The global pet insurance market is expected to exhibit a higher CAGR during the forecast period. A pet insurance is a novel product in the pet industry and these policies usually cover a specific and maximum amount of money for paying out under different sections. For instance, veterinary fees, third party liability, advertising costs, hospitalization, overseas vet fee and the purchase price of pet. In most cases, the pet insurance policies are yearly contracts and to gain a full amount of cover, the policy needs an annual renewal every year.
Pet insurance market is driven by rise in awareness for pet safety and growing number of pet adoption cases in the developing economies. Rising incidences of pet stealing and malpractices positively push the consumers to buy a robust insurance cover for pet safety and protection. However, significant cost of pet insurance policies and lack of awareness among consumers is more likely to hinder the market growth.
End-user segment for pet insurance market comprises dog, cat, horse and leisure pets. By policy type, the market segmentation entails lifetime cover and non-lifetime cover. Geographical segmentation for the market spans North America, South America, Europe, Asia-Pacific, Middle East and Africa. Asia-Pacific regions are more likely to grow at a significant CAGR during the forecast period, particularly India and China.
North America leads the market growth; as there is a strong presence of regulations for animal safety and care. Availability of pet insurance as a better product for pet safety is more likely to propel the market growth. Rise in incidences of animal sickness and prolonged diagnosis, highly expensive is more likely to call for pet insurance cover. Europe market is anticipated to follow the trend during the forecast period.
The key players profiled in the pet insurance market report are Hartville Group Inc, Trupanion Inc, Petplan Limited, Nationwide Mutual Insurance Company, Pethealth Inc, and Royal & Sun Alliance Insurance Company of Canada Inc, Petsecure, Embrace Pet Insurance Agency LLC and Direct Line Insurance Group Plc.
Leading players of Pet Insurance including:
• Petplan UK (Allianz)
• Petplan NorthAmerica(Allianz)
• Hartville Group
• Royal & Sun Alliance (RSA)
• Direct Line Group
• Anicom Holding
• ipet Insurance
• Japan Animal Club
Market split by Type, can be divided into:
• Lifetime Cover
• Non-lifetime Cover
Market split by Application, can be divided into:
• Other Pet
Market split by Sales Channel, can be divided into:
• Direct Sales
• Distribution Sales
Market segment by Region/Country including:
• North America (United States, Canada and Mexico)
• Europe (Germany, UK, France, Italy, Russia and Spain etc.)
• Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
• South America Brazil, Argentina, Colombia and Chile etc.)
• Middle East & Africa (South Africa, Egypt, Nigeria and Saudi Arabia etc.)
Research Support Specialist, USA