Global Pet Insurance Market Expected to Expand at a CAGR of 11.0% between 2019 and 2027: Industry Probe
According to a new market reportpublished by Industry Probe (www.industryprobe.com) titled ‘Pet Insurance Market (Pet: Dog, Cat, and Others; Coverage Type:Accident & Illness and Accident Only; Distribution Channel: Online andOffline) – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027’ the global pet insurance market was valued at US$ 5,722.2Mn in 2018 and is expected to expand at a CAGR of 11.0% from 2019 to 2027.
Thereport states that the companion animal is a pet – mainly adopted forentertainment, protection, and an individual’s company. Additionally, thesepets provide their owners both emotional and physical benefits. These factorsare increasing the number of pet owners across the globe, thereby positivelyimpacting the global pet insurance market during the forecast period. Moreover,increasing awareness about proper health and wellness of pets in Europe andNorth America has resulted in the significant growth of the pet insurance market.
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Themajor reason behind the anticipated growth of the market is millennialpopulation, which is worried about pet care and therefore, the demand for petinsurance is projected to increase in the near future. The benefits offered bythe insurance policy affects the buying decisions related to pet care products.Increase in grooming of pets across the globe is projected to fuel the demandfor pet insurance. Moreover, stringent regulations by associations, such as theUnited States Environmental Protection Agency and the Food and Drug Associationhas resulted in the rapid growth of the North America pet insurance market.
Dog’sInsurance Segment Dominates the Pet Insurance Market
Asper the report, dog’s insurance dominates the segment by pet and accounted fora market share of 80.6% in 2018. Rapid surge in the number of dog owners acrossthe globe is a prominent factor driving this segment. Additionally, growingawareness about importance of pet health and high veterinary treatment costsare boosting the market growth. On the basis of coverage type, the accident &illness segment held a major market share of approximately 97% in 2018. Thereport attributes this growth to high veterinary diagnostic and treatmentcosts, rise in pet population, and increase in awareness about pet insurance.
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Oneof the prominent and widely accepted thorough insurance plan is an accident &illness with lifetime coverage that provides lifetime cover for pets. Thelifetime insurance policy for pets covers cost of hospitalization, accident& illness, and cost of surgery. Therefore, the increasing demand forlifetime pet insurance, which covers accident and illness for pets is therebyanticipated to fuel the pet insurance market across the world. The global petinsurance market is dominated by several players who are focused on thedevelopment of new products to cater to changing consumer preferences.
The report includes the below mentionedpointers of major players operating in the global pet insurance market:
o CompetitionMatrix
o CompanyOverview
o ProductProfiling
o MarketShare Analysis (2018)
o Business Strategies/RecentDevelopments
o Technologicaladvancements
o Key mergers & acquisitions
o Expansion strategies
o CompanyFinancials
Someof the major Players Covered under the Scope:
o AgriaPet Insurance Ltd
o AllianzInsurance plc
o AnicomHoldings, Inc.
o Trupanion,Inc.
o AmericanModern Insurance Group
o RSAInsurance Group plc
o Crum& Forster Pet Insurance Group
o EmbracePet Insurance
o NationwideMutual Insurance Company
o ProgressiveCasualty Insurance Company
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