Pet Insurance Market to Reach USD 44.99 Billion By 2032 | Emergen Research

Vancouver, Dec. 07, 2023 (GLOBE NEWSWIRE) -- The global pet insurance market size was USD 9.40 Billion in 2022 and is expected to register a rapid revenue CAGR of 16.9% during the forecast period. The surge is attributed to the increasing adoption of pets, heightened awareness of pet insurance, and a growing demand for innovative coverage options. Key factors influencing this growth include rising veterinary service costs and strategic collaborations within the industry.

The North American Pet Health Insurance Association (NAPHIA) reported a substantial increase in insured pets in North America, reaching 3.45 million in 2020, up from 2.81 million in 2019. The market also experienced the entry of major corporations, such as AXIS Insurance and Managing General Underwriter Petplan, indicating a competitive landscape.

Financial Relief for Pet Emergencies

The high costs of veterinarian emergencies have driven the demand for pet insurance, offering financial relief to pet owners. In the U.S. alone, 25 different companies provide various pet insurance packages, each with different premium rates based on factors like deductible, reimbursement level, breed, location, age, and preexisting conditions. The market is expected to intensify further as larger corporations enter the pet insurance sector, promoting increased competition.

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Challenges and Opportunities

Despite the impressive growth, challenges such as the lack of standardized pet health codes, low pet adoption rates in developing countries, and the perceived high cost of pet insurance may impede revenue growth. The integration of technology into products and services, along with government initiatives, could also influence market dynamics.

Policy Coverage Trends

The accident and illness segment dominated the global pet insurance market in 2022, holding the largest revenue share. This is attributed to the increasing costs of veterinary care, diagnostics, and a rising number of companion animals. Pet insurance providers commonly offer accident and illness coverage, addressing a range of issues from medications and diagnostic tests to chronic and acute health conditions.

The embedded wellness segment is anticipated to experience moderate revenue growth, providing pet owners with flexible and cost-effective solutions for managing their pets' healthcare expenses. Modern pet insurers, recognizing the shift towards prioritizing pet well-being, offer value-added pet assurance services.

Animal Type Insights

Dogs accounted for the largest revenue share in the global pet insurance market in 2022, reflecting the rising adoption of pet insurance and the high costs associated with dog treatments. Cats are expected to register steady revenue growth, driven by increasing adoptions and major acquisitions, such as Independence Pet Group's acquisition of Felix, a pet insurance brand exclusively for cats.

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Service Provider Landscape

Private insurance providers are expected to dominate the market during the forecast period, offering various coverage policies at reasonable premium rates. Innovations such as Future Generali India Insurance Company's FG Dog Health Cover, with an 'emergency pet minding' cover, contribute to the popularity of private insurance options.

Public insurance providers are poised to experience the fastest revenue growth, making pet insurance more accessible and affordable through government-run programs. This approach aligns with goals of promoting responsible pet ownership and ensuring accessible veterinary treatment.

Regional Highlights

Europe led the global pet insurance market in 2022, driven by strategic initiatives to improve market share and support regional development. In the UK and Sweden, pet insurance covered 23.0% and 30.0% of pets, respectively, in 2017. North America followed closely, with a strong trend of pet adoption, increased awareness of veterinary health, and notable corporate activities.

Asia Pacific is expected to witness the fastest revenue growth, fueled by a rising adoption of pets in the region. Government initiatives, such as the Korean Government's scheme to encourage domestic pet insurance utilization, contribute to the growing popularity of pet insurance programs.

Scope of Research

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Major Companies and Competitive Landscape

The global pet insurance market is fragmented, with many medium and large-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new pet insurance products in the market. Some major players included in the global pet insurance market report are:

• Trupanion
• DFV Deutsche Familienversicherung AG
• Allianz p.l.c.
• Figo Pet Insurance LLC.
• UK Insurance Limited
• Nationwide Mutual Insurance Company
• American Modern Insurance Group, Inc.
• Anicom Holdings, Inc.
• MetLife Services and Solutions, LLC
• Pumpkin Insurance Services Inc.
• Royal & Sun Alliance Insurance Ltd.
• Pets Best Insurance Services, LLC
• Pet Assure.
• PTZ Insurance Agency, Ltd.
• Nationwide.
• Protectapet
• Hollard Insurance
• Anicom Holdings, Inc.
• The Oriental Insurance Company Ltd.
• ASPCA
• Healthy Paws Pet Insurance, LLC
• 24Petwatch

Strategic Development

• In April 2023, Kanguro Insurance, a new insurance technology startup, officially launched its ground-breaking pet health insurance products. Kanguro Insurance intends to improve the pet insurance sector in the U.S. by focusing on digital innovation and bilingual customer care. Kanguro Insurance provides fully customizable coverage that is conceptually comparable to human health insurance, with policyholders paying a monthly fee that covers a wide range of veterinary appointments, diagnostic tests, surgical procedures, and drugs.
• In December 2021, Trupanion and Chewy partnered to provide a unique collection of pet wellness and health insurance policies to Chewy's 20 million clients. This strategic partnership aimed to provide consumers wellness programs, preventive treatment, and comprehensive insurance coverage for diseases, accidents, and chronic conditions.

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 Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global pet insurance market on the basis of policy coverage, animal type, service provider, and region:

•  Policy Coverage (Revenue, USD Billion; 2019-2032)
  • Accident & illness
  • Accident Only
  • Embedded Wellness

• Animal Type Outlook (Revenue, USD Billion; 2019-2032)
  • Dogs
  • Cats
  • Others

• Service Provider Outlook (Revenue, USD Billion; 2019-2032)
  • Private
  • Public

• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America

• • • • U.S.
      • Canada
      • Mexico

• • Europe

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

• • Asia Pacific

• • • • China
      • India
      • Japan
      • South Korea
      • Rest of APAC

• • Latin America

• • • • Brazil
      • Rest of LATAM

• • Middle East & Africa

• • • • Saudi Arabia
      • UAE
      • South Africa
      • Turkey
      • Rest of Middle East & Africa

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