Pet Insurance Market Trends 2021 | North America, Europe, & APAC Industry Forecasts 2027: Graphical Research

Major pet insurance market players include Crum & Forster Pet Insurance Group, Embrace Pet Insurance Agency, Figo Pet Insurance, Health for Pet, Healthy Paws Pet Insurance, Nationwide, Petfirst Healthcare, PetHealth, PetPremium, and Trupanion.

Pune, India, April 22, 2021 (GLOBE NEWSWIRE) --

The global pet insurance market size is estimated to grow at a significant CAGR during the forecast period owing to rise in the number of pet adoption in the U.S. and the U.K. American Society for the Prevention of Cruelty to Animals (ASPCA) asserts that around 6.5 million companion animals are seen in animal shelters in the U.S. every year. Besides, the American Pet Products Association (APPA) claims that almost 70 million families own a dog.

While the trend for pet insurance has spiked in the past several years, the dearth of standardized pet health codes has remained as a bottleneck globally. As such, government agencies, NGOs, NPOs and other stakeholders have geared to implement a framework boosting pet health codes.

Rampant chronic conditions such as diabetes and cancer among pets have further sparked interest among the insurance companies to upscale their business landscape. According to an estimate, the global pet insurance market size will observe a noticeable growth by 2027.  

Stakeholders are likely to up their investments in North America, Europe, and APAC for the next five years or so. Trends that are poised to remain at the forefront are delineated below:

Accidents and illness policy coverage in North America

Pet owners in the U.S. and Canada have shown a strong liking for accidents and illness policy as it covers majority of the areas. Simply put, these policies are said to cover treatment costs for broken bones, poison ingestion, surgeries, urinary tract infections, burns and X-rays, among others. The accidents and illness segment in North America pet insurance market size surpassed USD 1.8 billion in 2020 and will expand at a similar growth trajectory by 2027.

Accident-only policy coverage will remain in the mix due to an upsurge in electrocution, motor vehicle accidents, snake bite and bone fractures. The policy has become massively popular for its budget-friendly nature and over 3/4th of reimbursement policies. The market value from the accident-only pet insurance in North America was pegged at USD 61 million in 2020 and will witness an appreciable gain by 2027.

Access sample pages of the report, “North America Pet Insurance Market Forecasts 2027” in detail along with the table of contents (ToC) @

Growth prospects to be pronounced in the U.S.

The U.S. is likely to provide lucrative growth opportunities as the trend for pet adoption continues to fuel the business outlook. The U.S. insurance market value exceeded USD 1.8 billion in 2020 and will expand at a strong CAGR of 9.9% through 2027.

Stakeholders are slated to infuse funds in the Canada industry given the launch of robust policies through the online mode. Insurance companies are likely to seize opportunities through digital platforms to increase awareness about various policies. The Canada pet insurance market is likely to expand at a bullish CAGR of around 7.4% through 2027.  

Robust adoption of cats and dogs in Europe

The adoption of canines in the U.K., Italy, France, Russia, and Germany will witness a giant leap in the next few years. Of late, insurance companies are coming up with various policy coverage to encourage pet owners to adopt dogs. These companies render services with plans for illnesses, injuries, and various diseases. The dog insurance market in Europe is forecast to stand at USD 4 billion by 2027.

Pet owners are expected to show traction for cats across the region as stakeholders, including animal NGOs continue to promote cat adoption. Specifically, European Pet Food Industry (FEDIAF) stated in one of its reports that Germany and France are the frontrunners in terms of the highest number of cats in the EU—registering around 14.5 million and 13.5 million cats respectively in 2019. The cat insurance segment in Europe will expand at a strong CAGR of 6.7% through 2027.

Access sample pages of the report, “Europe Pet Insurance Market Forecasts 2027” in detail along with the table of contents (ToC) @

U.K. to take a notable stride in pet insurance and products

With the presence of leading companies in the U.K., the emergence of robust pet insurance policies has further added the fillip in the global landscape. Lately, the trend for adopting exotic breeds of dogs and cats has had a positive impact on the market revenue. The U.K. pet insurance industry logged more than USD 1.2 billion in 2020 and will expand at a healthy CAGR of 5.7% through 2027.

Italy will come up as a favorable investment hub as stakeholders relentlessly influx funds into the industry. Use of both accident-only and accident & illness policy coverage will be noticeable in the region. The Italy market is forecast to expand at a double-digit CAGR of 10.3% through 2027.

Private providers to relish on the pet adoption trend in Asia Pacific

Amidst soaring pet adoption across India, Japan and Australia, private providers are gearing to seize the prevailing opportunities. Besides, these insurance providers are said to have introduced robust pet schemes to retail old customers and attract new ones. The private provider segment from APAC pet insurance market was pegged at USD 953.4 million by 2020 and will grow at a sizable rate in the next few years.

Pet owners will potentially seek public insurance providers as the latter envisages expanding their footfall across the region. These insurance providers are coming up with schemes coving multiple pets in a single plan. The public provider segment in APAC is forecast to log USD 196.7 million by 2027.

Access sample pages of the report, “Asia Pacific Pet Insurance Market Forecasts 2027” in detail along with the table of contents (ToC) @

Japan to observe unprecedented pet adoption

The pet adoption spree in Japan has triggered a wave of insurance policies in the country. Breeders and pet shop owners have upped their investments in both accident and accident & illness insurance policies. The Japan pet insurance industry is projected to grow at a bullish CAGR of 6.6% through 2027, mainly attributed to a surging outlay in health care needs.

The insurance providers will look to solidify their positions in China as the mainland has witnessed a gradual growth in pet adoption. According to a study, there were around 160,000 pet insurance clients in China in 2019. The China pet insurance pet market is estimated to grow at a stellar CAGR of 12.8% through 2027.

About Graphical Research:

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