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

• The COVID-19 disease has spread across the world, affecting millions of people and major countries-imposed travel restrictions. During the pandemic, most industries were impacted by adversity and the horse insurance market has severely affected during the pandemic situation.
• Moreover, limited healthcare during worldwide lockdown has affected the reproductive efficiency and productivity of animals. Furthermore, drop in livestock demand has been largely witnessed among farmers during the pandemic period. These factors have affected the horse insurance market.

Market Scope and Structure Analysis

Key Benefits of the Report

• This study presents analytical depiction of the horse insurance market along with the current trends and future estimations to determine the imminent investment pockets.      
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.      
• The current market is quantitatively analyzed from 2021 to 2030 to highlight the horse insurance market growth scenario.                             
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.  
• The report provides a detailed market analysis depending on the present and future competitive intensity of the market.

Key Segments Covered

Questions Answered in the Horse Insurance Market Research Report   

• Which are the leading players active in the horse insurance market?
• What are the detailed impacts of COVID-19 on the market?
• What current trends will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What future projections would help in taking further strategic steps?