Global Pet Insurance Market is expected to grow at a significant CAGR in the upcoming years as the scope and its applications are rising enormously across the globe. Pet insurance is also termed as Pet health insurance, an insurance mainly designed to help cover the veterinary expenses of cats and dogs. Pet insurance plan covers repayment for wellness procedures like spaying/neutering, vaccinations, and heartworm testing. The pet owners purchase the policy, mainly to cover the unplanned costs that arise in providing care for a pet.
Pet Insurance Market is segmented based on policy types, type, application, and region. Policy types such as Medical Insurance and Comprehensive Insurance classify Pet Insurance Market. Types such as Accident-Only, Time-Limited, Maximum Benefit, Lifetime Cover, and others classify Pet Insurance Market. End users into Cat, Dog, and others classify Pet Insurance Market. Pet Insurance Market is segmented geographically Americas (North America, Latin America), Europe (Eastern Europe, Western Europe), Asia Pacific, Latin America, Middle East and Africa.
Globally, North America accounts for the largest market share of Pet Insurance Market and is estimated to lead the overall market in the years to come. The United States is the major consumer of Pet Insurance Market in this region. The reason being, the first pet insurance policy was received and presence of key insurance industry. Europe and Asia Pacific follow suit. On the other hand, Asia Pacific is estimated to grow at fastest pace in the upcoming years.
The key players of Pet Insurance Market are Japan Animal Club, Petplan UK, Ipet Insurance, Nationwide, Anicom Holding, Trupanion, PetSure, Hartville Group, Petsecure, Pethealth, Agria, Petfirst, Direct Line Group, Embrace, and Royal & Sun Alliance (RSA). These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.
The major players in global market include
• Petplan UK (Allianz)
• Petplan NorthAmerica(Allianz)
• Hartville Group
• Royal & Sun Alliance (RSA)
• Direct Line Group
• Anicom Holding
• ipet Insurance
• Japan Animal Club
Geographically, this report split global into several key Regions, with Premium (million USD), market share and growth rate of Pet Insurance for these regions, from 2013 to 2025 (forecast)
• United States
On the basis of product, the Pet Insurance market is primarily split into
• Lifetime Cover
• Non-lifetime Cover
On the basis on the end users/Application, this report covers
Research Support Specialist, USA