Rising demand for pet insurance to help limit out-of-pocket
expenditure on critical medical conditions, such as cancer, and
accidental injuries is anticipated to boost the growth in the near
future
JERSEY CITY, N.J., Oct. 26, 2020 /PRNewswire/ -- Verified
Market Research recently published a report, "Pet Insurance Market
by Product (Accident and Illness, Accident Only), by Animal Type
(Dogs, Cats), by Sales Channel (Broker, Agency), Geography".
According to Verified Market Research, the Global Pet Insurance
Market was valued at USD 3.68 billion
in 2019 and is projected to reach USD 11.84
billion by 2027, growing at a CAGR of 15.65% from 2020 to
2027.
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Browse in-depth TOC on "Pet Insurance
Market"
202 - Pages
126 – Tables
37 –
Figures
Global Pet Insurance Market Overview
Factors such as rising pet adoption and growing prevalence of
feline- & dog-related diseases are major drivers for this
market. Moreover, rising demand for pet insurance to help limit
out-of-pocket expenditure on critical medical conditions, such as
cancer, and accidental injuries is anticipated to boost the growth
in the near future. In addition, Innovative insurance policies such
as schemes that cover pet irrespective of their ages, multi-pet
insurance policies that include multiple pets in a single plan
attract large number of customers. Such initiatives adopted by the
private players enable them to hold maximum share in the pet health
insurance market. Furthermore, Accident and illness policy provide
reimbursement for treatments of broken bones, burns, swallowed
objects, poison ingestion, urinary tract infections, allergies,
laboratory tests, X-rays, surgeries, and hospitalizations. The
comprehensive nature of accident and illness policies is the major
growth rendering factor that attracts large number of pet owners.
However, with increasing healthcare cost for pets, the owners are
readily adopting pet health insurance, boosting the market growth.
Pet insurance companies are making numerous and continued efforts
to increase consumer awareness pertaining to various policies and
the benefits associated with them. Industry players are using
social media and digital marketing as a tool to maximize the
customer outreach by sharing information regarding various
insurance policies of cat and dog breeds. Majority of the companies
are targeting the untapped and poorly penetrated markets with
primary objective of gaining a higher share.
The major players in the market are Petplan U.K.
(Allianz); Nationwide; Trupanion; Petplan North America (Allianz);
Hartville Group; Pethealth; Petfirst; Embrace; Royal & Sun
Alliance (RSA); Direct Line Group.
Verified Market Research has segmented the Global Pet
Insurance Market on the basis of Product, Animal Type, Sales
Channel, and Geography.
- Pet Insurance Market by Product
-
- Accident and Illness
- Accident Only
- Pet Insurance Market by Animal Type
-
- Pet Insurance Market by Sales Channel
-
- Pet Insurance Market by Geography
-
- North America
-
- Europe
-
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
-
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
-
- Middle East & Africa
- Latin America
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