Global Pet Insurance Market Overview, 2022-207
Pet insurance is an insurance policy bought by a pet owner which helps to lessen the overall costs of expensive veterinary bills, with coverage similar to health insurance policies for humans. Pet insurance will cover, either entirely or in part, the often expensive veterinary procedures. The research report titled Global Pet Insurance Market Overview, 2021-27 by Bonafide Research categorizes the market to forecast the revenues and analyze the trends in each of the following segments: based animal type (Cat, Dog & others), by insurance type (Accidental and Illness & Accident only endorsement) by the end-user (Agency, Broker, Bancassurance, Direct writing) based on region, countries & major companies.
This particular niche of the insurance industry has grown massively over the past few years. There is a very good reason for this growth. Traditionally pet insurance has been an afterthought. Sometimes added to other forms of insurance; households are generally covered for most other items. But pet health insurance has changed. In the year 2016, the value of the pet insurance market was at USD 3.46 Billion. As the healthcare costs for pets are going through the roof with innovations and rising demand, pet owners are increasingly adopting pet insurance schemes. In 2021, the pet industry gained a significant amount of consumer base, as loneliness and mental illness drove people to adopt pets in the lockdown, especially the millennial population. This is expected to increase the market value of pet insurance in the upcoming year. With the increasing pet adoption, the market is expected to grow with an anticipated CAGR of more than 10% in the forecasted period.
The dog segment holds the dominant share in the pet insurance market; this is primarily accredited to dogs being the most preferred animals in most countries, the higher cost of maintenance, and their increased exposure to accidents. The dog insurance covered an approx. 3/4th of the total market in 2021. The cat segment is expected to witness considerable growth in the coming years. The increasing adoption of smaller animals such as cats as indoor pets with the shrinking size of apartments in cities is driving the demand for the cat segment. This is to have a direct impact on the cat pet insurance too, growing at a CAGR of 13%. The Accident and Illness plan holds the major share in the pet insurance market. This is credited not only to the extensive coverage of the plan but as with the aging of the pet, their illness becomes inevitable. With new state-of-the-art technology, improving the quality of pet healthcare, their medical bills can cost more than $10,000, especially in case of surgery. Thus with the rising awareness regarding the need to invest in pet healthcare has engineered the growth of the policy.
Brokers are one of the efficient indirect distribution systems. They specifically target middle-class and upper-class animal owners. The share of this segment is growing significantly due to the increased efforts put by brokers. The direct writing providers who offer maximum coverage with minimum premiums will further impel the industry revenue, with an anticipated CAGR of almost 14%. Europe holds the largest share in the global pet insurance market. This is primarily due to the high disposable income of the country, high rate of urbanization, and fast-spreading awareness regarding the benefits of pet insurance. As sophisticated medical care for pets like heart surgery, joint replacement, and chemotherapy becomes more widespread, the insurance market for such procedures has grown rapidly. Even though the high cost of the pet plans & lack of awareness is projected as major market restraints, the presence of key players in the market is to push the market growth in the coming period.
Agria Pet Insurance Limited, FIGO PET INSURANCE, LLC (figo), Nationwide, PETFIRST pet insurance, PETHEALTH, PETPLAN PET INSURANCE, PetSure, Trupanion, Crum & Forster Pet Insurance Group, Direct, Line Group, PetSecure Pet Insurance, TRUSTEDPALS, RSA Group, USAA, Oriental Insurance, Anicom, Holdings Inc., Tokio Marine & Nichido Fire Insurance Co.Ltd.
Considered in the report
• Geography: Global
• Base year: 2021
• Historical year: 2016
• Forecasted year: 2027
• North America
• Latin America
• Middle East & Africa
Aspects covered in the report
• Market Size by Value for the period (2016-2027F)
• Market Share by Animal Type (Cat, Dog & others)
• Market Share by Insurance Type (Accidental and Illness & Accident only endorsement)
• Market Share by End User (Agency, Broker, Bancassurance, Direct writing)
• Market Share by Region
• Market Share by Country
• Market Share by Company
The approach of the report:
We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free.
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Finance & Insurance Service industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
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