Global Pet Insurance Market Foreseen to Garner $28,377.8 Million, Growing at 15.3% CAGR in the 2021–2028 Timeframe [235-Pages] | Announced by Research Dive

The global pet insurance market is predicted to witness noteworthy growth in the forecast period, 2021–2028. The increasing demand for pet insurance among pet owners is boosting the growth of the market. The dog sub-segment, accidents sub-segment, and indirect sales channel sub-segment are estimated to dominate the market. The North America market is predicted to be in the leading position in the forecast period.

New York, USA, April 20, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global pet insurance market. According to the report, the global market is projected to surpass $28,377.8 million and grow at a CAGR of 15.3% in the estimated period, 2021–2028. This all-inclusive report delivers a comprehensive overview of the current and future situation of the pet insurance market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market. 

Impact of the COVID-19 Pandemic on the Pet Insurance Market 

The outburst of the COVID-19 pandemic in 2020 has had a moderate impact on the growth of the global pet insurance market. During the pandemic, due to the closure of many diagnostic and veterinary centres because of the implementation of lockdowns, the industry saw a decrease in 2020. However, the exceptional care needed for pets during the pandemic was provided by numerous pet-related organizations. Insurance companies invented and modified policy coverage and policies in response to the occurrence of health conditions amidst the pandemic. 

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Factors Impacting the Pet Insurance Market Growth 

The key factors boosting the growth of the global pet insurance market are a significant rise in the need for pet insurance owing to the rising popularity of the pet humanization concept and the increasing need for pet grooming & care products. Furthermore, several government organizations are also working to standardize pet wellness to promote a smooth and effective payment process, which is estimated to unlock lucrative opportunities for market growth in the forecast period. However, high premium costs and a lack of understanding about pet insurance policies are anticipated to deter the market’s growth.  

The report segments the global pet insurance market into animal type, coverage type, sales channel, and region.  

Dog Sub-Segment to Grab a Foremost Share of the Market  

The dog sub-segment of the animal type segment is foreseen to observe leading growth and garner $13,796.7 million by 2028. This growth is mainly owed to the high cost of veterinary expenditures and the increasing incidence of various disorders in dogs. 

Accidents Sub-Segment to Witness Rapid Growth  

The accidents sub-segment of the coverage type segment is predicted to grow enormously and hit $11,293.1 million in the forecast period. This growth is mainly due to growing demand for accident insurance policies as they help to cover a wide variety of claims with maximum payouts. 

Indirect Sales Channel Sub-Segment to Observer Rapid Growth  

The indirect sales channel sub-segment of the sales channel segment is projected to grow swiftly and hit $10,923.1 million in the forecast period. This growth is mainly owed to the desire to increase corporate workflow efficiency while decreasing expenses. 

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North America Region to Perceive Maximum Growth 

The report analyzes the global pet insurance market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the North America market is projected to observe significant growth and hit $9,296.6 million by 2028. This growth is mostly due to the existence of multiple well-known market players, as well as the increasing consumer awareness about several unique pet insurance policies in this region.                                                                                                                      

Key Players of the Global Market  

The report states some of the foremost players operating in the global pet insurance market including  

  • Embrace Pet Insurance Agency  
  • Figo Pet Insurance LLC. 
  • Nationwide Mutual Insurance Company 
  • Hartville Group 
  • Pet Assure Corp. 
  • Pets Best Insurance Services LLC  
  • PetFirst 
  • Ipet Insurance 
  • Anicom Holdings 
  • Trupanion 

These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.  

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For instance, in March 2022, Future Generali India Insurance Company Limited (FGII), an Indian private general insurance firm, announced the launch of the industry's first "Emergency Pet Minding" cover and FG Dog Health Cover, a comprehensive health insurance scheme for dogs. 

Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market. 

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