A12004 | Pages: NA | Jul 2022 | 1243 Views | ||
Author(s) : Vijay Poola | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Horse Insurance Market
Request Now !Horse insurance is a type of insurance that protects the policyholder from financial losses caused by the death of a horse. This insurance typically covers loss due to the horses’ death occurring at a young age as well as loss due to non-natural causes such as accidental shootings, traffic accidents, and weather. Furthermore, dairy farming, zoos, aquariums, and professional horse owners are end users of the horse insurance market and horses are used as a major revenue generator for the business. The horse insurance policy covers a wide range of issues, including death, injury, liability loss, and theft loss.
The major companies profiled in the horse insurance market include NFU Mutual, American Equine Insurance Group, Gow-Gates Insurance Brokers Pty Ltd, Madden Equine Insurance, Philip Baker Insurance Services, KAY CASSELL EQUINE INSURANCE, Aston Lark, AXA, KBIS Limited, and Equine Group. The players have adopted various strategies including new product launches, collaborations, partnerships, mergers & acquisitions, joint ventures, agreements, and others to gain a stronghold and international presence across the world.
The horse insurance market share is segmented based on product, end user, and region. Based on product, the market is bifurcated into lifetime cover, non-lifetime cover, and other. By end user, it is categorized into equestrian centers, farms, and others. Based on region, the market is analyzed across Europe, Asia-Pacific, North America, and LAMEA.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Completely mortality coverage option and cashless hospitalization in case of emergency are driving the growth of the market. However, higher premium price is hampering the growth of the market. Contrarily, rise in adoption of digital claims process at agreed prices and untapped wider scope of claim benefits are expected to create lucrative opportunities to the market in the coming years.
The global horse insurance market trends are as follows:
Higher premium pricing of policies
Horse Insurance has usually involved a high cost of premium as compared to general insurance & life insurance in the market. Moreover, there is availability of customized coverage such as the death of the horse, liability to pay public loss, and premature death increase premiums of the policy. Thus, high-cost premiums for horse insurance limit the market growth across the globe.
Untapped wider scope of claim benefits
Usually, horse insurance protects the policyholder from losses caused by the death of a horse, but there is a wide range of optional benefits that are still untouched and could provide an opportunity for the market growth. Optional benefits include dental coverage, hiring of replacement horses, and stable coverage. These optional benefits are still not widely used, thereby becoming major opportunities for the key players to expand their existing product lines.
COVID-19 Impact Analysis
Market Scope and Structure Analysis
Report Metric | Details |
 Market Size Available for Years |  2020–2030 |
 Base Year Considered |  2020 |
 Forecast Period |  2021–2030 |
 Forecast Unit |  Value (USD) |
 Segments Covered |  Product, End User, and Region |
 Regions Covered | North America (the U.S. and Canada), Europe (Germany, the UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa) |
 Companies Covered | NFU Mutual, American Equine Insurance Group, Gow-Gates Insurance Brokers Pty Ltd, Madden Equine Insurance, Philip Baker Insurance Services, KAY CASSELL EQUINE INSURANCE, Aston Lark, AXA, KBIS Limited, and Equine Group. |
Key Benefits of the Report
Key Segments Covered
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Questions Answered in the Horse Insurance Market Research Report  Â
Key Market Segments
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Key Market Players
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