Pune, India, March 29, 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. According to a report published by Fortune Business Insights, titled “Pet Insurance Market Size, Share & Industry Analysis, By Policy Coverage Type (Accident & Illness, Accident Only, Others), By Animal Type (Dog, Cat, Others), By Provider (Public, Private) and Regional Forecast, 2022-2026,” the market was worth USD 6.05 billion in 2018. Driven by flexibility in product offerings, the market will exhibit a CAGR of 8.0% during the forecast period, 2022-2026.
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.
The report provides an in-depth analysis of the global pet insurance market. It highlights the latest product launches and recent innovations in the market and states their impact on the growth of the market. The competitive landscape has been discussed in detail and predictions are made with respect to leading companies and products in the coming years. Forecast values have been provided for the market for the period of 2019-2026. The factual figures have been obtained through trusted sources. Moreover, these predictions are made on the basis of extensive research analysis methods, coupled with the opinions of experienced market research professionals.
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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.
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)
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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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 leading 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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Table Of Contents :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Pricing Analysis of Top Insurers, by Animal Type
- Pet Adoption Statistics, Across Major Countries
- Key Merger And Acquisition Strategies by Top Players
- New Product Launch
- Global Pet Insurance Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Policy Coverage Type
- Accident & Illness
- Accident Only
- Others
- Market Analysis, Insights and Forecast – By Animal Type
- Cat
- Dog
- Others
- Market Analysis, Insights and Forecast – By Provider
- Public
- Private
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Pet Insurance Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis – By Policy Coverage Type
- Accident & Illness
- Accident Only
- Others
- Market Analysis – By Animal Type
- Cat
- Dog
- Others
- Market Analysis – By Provider
- Public
- Private
- Market Analysis – By Country
- U.S.
- Canada
- Europe Pet Insurance Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis – By Policy Coverage Type
- Accident & Illness
- Accident Only
- Others
- Market Analysis – By Animal Type
- Cat
- Dog
- Others
- Market Analysis – By Provider
- Public
- Private
- Market Analysis – By Country/sub-region/sub-region
- U.K.
- Germany
- France
- Spain
- Italy
- Sweden
- Rest of Europe
- Asia Pacific Pet Insurance Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis – By Policy Coverage Type
- Accident & Illness
- Accident Only
- Others
- Market Analysis – By Animal Type
- Cat
- Dog
- Others
- Market Analysis – By Provider
- Public
- Private
- Market Analysis – By Country/sub-region
- Japan
- China
- India
- Australia
- Southeast Asia
- Rest of Asia Pacific
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