Global Pet Insurance Market to Reach $84.99 Billion by 2027 – InsuranceNewsNet

DUBLIN, August 4, 2022 /PRNewswire/ — The Global Pet Insurance Market – Forecast 2022 to 2027 report has been added to ResearchAndMarkets.com supply.

The pet insurance market has a CAGR of 5.66% during the forecast period to reach 84.996 billion US dollars until 2027, from 57.811 billion US dollars in 2020

Introduction
Pet insurance is a protection policy that primarily covers veterinary health care for a person’s sick or injured pet. Insurance companies may reimburse some or all of the pet’s medical expenses, depending on the policy. Some policies also cover expenses if the pet is stolen or lost, or even in the event of death.

Market Trend:
The global pet insurance market is likely to increase in the coming years due to rising veterinary healthcare prices. The growing trend of pet adoption and purchase during the COVID-19 pandemic would also play a vital role in the pet insurance market. Europe currently holds the largest market share in the pet insurance industry. Sweden currently holds the largest market share in Europewith nearly 90% of pet owners reporting pet insurance.

However, North America considered to be the fastest growing market in recent years, rapid progress in the pet insurance market. NAPHIA has recently unveiled many industrial breakthroughs in North Americaincluding notable 2.174 billion US dollars in total pet health insurance premiums sold in 2020 (up to over 26% of 1.717 billion dollars in 2019) and over 3.45 million pets covered across the region (up 22.5% from over 2.81 million pets insured in 2019).

Growth factors
Increasing costs of veterinary health care
With the increasing adoption and purchase of pets, the veterinary healthcare industry has also become significantly more expensive. Knee replacements, advanced allergy testing, cancer treatments, and chiropractic care that were once exclusively available to humans are now available to dogs and cats. According to American Pet Products Association (APPA) annual state of the industry report, pet spending in United States hits 103.6 billion US dollars in 2020, 6.7% more than the previous year. From this amount, 31.4 billion US dollars was used for veterinary care, representing an increase of about 7.2% over the previous year. With the rising costs of veterinary healthcare, people have begun to understand the importance of pet insurance. Hence, this is expected to increase the demand for pet insurance.

Additionally, pet owners have noticed a significant increase in dog theft cases. According to information released under the Freedom of Information Act by Direct pet insurancethefts increased by 13%, totaling 2,670 cases in 2021. Great Britain. This was recorded as the highest number of thefts in the last seven years. Government agencies have tried to release guidelines to protect pets, but have failed. The best option pet owners have to protect their pets is to get theft or homelessness insurance to cover the cost of losing a pet. Such increases in pet theft cases are also expected to boost the pet insurance market.

Hold back
Increase in policy prices
Pet insurance rates have risen rapidly over the past few years. Veterinary treatments have advanced to the point that veterinarians can now diagnose and treat pet illnesses with much greater accuracy than ever before. However, these treatments come at a cost, and they will inevitably affect pet insurance premiums. Also, some insurance providers are much more careful about their financial decisions and want to generate as much revenue as possible. Some of them are more proactive in raising their rates than others and tend to risk losing customers as a result.

Also, even if the pet is currently in perfect condition and has never filed a claim, pet insurance premiums can go up. As animals age, they become more likely to get sick, which increases the cost of insurance. Since pets live a shorter time on average than people, they may seem to be affected by more diseases and succumb to them sooner.

Market Segmentation:
By type of animal

By policy type

• Lifetime coverage
• Sickness cover
• Accident coverage
• Lifetime coverage
• Sickness cover
• Accident coverage

At Geography

Main topics covered:

1. INTRODUCTION

2. RESEARCH METHODOLOGY

3. SUMMARY

4. MARKET DYNAMICS

5. PET INSURANCE MARKET BY ANIMAL TYPE

6. ON-DEMAND PET INSURANCE MARKETPLACE

7. PET INSURANCE MARKET BY COUNTRY

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

9. COMPANY PROFILES

The mentioned companies

• National Mutual Insurance Company
• Metlife Inc.
• Healthy Paws Pet Insurance, LLC.
• Cram and Foster
• Trupanion
• Petplan Limited
• Embrace Pet Insurance Agency, LLC
• Animal Friends Insurance.
• Petsecure Health insurance for pets
• 24PetWatch

For more information on this report, visit https://www.researchandmarkets.com/r/3fquze

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Research and MarketsLaura WoodSenior Manager
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SOURCE Research and Markets