September 25, 2019
According to the latest study titled ‘Global Pet Insurance Market Growth (Status and Outlook) 2019-2024’ available with Market Study Report LLC, global pet insurance market is projected to reach US $7170 million by the year 2024.
Pet insurance, a category of specialty property & casualty insurance, that pet owners purchase to cover the unplanned costs that arise while providing care for a pet. This insurance covers veterinary services such as surgical procedures, prescribed pet medicines, and injuries from accidents. Pet insurance is mostly a reimbursement program, wherein the owner is compensated the amount once he submits the claim to the insurance company after the pet has received required care.
As per the study, pet insurance market was valued at US $3200 million in 2019 and is anticipated to grow with a CAGR of 14.4% over the projected timeline. Growing inclination towards pet adoption, increasing awareness regarding the benefits of insurance, and rising disposable incomes around the world are the main factors augmenting the pet insurance market growth.
Based on product type, pet insurance market is divided into four types including lifetime cover, non-lifetime cover, accident-only and others. The lifetime cover segment dominated the pet insurance market and was worth US $1775.2 million in 2017, followed by non-lifetime cover segment.
Speaking of application spectrum, the industry is segmented into dogs, cats and other. While considering the geographical landscape, the pet insurance market is divided into four major regions as Europe, Americas, Asia-Pacific, and Middle East & Africa.
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The study analyzes pet insurance market for industry shares and growth opportunities by different segments. Furthermore, it provides an exhaustive understanding about trends, challenges, marketing strategies, distribution channels, consumer spectrum, and drivers influencing the market growth.
The key players operating in the pet insurance market profiled in the report comprise of Nationwide, Petplan UK, Petplan NorthAmerica, Trupanion, Pethealth, Hartville Group, Embrace, Petfirst, Royal & Sun Alliance, Agria, Embrace, Direct Line Group, PetSure, Petsecure, ipet Insurance, Anicom Holding, and Japan Animal Club.