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Global Horse Insurance Market Share, Size, Analysis, Report, Forecast: By Type: Mortality, Major Medical and Surgical, Loss of Use, Liability; By Horse Type: American Quarter Horse, Arabian, Thoroughbred, Morgan, Appaloosa, Others; By Application: Recreational, Commercial; By Sales Channel; Regional Analysis; Competitive Landscape; 2023-2028
Global Horse Insurance Market Outlook
The global horse insurance market size reached a value of approximately USD 542.4 million in 2022. The market is expected to grow at a CAGR of 13.40% between 2023 and 2028, reaching a value of USD 1,148.7 million by 2028.
Key Trends in the Market
Horse insurance is a type of insurance policy that reimburses the horse owner in case of any unforeseen events related to the horse such as death, accident, illness, theft, and injury, among others. Depending upon the policy, the market value of the horse may be provided to the owner, for example in case of death, theft, and straying. Other additional and optional benefits depend upon the type of policy purchased.
- Increasing horse ownership especially among high-net-worth individuals is fuelling the growth of the horse insurance market. The rising values of horses are encouraging such individuals to invest in the protection of their horses, resulting in increased purchase of horse insurance.
- Horse racing is a highly popular sport in various regions and is increasingly attracting spectators. Increasing values of racing horses is resulting in a greater demand for horse insurance as the chances of injury rises due to racing participation.
- Integration of automation technologies in insurance market for horses is making it easier and accessible for horse owners to get their horses insured, contributing to the growth of the horse insurance market.
Market Analysis
Based on type, the market is segmented into mortality, major medical and surgical, loss of use, and liability. On the basis of horse type, the market is divided into American quarter horse, Arabian, Thoroughbred, Morgan, and Appaloosa, among others. By application, the market is bifurcated into recreational and commercial. Based on sales channel, the market is divided into broker, agency, and direct response. On the basis of region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global horse insurance market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Markel Corporation
- Axa SA
- Harry Hall International Ltd.
- The Equine and Livestock Insurance Company Limited
- Animal Friends Insurance Services Limited
- Quotezone Horse Insurance
- Pet Plan Limited
- BFL CANADA Insurance Services Inc.
- Nationwide Mutual Insurance Company
- Pet Assure Corp.
- CapriCMW Insurances Services Ltd.
- Others
Market Share by Type
Mortality horse insurance accounts for a large share in the market and is showing significant growth potential. The rising popularity of horse racing competitions is increasing the risk for horses as they become more vulnerable to death, injury, and theft, propelling the requirement for insurance for protecting the investments of the horse owners. Mortality horse insurance provides coverage in case of theft, death, disease, and if the horse needs to be euthanised.
Market Share by Region
North America occupies a sizable share of the horse insurance market owing to the rapid rise in horse ownership in the region. Rising availability of qualified equestrian professionals in United States, among other North American countries, and increasing popularity of horse riding as a hobby are further boosting the growth of the regional market.
Meanwhile, in Europe, the market for horse insurance is anticipated to witness steady growth in the upcoming years. Countries such as the United Kingdom, France, and Germany have been extensively involved in equestrian sports and horse racing and growing awareness regarding the advantages of horse insurance are likely to surge the regional market.
Competitive Landscape
Markel Corporation is an insurance company that was founded in 1930. The company is headquartered in Virginia, United States, and is known for providing services such as insurance, investment, and reinsurance to its customers globally.
Axa SA was established in 1946 and has its headquarters in Paris, France. This multinational insurance company provides investment management services among other financial services to investors globally.
Harry Hall International Ltd. was found in 1891 and has its headquarters located in West Yorkshire, United Kingdom. This one-stop-equestrian-shop is known globally for providing solutions to horse owners through products and insurance policies.
Other market players include The Equine and Livestock Insurance Company Limited, Animal Friends Insurance Services Limited, Quotezone Horse Insurance, Pet Plan Limited, BFL CANADA Insurance Services Inc., Nationwide Mutual Insurance Company, Pet Assure Corp., and CapriCMW Insurances Services Ltd., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Horse Type |
|
| Breakup by Application |
|
| Breakup by Sales Channel |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Horse Insurance Market Analysis
8.1 Key Industry Highlights
8.2 Global Horse Insurance Historical Market (2018-2022)
8.3 Global Horse Insurance Market Forecast (2023-2028)
8.4 Global Horse Insurance Market by Type
8.4.1 Mortality
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Major Medical and Surgical
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.3 Loss of Use
8.4.3.1 Historical Trend (2018-2022)
8.4.3.2 Forecast Trend (2023-2028)
8.4.4 Liability
8.4.4.1 Historical Trend (2018-2022)
8.4.4.2 Forecast Trend (2023-2028)
8.5 Global Horse Insurance Market by Horse Type
8.5.1 American Quarter Horse
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Arabian
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.5.3 Thoroughbred
8.5.3.1 Historical Trend (2018-2022)
8.5.3.2 Forecast Trend (2023-2028)
8.5.4 Morgan
8.5.4.1 Historical Trend (2018-2022)
8.5.4.2 Forecast Trend (2023-2028)
8.5.5 Appaloosa
8.5.5.1 Historical Trend (2018-2022)
8.5.5.2 Forecast Trend (2023-2028)
8.5.6 Others
8.6 Global Horse Insurance Market by Application
8.6.1 Recreational
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Commercial
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.7 Global Horse Insurance Market by Sales Channel
8.7.1 Broker
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 Agency
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.7.3 Direct Response
8.7.3.1 Historical Trend (2018-2022)
8.7.3.2 Forecast Trend (2023-2028)
8.8 Global Horse Insurance Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2022)
8.8.1.2 Forecast Trend (2023-2028)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2022)
8.8.2.2 Forecast Trend (2023-2028)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2022)
8.8.3.2 Forecast Trend (2023-2028)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2022)
8.8.4.2 Forecast Trend (2023-2028)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2022)
8.8.5.2 Forecast Trend (2023-2028)
9 North America Horse Insurance Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Horse Insurance Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Horse Insurance Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Horse Insurance Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Horse Insurance Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Markel Corporation
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Axa SA
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Harry Hall International Ltd.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 The Equine and Livestock Insurance Company Limited
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Animal Friends Insurance Services Limited
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Quotezone Horse Insurance
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Pet Plan Limited
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 BFL CANADA Insurance Services Inc.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Nationwide Mutual Insurance Company
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Pet Assure Corp.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 CapriCMW Insurance Services Ltd.
15.2.11.1 Company Overview
15.2.11.2 Product Portfolio
15.2.11.3 Demographic Reach and Achievements
15.2.11.4 Certifications
15.2.12 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Horse Insurance Market: Key Industry Highlights, 2018 and 2028
2. Global Horse Insurance Historical Market: Breakup by Type (USD Million), 2018-2022
3. Global Horse Insurance Market Forecast: Breakup by Type (USD Million), 2023-2028
4. Global Horse Insurance Historical Market: Breakup by Horse Type (USD Million), 2018-2022
5. Global Horse Insurance Market Forecast: Breakup by Horse Type (USD Million), 2023-2028
6. Global Horse Insurance Historical Market: Breakup by Application (USD Million), 2018-2022
7. Global Horse Insurance Market Forecast: Breakup by Application (USD Million), 2023-2028
8. Global Horse Insurance Historical Market: Breakup by Sales Channel (USD Million), 2018-2022
9. Global Horse Insurance Market Forecast: Breakup by Sales Channel (USD Million), 2023-2028
10. Global Horse Insurance Historical Market: Breakup by Region (USD Million), 2018-2022
11. Global Horse Insurance Market Forecast: Breakup by Region (USD Million), 2023-2028
12. North America Horse Insurance Historical Market: Breakup by Country (USD Million), 2018-2022
13. North America Horse Insurance Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Europe Horse Insurance Historical Market: Breakup by Country (USD Million), 2018-2022
15. Europe Horse Insurance Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Asia Pacific Horse Insurance Historical Market: Breakup by Country (USD Million), 2018-2022
17. Asia Pacific Horse Insurance Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Latin America Horse Insurance Historical Market: Breakup by Country (USD Million), 2018-2022
19. Latin America Horse Insurance Market Forecast: Breakup by Country (USD Million), 2023-2028
20. Middle East and Africa Horse Insurance Historical Market: Breakup by Country (USD Million), 2018-2022
21. Middle East and Africa Horse Insurance Market Forecast: Breakup by Country (USD Million), 2023-2028
22. Global Horse Insurance Market Structure
Key Questions Answered in the Report
The global market reached a value of approximately USD 542.4 million in 2022.
The market is expected to grow at a CAGR of 13.40% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach about USD 1,148.7 million by 2028.
The key drivers of the market are increasing horse ownership, growing awareness regarding horse insurance, rising disposable incomes, and increasing availability of horse insurance.
The key trends of the market are rising popularity of equestrian sports, increasing costs of horse ownership, and integration of automation technologies in horse insurance sales.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The significant applications of horse insurance in the market are recreational and commercial.
Key players in the horse insurance market, according to the report are Markel Corporation, Axa SA, Harry Hall International Ltd., The Equine and Livestock Insurance Company Limited, Animal Friends Insurance Services Limited, Quotezone Horse Insurance, Pet Plan Limited, BFL CANADA Insurance Services Inc., Nationwide Mutual Insurance Company, Pet Assured Corp., and CapriCMW Insurances Services Ltd., among others.
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