Pet Insurance Market size to exceed $10bn by 2025

Pet Insurance Market size is set to exceed USD 10 billion by 2025; according to a new research report by Global Market Insights, Inc.
 

The demand for pet insurance is rapidly gaining popularity owing to availability of innovative pet insurance policies that cover various aspects of pet reimbursement. For instance, multi-pet insurance is a novel scheme covering multiple pet policies in a single plan, that help the owners to lower the insurance premium. UK is witnessing an increase in demand for pet insurance owing to such novel approaches. There are also few insurance coverage policies that pays for pet cremation as well as for scenarios where the pet is lost.

 

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Surge in pet adoption rate will remain a key growth driver

Rising pet adoption in developed as well as developing economies is significantly supporting pet insurance market expansion. European countries such as UK and Spain has the maximum penetration rate in terms of pet adoption. Although, Asian countries are at the nascent stage of development, and will show huge potential for growth owing to increase in disposable income. Changing customer preference regarding pet adoption in developing economies will significantly boost pet penetration rate across the analysis period.
 

The major factors limiting the growth of pet insurance market is lack of standardized pet health codes for reimbursement, that makes claims processing difficult leading to rise in customer attrition. Moreover, lack of awareness about pet insurance in various developing economies will further impede the industry growth.
 

Accidents only coverage policies reflect a positive growth trajectory

Accident cover policy insure pets in case of accidental injury in a motor vehicle incident, electrocution, burns, bone fractures, fight wounds, snake bite toxicity and other accidents. Accident policies are forecasted to show steady growth of 6.5% across the forecast timeframe. Accident policies are also referred as basic pet insurance as they provide budget-friendly cover for pet against accidental injury. Usually, the policy provides 80% reimbursement of the total veterinary bill.
 

Browse key industry insights spread across 120 pages with 164 market data tables & 8 figures & charts from the report, “Pet Insurance Market Size By Policy Coverage (Accident Only, Accident & Illness), By Animal (Cat, Dog), By Provider (Public, Private) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Denmark, Norway, Sweden, The Netherlands, Japan, China, India, Australia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/pet-insurance-market
 

Dogs insurance policies dominate both industry policy volumes and revenue

Insurance providers offer dog health insurance plans for injuries, illnesses and wellness care. Dogs segment is estimated to hold maximum revenue share of 80.8% in 2018 owing to increasing adoption of dogs across the globe. Countries such as U.S., Argentina, France have the highest population of pet dogs, thus propelling segmental growth. Furthermore, few of the insurance companies provide offers to include chronic and new recurring conditions at no additional cost, to enhance their revenue, thus augmenting market growth.
 

Public health insurance offer coverage to exotic pets

Public health insurance providers are expected to show steady growth rate of 7.3% across the forecast timeframe. Public companies such as the New India Insurance, United India Insurance and Oriental Insurance offer various attractive cover schemes to pet owners. These companies offer customized insurance coverage for pets such as dogs, cats, birds, horses, and other exotic pets. Most of the private companies offer pet insurance for only cats and dogs due to higher demand, however, pet owners that are looking to insure other animal species turn up to public insurance companies. Public insurance companies usually have a high claim settlement ratio and are trusted by majority of the population, thus leading to advancement in the future.
 

U.S. pet insurance market is set to proceed swiftly due to increasing adoption of pets

The industry in U.S is still in its growing phase and is expected to grow at a fast pace compared to other countries. The growth is attributed to increasing consumer awareness regarding various novel pet insurance policies coupled with presence of several major industry players. Moreover, increasing trend of pet adoption in the U.S. will further augment market growth. Additionally, rising concerns among the population pertaining to their pet’s health and growing adoption of exotic pets in various states of America is another major growth fostering factor.
 

Market players majorly adopt collaboration strategies to sustain business competition

Increasing rate of pet adoption coupled with rising number of companies offering innovative pet insurance policies will augment pet insurance market expansion. Few of the prominent players operating in the global pet insurance industry are Tropaion, Nationwide, Embrace, Petplan and Pethealth. Market players are involved in various strategic alliances such as mergers & acquisitions, partnerships, and strategic collaborations with other participants in order to acquire significant revenue shares and competitive edge over other market players. For instance, in February 2018, Healthy Paws Pet Insurance announced to join forces with Rover.com, one of the largest networks of pet sitters and dog walkers. The merger between both the companies will not only raise awareness regarding pet insurance, but also pet care services offered by Rover.com.
 

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