Dublin, Aug. 08, 2024 (GLOBE NEWSWIRE) -- The "Global Pet Insurance Market by Insurance Type (Lifetime Policies, Maximum Benefit Policies, Time-Limited Policies), Coverage (Accident & Illness, Accidents Only), Animal, Provider, End-User - Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Pet Insurance Market grew from USD 8.39 billion in 2023 to USD 9.10 billion in 2024. It is expected to continue growing at a CAGR of 8.61%, reaching USD 14.96 billion by 2030.
It offers coverage for various expenses that may be incurred due to accidents, diseases, and, in some cases, routine wellness care for pets such as dogs, cats, and sometimes other pet animals. This specialized insurance is similar in structure to human health insurance, with policyholders paying a monthly or annual premium in exchange for coverage, subject to deductibles, co-pays, and policy limits.
The rising pet ownership population and inclination toward pet care services are encouraging pet owners to adopt pet insurance services globally. However, a lack of awareness regarding pet insurance policies may impede their adoption by the pet owners. Moreover, the inclusion of various services and the availability of pet insurance policies are expected to encourage their adoption by pet insurance companies worldwide.
Regional Insights
The pet insurance market is evolving in the Americas owing to the increasing pet ownership, and elevated pet care costs contribute to the strong demand for pet insurance in this region. In the US, pet insurance is becoming more mainstream, with employers increasingly offering pet insurance as part of their benefits.
Europe holds significant potential for the pet insurance market, characterized by high levels of pet ownership and well-established pet welfare and care practices. Socioeconomic development, rising pet adoption rates, and an increasing trend of nuclear families that often treat pets as companions are factors that could drive the demand for pet insurance in the EMEA region.
The Asia-Pacific region is experiencing growth in the pet insurance market, driven by rising urbanization and growing awareness regarding pet insurance policies that contribute to a growing demand for pet insurance. Besides, data-driven pet insurance offerings are anticipated to propel the adoption of pet insurance policies by pet owners across the globe.
Recent Developments
Petco and Nationwide Launch Co-Branded Pet Insurance Product on Petco.Com
Petco, a pet care company, partnered with Nationwide, a major insurance provider, to introduce an exclusive co-branded pet insurance offering. This innovative collaboration aims to redefine pet healthcare, making it more accessible and affordable for pet owners across the United States. By integrating Petco's deep understanding of pet needs with Nationwide's extensive insurance expertise, this alliance offers a comprehensive range of policies tailored to meet the diverse healthcare requirements of pets.
Pet Health Insurance Company, Odie and Digital Pet Pharmacy, PetRx Announce Strategic Partnership
ODIE, a pet health insurance provider, joined forces with the digital pet pharmacy PetRx to enhance the overall wellness of pets by amalgamating ODIE's comprehensive insurance options with PetRx's accessible prescription services. Through this partnership, pet owners are anticipated to experience unprecedented ease in managing their pets' health needs, ensuring they receive the necessary care without delay.
Digit Insurance Partners Vetina to Offer Pet Insurance Plan for Dogs
Go Digit General Insurance announced a strategic partnership with Vetina Healthcare LLP, a provider of animal health solutions, to offer a comprehensive pet insurance plan for India's burgeoning dog population. Under this alliance, Go Digit and Vetina are introducing an inclusive insurance package designed to cater to various needs, encompassing four key elements: veterinary expenses, coverage for specific and critical illnesses, and third-party liability protection.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 198 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $9.1 Billion |
| Forecasted Market Value (USD) by 2030 | $14.96 Billion |
| Compound Annual Growth Rate | 8.6% |
| Regions Covered | Global |
Market Dynamics
Market Segmentation Analysis
- Insurance Type: Inclination towards maximum benefit policies
- Coverage: Significant penetration of accident & illness pet insurance
- Animal: Proliferating demand for pet insurance policies for dogs
- Provider: Increasing availability of pet insurance through the insurance agencies
Market Drivers
- Rise in pet ownership and enhanced awareness about animal health
- Increasing incidence of animal diseases
- Surge in animal healthcare expenditure coupled with rising disposable income
Market Restraints
- Limited awareness regarding pet insurance policies
Market Opportunities
- Introduction of pet insurance on online platforms
- Availability of customized pet insurance policies
Market Challenges
- Concerns associated with pre-existing conditions
Industry Insights
- Market Disruption Analysis
- Porter's Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
Key Company Profiles
- 24Petwatch by Pethealth Inc.
- Allianz Insurance plc
- Anicom Group
- Crum & Forster Pet Insurance Group
- Embrace Pet Insurance Agency, LLC
- Fetch, Inc.
- Figo Pet Insurance, LLC
- Hartville Group by PTZ Insurance Agency, Ltd.
- Healthy Paws Pet Insurance, LLC
- Hollard Group
- Ipet Insurance Co., Ltd.
- Lansforsakringar AB
- Medibank Private Limited
- MetLife, Inc.
- Nationwide Mutual Insurance Company
- Oneplan Insurance
- Oriental Insurance Company Ltd.
- Pawp, Inc.
- Pet Insurance Australia Pty. Ltd.
- Pets Best Insurance Services, LLC
- PetSure (Australia) Pty Ltd.
- Royal & Sun Alliance Insurance Ltd.
- Royal Bank of Scotland PLC
- Spot Pet Insurance
- Trupanion, Inc.
Market Segmentation & Coverage
Insurance Type
- Lifetime Policies
- Maximum Benefit Policies
- Time-Limited Policies
Coverage
- Accident & Illness
- Accidents Only
Animal
- Birds
- Cats
- Dogs
- Horses
- Rabbits
Provider
- Bancassurance
- Direct Writing
- Insurance Agency
End-User
- Breeders & Kennel Owners
- Individual Pet Owners
- Pet Care Professionals
- Rescue Organizations & Shelters
Region
Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
For more information about this report visit https://www.researchandmarkets.com/r/pw15cd
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