Pet Insurance Market Size, Share & Trends Analysis Report by Coverage Type (Accident & Illness, Accident Only), By Animal Type (Dogs, Cats), By Sales Channel (Agency, Broker, Direct, Bancassurance), Region And Segment Forecasts, 2023-2031

Report ID : 1853 | Published : 2023-06-14 | Pages: 180 | Format: PDF/EXCEL

The Global Pet Insurance Market Size is valued at 9.62 billion in 2022 and is predicted to reach 37.97 billion by the year 2031 at a 16.63% CAGR during the forecast period for 2023-2031.

Pet insurance is a coverage that assists pet owners in managing the cost of their pets' veterinarian treatment. It works similarly to human health insurance, except it especially covers medical expenses for pets. In recent years, the pet insurance market has seen tremendous expansion and dramatic changes.

Pet Insurance Market

Technology has influenced the pet insurance business by making it easier for pet owners to research, compare, and buy insurance coverage online. Some firms have also developed mobile apps to help with claim submission and access to pet-related services. With the introduction of new players and the expansion of current insurance companies into the pet insurance sector, the market for pet insurance has grown increasingly competitive. This rivalry has resulted in a wider spectrum.

However, pet owners, veterinarians, veterinary hospitals, and animal health companies all faced issues as a result of the COVID-19 pandemic. In contrast, the industry was quick to respond to the epidemic by deploying supportive measures to give access to veterinarian treatment and other services. The pandemic's issues also raised awareness among pet parents to prevent financial risk by purchasing pet insurance coverage.

 Competitive Landscape:

Some of the Pet Insurance Market players are:

 

  • Petplan (Allianz)
  • Deutsche Familienversicherung AG (DFV)
  • Trupanion, Inc.
  • Animal Friends Insurance Services Limited
  • Figo Pet Insurance, LLC
  • Direct Line
  • Nationwide Mutual Insurance Company
  • Embrace Pet Insurance Agency, LLC
  • AnicomInsurance
  • ipet Insurance Co., Ltd.
  • MetLife Services and Solutions, LLC
  • Pumpkin Insurance Services Inc. 

Market Segmentation:

The Pet Insurance Market is segmented into animal type, coverage type, and sales. The coverage type segment includes accident only, accident & illness, and others. The animal type segment includes dogs, cats, and others. By sales channel, the market is segmented on the basis of agency, broker, direct, bancassurance, and others.

Based On Coverage Type, The Accident & Illness Segment Is Accounted As A Major Contributor In The Pet Insurance Market

The accident & illness category is expected to hold a major share of the global Pet Insurance Market in 2022. High veterinarian care and diagnostic expenses, an increase in the companion animal population, and increased knowledge of pet insurance are all factors contributing to this trend. Pet insurance providers most typically provide accident and illness covers. These encompass a wide range of disorders, including acute and chronic diseases, treatments, diagnostic tests, and more. Because accident and illness insurance covers pet owners comprehensively, this market is likely to grow the quickest in the coming years.

The Dogs' Segment Witnessed Growth At A Rapid Rate

The dogs' segment is anticipated to grow at a rapid rate in the global Pet Insurance Market. Over the projected period, the category containing horses, small mammals, and so on is expected to develop at the quickest CAGR of more than 18%. Growing pet adoption, insurance companies expanding their service offerings, and rising disposable income in important regions are all factors contributing to this share. Trupanion, Inc., Petplan, Nationwide Mutual Insurance Company, PetFirst Healthcare LLC, and Embrace Pet Insurance Agency, LLC are some of the key market players.

In The Region, Europe Pet Insurance Market Holds A Significant Revenue Share

Europe's Pet Insurance Market is expected to register the biggest market share in terms of revenue in the near future, owing to the rising use of pet insurance, increased pet ownership, and the existence of major companies. Petplanare, for example, is headquartered in the U.K., whilst DFV is located in Germany. These businesses are constantly implementing numerous strategic efforts to improve their market share and hence contribute to regional growth.

The market in Asia Pacific is predicted to grow at a significant rate. The rapid development can be attributed to owners' growing worry about their pets' health. As a result, rising worries, along with rising disposable income in these countries, are boosting the Asia Pacific market. Furthermore, the increasing number of multinational corporations entering the developing market in the Asia Pacific area will boost the rise of the pet insurance market.

Pet Insurance Market Report Scope:

Report Attribute

Specifications

Market size value in 2022

USD 9.62 Bn

Revenue forecast in 2031

USD 37.97 Bn

Growth rate CAGR

CAGR of 16.63 % from 2023 to 2031

Quantitative units

Representation of revenue in US$ Billion, and CAGR from 2023 to 2031

Historic Year

2019 to 2022

Forecast Year

2023-2031

Report coverage

The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends

Segments covered

Animal Type, Coverage Type, And Sales

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia

Competitive Landscape

Trupanion, Inc.; Deutsche Familienversicherung AG (DFV); Petplan (Allianz); Animal Friends Insurance Services Limited; Figo Pet Insurance, LLC; Direct Line; Nationwide Mutual Insurance Company; Embrace Pet Insurance Agency, LLC; AnicomInsurance; ipet Insurance Co., Ltd.; MetLife Services and Solutions, LLC; Pumpkin Insurance Services Inc.

Customization scope

Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing and available payment methods

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Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Pet insurance Market Snapshot

Chapter 4. Global Pet insurance Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Coverage Type Estimates & Trend Analysis
5.1. by Coverage Type & Market Share, 2019 & 2031
5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Coverage Type:

5.2.1. Accident & Illness
5.2.2. Accident only
5.2.3. Others

Chapter 6. Market Segmentation 2: by Animal Type Estimates & Trend Analysis
6.1. by Animal Type & Market Share, 2019 & 2031
6.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Animal Type:

6.2.1. Dogs
6.2.2. Cats
6.2.3. Others

Chapter 7. Market Segmentation 3: by Sales Channel Estimates & Trend Analysis
7.1. by Sales Channel & Market Share, 2019 & 2031
7.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Sales Channel:

7.2.1. Agency
7.2.2. Broker
7.2.3. Direct
7.2.4. Bancassurance
7.2.5. Others

Chapter 8. Pet insurance Market Segmentation 4: Regional Estimates & Trend Analysis

8.1. North America

8.1.1. North America Pet insurance Market Revenue (US$ Million) Estimates and Forecasts by Coverage Type, 2023-2031
8.1.2. North America Pet insurance Market Revenue (US$ Million) Estimates and Forecasts by Animal Type, 2023-2031
8.1.3. North America Pet insurance Market Revenue (US$ Million) Estimates and Forecasts by Sales Channel, 2023-2031
8.1.4. North America Pet insurance Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031

8.2. Europe

8.2.1. Europe Pet insurance Market Revenue (US$ Million) Estimates and Forecasts by Coverage Type, 2023-2031
8.2.2. Europe Pet insurance Market Revenue (US$ Million) Estimates and Forecasts by Animal Type, 2023-2031
8.2.3. Europe Pet insurance Market Revenue (US$ Million) Estimates and Forecasts by Sales Channel, 2023-2031
8.2.4. Europe Pet insurance Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031

8.3. Asia Pacific

8.3.1. Asia Pacific Pet insurance Market Revenue (US$ Million) Estimates and Forecasts by Coverage Type, 2023-2031
8.3.2. Asia Pacific Pet insurance Market Revenue (US$ Million) Estimates and Forecasts by Animal Type, 2023-2031
8.3.3. Asia-Pacific Pet insurance Market Revenue (US$ Million) Estimates and Forecasts by Sales Channel, 2023-2031
8.3.4. Asia Pacific Pet insurance Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031

8.4. Latin America

8.4.1. Latin America Pet insurance Market Revenue (US$ Million) Estimates and Forecasts by Coverage Type, 2023-2031
8.4.2. Latin America Pet insurance Market Revenue (US$ Million) Estimates and Forecasts by Animal Type, 2023-2031
8.4.3. Latin America Pet insurance Market Revenue (US$ Million) Estimates and Forecasts by Sales Channel, 2023-2031
8.4.4. Latin America Pet insurance Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031

8.5. Middle East & Africa

8.5.1. Middle East & Africa Pet insurance Market Revenue (US$ Million) Estimates and Forecasts by Coverage Type, 2023-2031
8.5.2. Middle East & Africa Pet insurance Market Revenue (US$ Million) Estimates and Forecasts by Animal Type, 2023-2031
8.5.3. Middle East & Africa Pet insurance Market Revenue (US$ Million) Estimates and Forecasts by Sales Channel, 2023-2031
8.5.4. Middle East & Africa Pet insurance Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031

Chapter 9. Competitive Landscape

9.1. Major Mergers and Acquisitions/Strategic Alliances

9.2. Company Profiles


9.2.1. Trupanion, Inc.
9.2.2. Deutsche Familienversicherung AG (DFV)
9.2.3. Petplan (Allianz)
9.2.4. Animal Friends Insurance Services Limited
9.2.5. Figo Pet Insurance, LLC
9.2.6. Direct Line
9.2.7. Nationwide Mutual Insurance Company
9.2.8. Embrace Pet Insurance Agency, LLC
9.2.9. Anicom Insurance
9.2.10. ipet Insurance Co., Ltd.
9.2.11. MetLife Services and Solutions, LLC
9.2.12. Pumpkin Insurance Services Inc.
9.2.13. Other Prominent Players

Segmentation of the Pet Insurance Market-

Pet Insurance Market By Coverage Type-

  • Accident & Illness
  • Accident only
  • Others

Pet Insurance Market

Pet Insurance Market By Animal Type-

  • Dogs
  • Cats
  • Others

Pet Insurance Market By Sales Channel-

  • Agency
  • Broker
  • Direct
  • Bancassurance
  • Others

Pet Insurance Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa

 InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Pet Insurance Market?

Pet Insurance Market expected to grow at a CAGR of 16.63% during the forecast period

Trupanion, Inc.; Deutsche Familienversicherung AG (DFV); Petplan (Allianz); Animal Friends Insurance Services Limited; Figo Pet Insurance, LLC; Direct

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