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Global Pet Insurance Market Share, Size, Trends, Growth, Analysis, Forecast: By Policy Coverage: Accident Only, Accident and Illness, Others; By Animal Type: Dogs, Cats, Others; By Sales Channel: Agency, Broker, Bancassurance, Others; Regional Analysis; Market Dynamics; Competitive Landscape; Industry Events and Developments; 2023-2028
Global Pet Insurance Market Outlook
The global pet insurance market size reached a value of over USD 8.1 billion in 2022. During the forecast period of between 2023 and 2028, the market is expected to grow at a CAGR of 15.30%.
Key Trends in the Market
Pet insurance is a type of insurance that pet owners can get to assist in reducing the on-the-spot high costs of pet medical expenses. Most of the time, pet insurance pays for the care of a sick or injured animal belonging to an insured owner. Additionally, it may also be paid out if the animal is stolen, lost, or dies. Dogs, cats, and horses are the most common species of animals covered by pet insurance policies, while other exotic species may also be covered depending upon the provider and region.
- The major factors propelling the pet insurance market are the rising number of pet adoptions and the growing awareness of pet insurance. The acceptability of companion animals like dogs and cats has substantially increased in recent years. The most common pets are cats and dogs, which are also recognised to improve people's physical and mental health. This is aiding the market growth.
- There is also expansion of veterinary hospitals worldwide, which will likely increase the need for pet insurance. In addition to requiring expert veterinarians, experienced technicians, and specially created diagnostic equipment, veterinary services are frequently capital intensive. Due to the potential increase in treatment costs for pet owners, there may be a greater demand for pet insurance plans.
- One of the main factors driving the pet insurance market revenue growth is the rise in the number of people adopting pets due to the need for companionship and the increased prevalence of stress and depression. Additionally, the number of animals in rescue facilities is predicted to increase, as is the trend of adopting rescued animals, which is anticipated to fuel market expansion throughout the forecast period.
Global Pet Insurance Market Analysis
Based on policy coverage, the market is segmented into accident only, and accident and illness, among others. The market on the basis of animal type can be divided into dogs and cats, among others. On the basis of sales channel, the market can be categorised into agency, broker, and bancassurance, among others. The regional markets for pet insurance can be divided 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 pet insurance market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Embrace Pet Insurance Agency, LLC
- Figo Pet Insurance, LLC
- Crum & Forster Pet Insurance Group
- Pets Best Insurance Services, LLC
- Trupanion, Inc.
- MetLife Services and Solutions, LLC
- Others
Market Share by Policy Coverage
The accident and illness segment is estimated to witness the fastest growth in the pet insurance market. High veterinarian care and diagnostic costs, an increasing number of companion animals, and growing knowledge of pet insurance are driving the growth of this segment. Pet insurance providers most frequently offer accident and illness coverage. This includes coverage for a range of disorders, including acute and chronic illnesses, drugs, diagnostic procedures, and more, in addition to accidents.
Further, it is anticipated that rising zoonotic illnesses and high veterinary expenses for diagnosis and treatment will increase the market size for accident and illness pet insurance. The high risk of accidents, particularly in larger homes or areas where pets have greater access to outdoor spaces, is encouraging pet owners to invest in accident and illness pet insurance.
Market Share by Region
North America is anticipated to account for the largest share in the market for pet insurance in the forecast period. The prevalence of pet illnesses and accidents, rising pet healthcare costs, and increasing adoption rates for pets are the main drivers anticipated to propel the market growth in the region.
The number of pets in North America has significantly expanded in recent years. The region's pet insurance market is anticipated to develop in terms of revenue due to reasons including rising availability of acceptable coverage schemes, high veterinary costs, and an increase in the number of agencies and businesses selling pet insurance plans.
European countries with significant pet dog populations such as the United Kingdom, Poland, and France, as well as others, will encourage more pet owners to select various policy coverage options. As a result, it is predicted that counties with a high proportion of dogs compared to other companion animals will offer a lucrative potential for the expansion of the pet insurance market.
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Competitive Landscape
Embrace Pet Insurance Agency, LLC, founded in 2004 provides insurance to pet owners to pay for unforeseen medical costs resulting from accidents and illnesses. With its corporate headquarters in Ohio in the United States, Embrace offers a non-insurance-based Wellness Rewards plan that is optional and covers regular check-ups, spaying/neutering, teeth cleaning, and other services.
Figo Pet Insurance, LLC, established in 2013 is a pet insurance and technology company based in Illinois, United States. The company aims to enhance the quality of life for families with dogs. Beyond coverage, Figo's Pet Cloud provides users with the resources they need to support the whole life of their pet. With a history in insurance and a technology interest, the company has developed a distinctive cloud-based pet healthcare service.
Crum & Forster Pet Insurance Group, with its headquarters in Ohio, United States is one of the biggest and first pet insurance companies in North America. Its insurance plans cover mishaps, illnesses, and pet wellness programmes.
Other market players include Pets Best Insurance Services, LLC, Trupanion, Inc., and MetLife Services and Solutions, LLC, 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 Policy Coverage |
|
| Breakup by Animal Type |
|
| Breakup by Sales Channel |
|
| Breakup by Region |
|
| Market Dynamics |
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| 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 Industry Opportunities and Challenges
8 Global Pet Insurance Market Analysis
8.1 Key Industry Highlights
8.2 Global Pet Insurance Historical Market (2018-2022)
8.3 Global Pet Insurance Market Forecast (2023-2028)
8.4 Global Pet Insurance Market by Policy Coverage
8.4.1 Accident Only
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Accident and Illness
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Others
8.5 Global Pet Insurance Market by Animal Type
8.5.1 Dogs
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Cats
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Others
8.6 Global Pet Insurance Market by Sales Channel
8.6.1 Agency
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Broker
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Bancassurance
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Others
8.7 Global Pet Insurance Market by Region
8.7.1 Market Share
8.7.1.1 North America
8.7.1.2 Europe
8.7.1.3 Asia Pacific
8.7.1.4 Latin America
8.7.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2022)
9.3.2 Forecast Trend (2023-2028)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2018-2022)
9.4.2 Forecast Trend (2023-2028)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2022)
9.5.2 Forecast Trend (2023-2028)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 Embrace Pet Insurance Agency, LLC
11.2.1.1 Company Overview
11.2.1.2 Product Portfolio
11.2.1.3 Demographic Reach and Achievements
11.2.1.4 Certifications
11.2.2 Figo Pet Insurance, LLC
11.2.2.1 Company Overview
11.2.2.2 Product Portfolio
11.2.2.3 Demographic Reach and Achievements
11.2.2.4 Certifications
11.2.3 Crum & Forster Pet Insurance Group
11.2.3.1 Company Overview
11.2.3.2 Product Portfolio
11.2.3.3 Demographic Reach and Achievements
11.2.3.4 Certifications
11.2.4 Pets Best Insurance Services, LLC
11.2.4.1 Company Overview
11.2.4.2 Product Portfolio
11.2.4.3 Demographic Reach and Achievements
11.2.4.4 Certifications
11.2.5 Trupanion, Inc.
11.2.5.1 Company Overview
11.2.5.2 Product Portfolio
11.2.5.3 Demographic Reach and Achievements
11.2.5.4 Certifications
11.2.6 MetLife Services and Solutions, LLC
11.2.6.1 Company Overview
11.2.6.2 Product Portfolio
11.2.6.3 Demographic Reach and Achievements
11.2.6.4 Certifications
11.2.7 Others
12 Industry Events and Developments
List of Key Figures and Tables
1. Global Pet Insurance Market: Key Industry Highlights, 2017 and 2027
2. Global Pet Insurance Historical Market: Breakup by Policy Coverage (USD Million), 2018-2022
3. Global Pet Insurance Market Forecast: Breakup by Policy Coverage (USD Million), 2023-2028
4. Global Pet Insurance Historical Market: Breakup by Animal Type (USD Million), 2018-2022
5. Global Pet Insurance Market Forecast: Breakup by Animal Type (USD Million), 2023-2028
6. Global Pet Insurance Historical Market: Breakup by Sales Channel (USD Million), 2018-2022
7. Global Pet Insurance Market Forecast: Breakup by Sales Channel (USD Million), 2023-2028
8. Global Pet Insurance Historical Market: Breakup by Region (USD Million), 2018-2022
9. Global Pet Insurance Market Forecast: Breakup by Region (USD Million), 2023-2028
10. North America Pet Insurance Historical Market: Breakup by Country (USD Million), 2018-2022
11. North America Pet Insurance Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Europe Pet Insurance Historical Market: Breakup by Country (USD Million), 2018-2022
13. Europe Pet Insurance Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Asia Pacific Pet Insurance Historical Market: Breakup by Country (USD Million), 2018-2022
15. Asia Pacific Pet Insurance Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Latin America Pet Insurance Historical Market: Breakup by Country (USD Million), 2018-2022
17. Latin America Pet Insurance Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Middle East and Africa Pet Insurance Historical Market: Breakup by Country (USD Million), 2018-2022
19. Middle East and Africa Pet Insurance Market Forecast: Breakup by Country (USD Million), 2023-2028
20. Global Pet Insurance Market Structure
Key Questions Answered in the Report
In 2022, the global market for pet insurance attained a value of over USD 8.1 billion.
The market is projected to grow at a CAGR of 15.30% between 2023 and 2028.
The major drivers of the pet insurance market include the increase in demand for veterinary healthcare facilities, growing awareness of pet insurance, rising expenditure on pet healthcare, and increasing number of agencies and companies offering insurance policies.
The rising number of pet adoptions, increase in adoption of rescued animals, and availability of customisable pet insurance plans are the key industry trends propelling the growth of the market.
The major players in the industry are Embrace Pet Insurance Agency, LLC, Figo Pet Insurance, LLC, Crum & Forster Pet Insurance Group, Pets Best Insurance Services, LLC, Trupanion, Inc., and MetLife Services and Solutions, LLC, among others.
The most common alternatives for pet insurance include veterinary networks, healthcare systems, neighbourhood pool funds, and crowdsourcing, among others.
Major factors that affect the costs of pet insurance are pet age, animal type, breed, pre-existing health conditions, insurance type, and location.
A continuous injury or illness that can last a lifetime is referred to as a chronic ailment. Pets with chronic diseases frequently need ongoing treatment and many visits to the veterinarian's office for monitoring.
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