X-rays, surgeries, and hospitalizations. The comprehensive nature of accident and illness policies is the major growth rendering factor that attracts large number of pet owners.
 

Dogs continue to dominate the overall pet insurance market share

Insurance cover for dogs accounted for substantial market share in 2018 as the healthcare cost for dogs is more expensive to cover than other pets. Companies offer lucrative dog insurance policies that can provide cover for wide range of dog breeds such as exotic dogs, cross bred, sheep dogs, watch dogs, and hunting dogs that are pets.
 

Private insurance players are offering innovative policies for multiple pets

Rising number of private insurance providers will significantly augment the market expansion. Private players tend to provide insurance policies with maximum coverage plans and minimum premium offers. Leading insurance providers offer various novel pet schemes to retain consumers. Innovative insurance policies such as schemes that cover pet irrespective of their ages, multi-pet insurance policies that include multiple pets in a single plan attract large number of customers. Such initiatives adopted by the private players enable them to hold maximum share in the pet health insurance market.
 

NAPHIA undertaking various initiatives to boost North American market

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North America will witness high adoption of insurance policies for pets in lieu of high cost of veterinary services and bills. North America Pet Health Insurance Association (NAPHIA) is the key government organization that works collectively with animal welfare organizations, veterinary professionals, and insurance providers to the drive adoption of pet health insurance. The association have already undertaken various initiatives to organize and promote events that provide education, networking, and professional development opportunities for its members. NAPHIA is also pursuing opportunities to improve, simplify, promote, and advance insurance regulations and law in the various legal jurisdictions across Canada and the U.S.
 

Europe pet insurance market size is expected to show robust growth of over 6.7% during the forecast timeframe led by high penetration of insurance coverage for companion animals. Countries such as UK and Sweden witnessed market penetration of more than 25% and 40%, respectively, in 2017 and play a major role in fueling the regional market demand. Petplan, Nationwide, Royal & Sun Alliance (RSA) and Direct Line Insurance Group are few of the companies that dominate the UK pet medical insurance business. High demand for insurance of exotic breeds of cats and dogs will also play a role in propelling the growth of European market.
 

Anicom is leading the pet insurance industry in Japan

Anicom Holdings Inc. is the key pet health insurance provider in Japan with more than 50% of the market share. The company is operating in the industry since 2007 and undertakes various strategic initiatives including new product launch to strengthen its business. Other key industry participants include Embrace Pet Insurance, Health for Pet, Nationwide, Petfirst, Pethealth, Petplan and Trupanion. These companies adopt various policies such as acquisitions, mergers, geographic expansion, to expand business.
 

Recent industry developments:

• In September 2019, Anicom announced the launch of new pet insurance scheme called Animal Kenshoku ni. This insurance scheme is aimed to provide cover to pets that are more than 8 years old. This new product launch will enable the company to expand its existing customer base and strengthen its hold in the Japanese market.
   
• In February 2019, Petsecure announced agreement with the Winnipeg Humane Society to exclusively run six-week complimentary trial insurance for the Winnipeg Humane Society’s pet adopters. This partnership will enable the company to attract a larger customer base and strengthen its business.
   

The pet insurance market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2014 to 2025, for the following segments:

Market, By Policy Coverage

• Accident only
• Accident & illness
• Others

Market, By Animal

• Cat
• Dog
• Others

Market, By Provider

• Private
• Public

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Denmark
  • Norway
  • Sweden
  • The Netherlands
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • Saudi Arabia