Pune, India, Feb. 03, 2022 (GLOBE NEWSWIRE) -- The global pet insurance market size is projected to reach USD 11.25 billion by 2026. The increasing pet adoption in leading countries across the world will have a direct impact on the growth of the market.
Key Industry Developments:
September 2019: Franklin Madison announced it plans to initiate pet insurance programs for banks and credit unions. The company partnered with A-rated carrier Crum & Forster Pet Insurance Group, to offer another valuable insurance program to their consumers.
- The pet insurance market will benefit from the increasing pet adoption in leading countries across the world. Pet insurance refers to a policy that covers medical as well as accidental factors that is associated with the pets.
- The emphasis on the well-being and health of pets, by private as well as government organizations will create several growth opportunities.
- The presence of several private organizations offering premium insurance policies will have a positive impact on the growth of the market in the forthcoming years.
- Several companies are focused on offering novel services as well as concessions in a bid to establishing a stronghold in the market. These factors will aid the growth of the market in the coming years.
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Increasing Number of Company Mergers and Collaborations to Aid Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. It highlights a few of the leading market drivers and analyzes their impact on the market. Among all factors, the increasing number of company mergers and collaborations have had a positive impact on market growth.
In October 2019, Petplan, a leading pet insurance provider, announced that it has been acquired by Warnbug Pincus. Warnbug is a leading private equity firm that mainly focuses on growth-oriented investing. With this acquisition, the company will look to outperform its counterparts and in doing so, establish a strong presence in the market. The report highlights a few of the other company mergers that have graced the market in recent years and gauges their impact on the market.
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Geographical Analysis:
- North America (The U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and the Rest of Latin America)
- The Middle East & Africa (South Africa, GCC, and the Rest of the Middle East & Africa)
Europe to Emerge Dominant; Influx of Start-ups to Aid Growth
The report analyzes the ongoing pet insurance market trends across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in Europe generated the highest market revenue in 2018. Europe is projected to dominate the market in the coming years driven by the increasing number of start-ups in several countries across this region. The increasing number of government initiatives to promote animal wellness and health, coupled with encouragement for pet adoption, will aid the growth of the market in this region. Besides Europe, the market in North America will exhibit considerable CAGR. As of 2018, the market in North America was worth USD 1.42 billion and this value is likely to increase further in the coming years.
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A few of the Key companies that are operating in the global market include:
- Trupanion
- Anicom Holdings
- Nationwide Mutual Insurance Company
- ASPCA
- Healthy Paws Pet Insurance, LLC.
- Embrace Pet Insurance Agency, LLC
- Figo Pet Insurance LLC.
- Agria Pet Insurance Ltd
- 24PetWatch
- Pets Best Insurance Services, LLC.
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