Pet Insurance Market

Pet Insurance Market Statistics

• The global pet insurance market is witnessing significant growth in most of the developing countries. The rise in pet ownership and the humanization of pets has paved the way for the development of the market in recent years
• The accident & illness policy segment generated revenue of $4.0 billion in 2019 and is expected to grow at a CAGR of 21.50% to generate an incremental growth of $19 billion, which sums up to $23 billion by 2028
• The accident-only policy segment generated revenue of $217.06 million in 2019 and is expected to reach $967.13 million by 2028, growing at a CAGR of 18%
• There are more than 94 million cats adopted as pets in North America and more than 76 million in the European region
• The pet dog insurance segment is said to constitute a 55−60% share of the revenue for insurers.
• The dog pet insurance market was valued at $3.54 billion in 2019 and is expected to generate $20 billion in 2028, growing at a CAGR of 21.24%. The cat pet insurance market was valued at $642 million in 2019 and is likely to generate $3.8 billion by the end of 2028.
• The Latin American region is home to a bigger pet dog population; countries like Argentina has a 66% ownership, followed by Mexico with 64%, and Brazil with 58%.
• With more than 4 million pet cats, Australia has a number of vendors that are making the region to be the forerunner in the pet cat insurance segment in the APAC region.
• The insurance for other pet animals is estimated to generate $241.78 million by 2028, growing at a high CAGR of 23.40% during the forecast period.
• Europe was the largest market for pet insurance with approximately 53.32% of the global market share in 2019 and accounted for revenue of $2.25 billion, followed by North America with a 33.74% share and revenue of $1.42 billion.
• The demographic trend of delayed marriages, low marriage rates, and decreasing birth rates are mainly contributing to the increased pet ownership in Mexico.
• The pet insurance market in the APAC region is expected to grow at a CAGR of 23.99% during the forecast period, generating revenue of $2.48 billion by 2028.
• South Africa is the largest pet insurance market in the MEA region. The middle- to high-income consumers are particularly driving the premium pet insurance market in South Africa.
• Saudi Arabia is one of the potential markets for pet insurance due to the existing demand-supply gap at present.
• Impact of Covid-19 pandemic on Pet Insurance market is expected to be minimal due to lower penetration levels in several markets especially United States. Further, work from home scenario has resulted in people spending more time with their pets, and increased number of visits to veterinary hospitals as people started noticing more issues with their pets
• Further, increased number of pets especially puppies and kittens and growing trend of pet humanization are expected to drive the demand for pet insurance policies across geographies

 

Pet Insurance Market Report Segmentation

The global pet insurance market is trending in most of the developing countries. The rise in pet ownership and the humanization of pets has paved the way for the development of the industry in recent years. Issued under property insurance, pet insurance is in the introductory stage of the growth cycle in most countries. The increased preference of millennial for pet products has also been a positive scenario for adoption. With the growing awareness levels of pet owners, the conversion rate is witnessing steady growth during the forecast period. The global pet insurance market can be segmented into accident & illness policy and accident-only policy in terms of insurance type and into dogs, cats, and others.

• Insurance
  • Accident and Illness
  • Accident Only
• Animal
  • Dogs
  • Cats
  • Others
• Regions
  • North America
  • Europe
  • Asia Pacific
  • Middle East Africa
  • Latin America

 

Pet Insurance Market Size Outlook

Pet

 

 

Insurance Market Drivers- Rise in Number of Pet Owners Drives the Market Demand

There has been a rapid growth in the number of pet owners in the past decade across the globe, especially in regions of the US, Canada, the UK, and Sweden, where they consider pets like dogs and cats as a member of a family than a four-legged animal. It is found that more than 65% of the households, which is approximately 85 million households in the US, own a pet. With dogs being the most adopted pets in the house, cats contribute more than 25% of the total pets. More than 15% of the households also have exotic pets like rabbits, ferrets, turtles, snakes, and reptiles in 2018.

 

Canada Pet Insurance Market Outlook

Canada, with approximately more than 8.1 million cats and 5.9 million dogs, lags behind the US in terms of revenue in the pet insurance market. While more than 35% of the households own a dog, more than 38% of the households own a cat. The trend for the care and attention of pets in the country is similar to that in the US with a similar penetration of less than 1%. It is estimated that there were only 277,000 insured pets in the country as of 2018. The average annual growth rate of pet insurance during 2014−2018 is 17.1%. The average monthly premium is $39 for a dog and $29 for a cat in the country.

 

The pet insurance market in Canada was valued at $107.78 million in 2019 and is expected to reach $482.83 million by 2028, growing at a CAGR of 18.13%.

 

The growth of the pet insurance market in the country can be achieved through increased awareness and education levels of pet owners. They can also influence the sales through recommendations done by veterinarians, breeders, and pet shelters.

 

They can also convince the pet owners by explaining the market's immaturity and claiming patterns. Insurers can also educate pet owners online and promote sales since it is an easy product to sell online. The insurers can focus on pet owners in major cities of the country like Toronto, Montreal, and Vancouver, where the veterinary bills are more expensive than their counterparts, which will force pet owners to adopt pet insurance for higher risk coverage. This shows the impact of demography on the pet insurance adoption levels.

 

With 9% of the households owning different pets like fish, birds, and other mammals, there is a huge untapped potential in these segments that vendors can capitalize through effective distribution channels during the forecast period. Trupanion, PetPlan, PetSecure, and Pets Plus US are some of the major insurance providers in the country.

1.    TABLE OF CONTENTS    2
1.1 List of Tables    7
1.2 List of Figures    6

2.    EXECUTIVE SUMMARY    8
2.1 Summary    8
2.1.1 Overview    8
2.1.2 Market Dynamics    10
2.2 Pet Insurance Industry Outlook, 2020 – 2028    12
2.3 Abbreviations    15

3.    INTRODUCTION TO PET INSURANCE MARKET    16
3.1 Market Segments - Types, Applications, and Countries    16
3.1.1 Scope of the Study    16
3.2 Research Methodology    17
3.2.1 Market Definition    17
3.2.2 Study Assumptions    17
3.2.3 Research Methodology    18

4.     MACROECONOMIC & DEMOGRAPHIC OUTLOOK    19
4.1 GDP Outlook, 2020 – 2030    19
4.2 Population Outlook of Select Countries, 2020 – 2030    20

5.    OVERVIEW OF THE PET INSURANCE MARKET    21
5.1 Industry Panorama    21
5.2 Major Companies    23
5.3 Market Trends    23
5.4 Driving Factors    26
5.5 Market Challenges    30
5.6 Porter’s Five Forces Analysis    33

6.    GLOBAL MARKET ANALYSS AND OUTLOOK BY INSURANCE TYPE    35
6.1 Leading Insurance Types    35
6.1.1 Market Overview    35
6.1.2 Accident & Illness    38
6.1.3 Accident Only    40

7.    GLOBAL MARKET ANALYSS AND OUTLOOK BY ANIMAL TYPE    42
7.1 Leading Animal Types    42
7.1.1 Market Overview    42
7.1.2 Dogs    44
7.1.3 Cats    46
7.1.4 Others    48

8.    GEOGRAPHIC ANALYSIS     50

9.    NORTH AMERICA PET INSURANCE MARKET ANALYSIS     52
9.1 Overview    52
9.2 The US    55
9.3 Canada    56

10.    EUROPE PET INSURANCE MARKET ANALYSIS     58
10.1 Overview    58
10.2 UK    61
10.3 Sweden    62
10.4 France    64
10.5 Germany    66
10.6 Netherlands    67

11.    ASIA PACIFIC PET INSURANCE MARKET ANALYSIS     69
11.1 Overview    69
11.2 Australia    72
11.3 China    73
11.4 Japan    75
11.5 South Korea    76

12.    LATIN AMERICA PET INSURANCE MARKET ANALYSIS     79
12.1 Overview    79
12.2 Brazil    81
12.3 Mexico    82

13.    MIDDLE EAST AND AFRICA PET INSURANCE MARKET ANALYSIS     84
13.1 Overview    84
13.2 South Africa    85

14.    COMPETITIVE LANDSCAPE     88
14.1 Nationwide Mutual Insurance Company    88
14.1.1 Overview    88
14.2 Trupanion    90
14.2.1 Overview    90
14.3 Healthy Paws Pet Insurance    92
14.3.1 Overview    92
14.4 Petplan    94
14.4.1 Overview    94
14.5 Agria    96
14.5.1 Overview    96

15.    APPENDIX    98
15.1 About USD Analytics    98
15.2 Sources and Research Methodology    98
15.3 Copyright and Disclaimer    99

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