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2022
Latin America Pet Insurance Market

Latin America Pet Insurance Market by Policy Coverage (Accident & Illness, Accident Only, and Others), Animal Type (Dogs, Cats, and Others), and Sales Channel (Agency, Broker and Others): Opportunity Analysis and Industry Forecast, 2021–2030

A15892
Pages: 156
Mar 2022 | 451 Views
   
Author(s) : Pradeep Ravi, Kanhaiya Kathoke , Vineet Kumar
Tables: 65
Charts: 37
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Latin America Pet Insurance Market Outlook -2030

The Latin America pet insurance market was valued at $0.28 billion in 2020, and is projected to reach $1.27 billion by 2030, growing at a CAGR of 16.4% from 2021 to 2030. 

Pet insurance is an insurance policy bought by the pet owner to pay partly or in total for the veterinary treatment of the insured pet’s illness or injury. Some policies also cover pet death, pet loss or theft. Moreover, the growing medical expenses in veterinary medicine and employing of expensive medical techniques and drugs is boosting the demand of pet insurance in Latin America.

Latin-America-Pet-Insurance-Market,-2021-2030

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Increased demand for pet insurance policies and rise in need for financial safety in case of surge in uncertainties boost the growth of the Latin America pet insurance market. In addition, surge in number of veterinary centers positively impacts the growth of the market. However, lack of awareness regarding pet insurance policy and high premium cost hampers the market growth. On the contrary, implementation of technologies in existing products and service lines, and government initiatives regarding pet insurance policies are expected to offer remunerative opportunities for expansion of the Latin America pet insurance market outlook during the forecast period.

By policy coverage, the accident & illness segment is expected to garner a significant share during the forecast period owing to surge in acceptance of pet insurance and increase in cost of treatments and medication fees. In addition, Rise in adoption of digital recruitment among the industries to reduce time and energy wastage drives the growth of the market.

Country wise, the Latin America pet insurance market was dominated by Brazil, and is expected to retain its position during the forecast period, owing to Brazilians are increasingly viewing pets as family members, leading them to spend more on services such as dog insurance, cat insurance and medical care. Furthermore, Brazil's pet industry has grown as a result of the country's strong economic growth and people's increased disposable income to spend on their pets.

The report focuses on growth prospects, restraints, and trends of the Latin America pet insurance market growth. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the Latin America pet insurance market share.

Segment Review

The Latin America pet insurance market is segmented on the basis of policy coverage, animal type, sales channel, and country. By policy coverage, the market is segmented into accident & illness, accident only and others. By animal type, it is segregated into dogs, cats and others. By sales channel, the market is divided into agency, broker and others. Country wise, it is analyzed across Brazil, Mexico, Argentina, Columbia, Chile, Peru, and Rest of Latin America.

The key players profiled in the Latin America pet insurance market analysis are Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC, Hartville Group, Nationwide, Pet Assure Corp., PetFirst, Ipet Insurance, Pets Best Insurance Services, LLC, Royal & Sun Alliance (RSA) and Trupanion. These players have adopted various strategies to increase their market penetration and strengthen their position in the Latin America pet insurance industry.   

Covid-19 Impact Analysis

The Latin America pet insurance market has witnessed significant growth in the past few years; however, due to the outbreak of the COVID-19 pandemic, the market is projected to witness a sudden decline in 2020. This is attributed to majority of the diagnosis and veterinary centers being closed due to lockdown implemented by the government. In addition, COVID-19 has highly affected the industries in terms of growth, economy, health and mental wellbeing of every individual. Various pet associated companies are taking extraordinary care of pets during pandemic times. Insurance companies are trying to innovate and modify the policy coverage and policies depending upon the incidences of health conditions. Companies are focusing on providing solutions to the pet owners and spreading awareness regarding the cost reimbursement available in the market. Moreover, with higher disposable incomes in developing countries of Latin America such as Columbia, Chile, Peru and others, more people are now willing to spend on additional things like pets and their healthcare.

 

Latin America Pet Insurance Market
By Policy Coverage

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Accident & Illness segment accounted for the highest market share in 2020.

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Top Impacting Factors

Increased demand for pet insurance policies

There is an increase in the demand for pet insurance policies owing to rise in pet ownership in Latin America. In addition, surge in popularity of pet humanization concept is increasing the demand for pet grooming and care products. Owners, especially millennial, are willing to spend more on their animals to ensure a healthy and secure life. Moreover, countries across Latin America have observed a significant rise in the adoption of animals, including dogs and cats as companion animals, dogs and cats are not only the most preferred pets but are also known to improve the physical and mental health of humans. 

In addition, pet insurance companies in Latin America are offering customized policies with the changing customer demand such as multi-pet insurance and many other. They focus on the packages as per pet lifetime and per incident. Furthermore, with the rise in number of pet owners, many insurers are introducing new pet insurance, which in turn is driving the growth of the Latin America pet insurance market. 

Rise In Need For Financial Safety In Case Of Increasing Uncertainties

Latin America Pet Insurance Market
By Sales Channel

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Agency segment accounted for the highest market share in 2020.

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The demand for quality veterinary accident only is growing with the rise in number of pets, which in turn is driving the cost of veterinary accident only insurance policy. Thus, the demand for pet insurance is increasing tremendously in the market. Moreover, the policy covers blood tests, urinalysis, X-rays, MRIs, labwork, CT scans and ultrasounds as well as outpatient, specialty & emergency care procedures, along with hospitalization and surgery. 

In addition, with the rise in medical costs, pet owners can also get an extended accident and illness package that goes beyond the initial coverage of accidental road accidents and poisonings, and a variety illness. Furthermore, majority of the pets are considered as family for the pet owners in Latin America, which is making them spend increasing amount on their yearly checkup, due to growing problems arising from cross breed pets. Thus, majority of pet insurance comes with an optional wellness package as well, which provides savings for routine stuff such as an annual physical checkup, heartworm tests, fecal tests, annual parasite evaluation tests, blood work and vaccines. Therefore, pet insurance saves the pet’s parents from growing number of medical complications in pets. 

Latin America Pet Insurance Market
By Country

2030
Argentina 
Brazil
Mexico
Columbia
Chile
Peru
Rest Of Latin America

Argentina would exhibit the highest CAGR of xx% during 2021-2030

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Key Benefits For Stakeholders 

  • The study provides in-depth analysis of the Latin America pet insurance market share along with current & future trends to illustrate the imminent investment pockets.
  • Information about key drivers, restrains, & opportunities and their impact analysis on the Latin America pet insurance market size are provided in the report.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the Latin America pet insurance industry.
  • An extensive analysis of the key segments of the industry helps to understand the Latin America pet insurance market trends.
  • The quantitative analysis of the Latin America pet insurance market forecast from 2021 to 2030 is provided to determine the market potential.

Key Market Segments

  • By Policy Coverage
    • Accident & Illness
    • Accident Only
    • Others
  • By Animal Type
    • Dogs
    • Cats
    • Others
  • By Sales Channel
    • Agency
    • Broker
    • Others
  • By Country
    • Latin America
      • Brazil
      • Mexico
      • Argentina
      • Columbia
      • Chile
      • Peru
      • Rest of Latin America
  • By Key Market Players
    • Embrace Pet Insurance Agency, LLC
    • Figo Pet Insurance LLC
    • Hartville Group
    • Nationwide
    • Pet Assure Corp.
    • PetFirst
    • Ipet Insurance
    • Pets Best Insurance Services, LLC
    • Royal & Sun Alliance (RSA)
    • Trupanion
 

CHAPTER 1:INTRODUCTION

1.1.Report description 
1.2.Key benefits for stakeholders
1.3.Key market segments
1.4.Research methodology

1.4.1.Secondary research
1.4.2.Primary research
1.4.3.Analyst tools and models

CHAPTER 2:EXECUTIVE SUMMARY

2.1.Key findings

2.1.1.Top impacting factors
2.1.2.Top investment pockets

2.2.CXO perspective

CHAPTER 3:MARKET OVERVIEW

3.1.Market definition and scope
3.2.Key forces shaping Latin America pet insurance market
3.3.Market dynamics

3.3.1.Drivers

3.3.1.1.Increased demand for pet insurance policies
3.3.1.2.Rise in need for financial safety in case of increasing uncertainties
3.3.1.3.Surge in number of veterinary centers

3.3.2.Restraints

3.3.2.1.Lack of awareness regarding pet insurance policy
3.3.2.2.High premium cost

3.3.3.Opportunities

3.3.3.1.Implementation of technologies in existing products and service lines
3.3.3.2.Government initiatives regarding pet insurance policies

3.4.COVID-19 impact analysis on Latin America pet insurances market

3.4.1.Impact on market size
3.4.2.Change in consumer trends, preferences, and budget impact due to COVID-19
3.4.3.Economic impact
3.4.4.Key player strategies to tackle negative impact in the industry
3.4.5.Opportunity analysis for pet insurance service providers

CHAPTER 4:PET INSURANCE MARKET, BY POLICY COVERAGE

4.1.Overview
4.2.Accident & Illness

4.2.1.Key market trends, growth factors, and opportunities
4.2.2.Market size and forecast, by country
4.2.3.Market analysis, by country

4.3.Accident only

4.3.1.Key market trends, growth factors, and opportunities
4.3.2.Market size and forecast, by country
4.3.3.Market analysis, by country

4.4.Others

4.4.1.Key market trends, growth factors, and opportunities
4.4.2.Market size and forecast, by country
4.4.3.Market analysis, by country

CHAPTER 5:LATIN AMERICA PET INSURANCE MARKET, BY ANIMAL TYPE

5.1.Overview
5.2.Dogs

5.2.1.Key market trends, growth factors, and opportunities
5.2.2.Market size and forecast, by country
5.2.3.Market analysis, by country

5.3.Cats

5.3.1.Key market trends, growth factors, and opportunities
5.3.2.Market size and forecast, by country
5.3.3.Market analysis, by country

5.4.Others

5.4.1.Key market trends, growth factors, and opportunities
5.4.2.Market size and forecast, by country
5.4.3.Market analysis, by country

CHAPTER 6:PET INSURANCE MARKET, BY SALES CHANNEL

6.1.Overview
6.2.Agency

6.2.1.Key market trends, growth factors, and opportunities
6.2.2.Market size and forecast, by country
6.2.3.Market analysis, by country

6.3.Broker

6.3.1.Key market trends, growth factors, and opportunities
6.3.2.Market size and forecast, by country
6.3.3.Market analysis, by country

6.4.Others

6.4.1.Key market trends, growth factors, and opportunities
6.4.2.Market size and forecast, by country
6.4.3.Market analysis, by country

CHAPTER 7:LATIN AMERICA PET INSURANCE MARKET, BY COUNTRY

7.1.Overview

7.1.1.Market size and forecast

7.2.Brazil

7.2.1.Market size and forecast, by policy coverage
7.2.2.Market size and forecast, by animal type
7.2.3.Market size and forecast, by sales channel

7.3.Mexico

7.3.1.Market size and forecast, by policy coverage
7.3.2.Market size and forecast, by animal type
7.3.3.Market size and forecast, by sales channel

7.4.Argentina

7.4.1.Market size and forecast, by policy coverage
7.4.2.Market size and forecast, by animal type
7.4.3.Market size and forecast, by sales channel

7.5.Columbia

7.5.1.Market size and forecast, by policy coverage
7.5.2.Market size and forecast, by animal type
7.5.3.Market size and forecast, by sales channel

7.6.Chile

7.6.1.Market size and forecast, by policy coverage
7.6.2.Market size and forecast, by animal type
7.6.3.Market size and forecast, by sales channel

7.7.Peru

7.7.1.Market size and forecast, by policy coverage
7.7.2.Market size and forecast, by animal type
7.7.3.Market size and forecast, by sales channel

7.8.Rest of Latin America

7.8.1.Market size and forecast, by policy coverage
7.8.2.Market size and forecast, by animal type
7.8.3.Market size and forecast, by sales channel

CHAPTER 8:COMPETITIVE LANDSCAPE

8.1.Introduction

8.1.1.Market player positioning, 2020

8.2.Competitive dashboard

8.2.1.Top winning strategies

CHAPTER 9:COMPANY PROFILES

9.1.Embrace Pet Insurance Agency, LLC

9.1.1.Company overview
9.1.2.Key executives
9.1.3.Company snapshot
9.1.4.Product portfolio
9.1.5.Key strategic moves and developments

9.2.Figo Pet Insurance LLC

9.2.1.Company overview
9.2.2.Key executives
9.2.3.Company snapshot
9.2.4.Product portfolio
9.2.5.Key strategic moves and developments

9.3.Hartville Group

9.3.1.Company overview
9.3.2.Key executives
9.3.3.Company snapshot
9.3.4.Product portfolio
9.3.5.Business performance
9.3.6.Key strategic moves and developments

9.4.Nationwide

9.4.1.Company overview
9.4.2.Key executives
9.4.3.Company snapshot
9.4.4.Product portfolio
9.4.5.Key strategic moves and developments

9.5.Pet Assure Corp.

9.5.1.Company overview
9.5.2.Key executive
9.5.3.Company snapshot
9.5.4.Product portfolio

9.6.PetFirst

9.6.1.Company overview
9.6.2.Key executive
9.6.3.Company snapshot
9.6.4.Product portfolio
9.6.5.Business performance
9.6.6.Key strategic moves and developments

9.7.iPet Insurance Co., Ltd.

9.7.1.Company overview
9.7.2.Key executives.
9.7.3.Company snapshot
9.7.4.Product portfolio

9.8.Pets Best Insurance Services, LLC

9.8.1.Company overview
9.8.2.Key executives
9.8.3.Company snapshot
9.8.4.Product portfolio
9.8.5.Key strategic moves and developments

9.9.Royal & Sun Alliance (RSA)

9.9.1.Company overview
9.9.2.Key executives
9.9.3.Company snapshot
9.9.4.Product portfolio
9.9.5.Business performance

9.10.Trupanion

9.10.1.Company overview
9.10.2.Key executives
9.10.3.Company snapshot
9.10.4.Operating business segments
9.10.5.Product portfolio
9.10.6.Business performance
9.10.7.Key strategic moves and developments

LIST OF TABLES

TABLE 01.LATIN AMERICA PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 02.LATIN AMERICA PET INSURANCE MARKET FOR ACCIDENT & ILLNESS, BY COUNTRY 2020–2030 ($MILLION)
TABLE 03.LATIN AMERICA PET INSURANCE MARKET FOR ACCIDENT ONLY, BY COUNTRY 2020–2030 ($MILLION)
TABLE 04.LATIN AMERICA PET INSURANCE MARKET FOR OTHERS, BY COUNTRY 2020–2030 ($MILLION)
TABLE 05.LATIN AMERICA PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 06.LATIN AMERICA PET INSURANCE MARKET FOR DOGS, BY COUNTRY 2020–2030 ($MILLION)
TABLE 07.LATIN AMERICA PET INSURANCE MARKET FOR CATS, BY COUNTRY 2020–2030 ($MILLION)
TABLE 08.LATIN AMERICA PET INSURANCE MARKET FOR OTHERS, BY COUNTRY 2020–2030 ($MILLION)
TABLE 09.LATIN AMERICA PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 10.LATIN AMERICA PET INSURANCE MARKET FOR AGENCY, BY COUNTRY 2020–2030 ($MILLION)
TABLE 11.LATIN AMERICA PET INSURANCE MARKET FOR BROKER, BY COUNTRY 2020–2030 ($MILLION)
TABLE 12.LATIN AMERICA PET INSURANCE MARKET FOR OTHERS, BY COUNTRY 2020–2030 ($MILLION)
TABLE 13.LATIN AMERICA PET INSURANCE MARKET, BY COUNTRY 2020–2030 ($MILLION)
TABLE 14.BRAZIL PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 15.BRAZIL PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 16.BRAZIL PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 17.MEXICO PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 18.MEXICO PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 19.MEXICO PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 20.ARGENTINA PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 21.ARGENTINA PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 22.ARGENTINA PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 23.COLUMBIA PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 24.COLUMBIA PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 25.COLUMBIA PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 26.CHILE PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 27.CHILE PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 28.CHILE PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 29.PERU PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 30.PERU PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 31.PERU PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 32.REST OF LATIN AMERICA PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 33.REST OF LATIN AMERICA PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 34.REST OF LATIN AMERICA PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 35.EMBRACE PET INSURANCE AGENCY, LLC: KEY EXECUTIVES
TABLE 36.EMBRACE PET INSURANCE AGENCY, LLC: COMPANY SNAPSHOT
TABLE 37.EMBRACE PET INSURANCE AGENCY, LLC: PRODUCT PORTFOLIO
TABLE 38.FIGO PET INSURANCE LLC: KEY EXECUTIVES
TABLE 39.FIGO PET INSURANCE LLC.: COMPANY SNAPSHOT
TABLE 40.FIGO PET INSURANCE LLC: PRODUCT PORTFOLIO
TABLE 41.HARTVILLE GROUP: KEY EXECUTIVES
TABLE 42.HARTVILLE GROUP: COMPANY SNAPSHOT
TABLE 43.HARTVILLE GROUP: PRODUCT PORTFOLIO
TABLE 44.NATIONWIDE: KEY EXECUTIVES
TABLE 45.NATIONWIDE: COMPANY SNAPSHOT
TABLE 46.NATIONWIDE: PRODUCT PORTFOLIO
TABLE 47.PET ASSURE CORP.: KEY EXECUTIVE
TABLE 48.PET ASSURE CORP.: COMPANY SNAPSHOT
TABLE 49.PET ASSURE CORP.: PRODUCT PORTFOLIO
TABLE 50.PETFIRST: KEY EXECUTIVE
TABLE 51.PETFIRST: COMPANY SNAPSHOT
TABLE 52.PETFIRST: PRODUCT PORTFOLIO
TABLE 53.IPET INSURANCE CO., LTD.: KEY EXECUTIVES
TABLE 54.IPET INSURANCE CO., LTD.: COMPANY SNAPSHOT
TABLE 55.IPET INSURANCE CO., LTD.: PRODUCT PORTFOLIO
TABLE 56.PETS BEST INSURANCE SERVICES, LLC: KEY EXECUTIVES
TABLE 57.PETS BEST INSURANCE SERVICES, LLC: COMPANY SNAPSHOT
TABLE 58.PETS BEST INSURANCE SERVICES, LLC: PRODUCT PORTFOLIO
TABLE 59.ROYAL & SUN ALLIANCE (RSA): KEY EXECUTIVES
TABLE 60.ROYAL & SUN ALLIANCE (RSA): COMPANY SNAPSHOT
TABLE 61.ROYAL & SUN ALLIANCE (RSA): PRODUCT PORTFOLIO
TABLE 62.TRUPANION: KEY EXECUTIVES
TABLE 63.TRUPANION: COMPANY SNAPSHOT
TABLE 64.TRUPANION: OPERATING SEGMENTS
TABLE 65.TRUPANION.: PRODUCT PORTFOLIO

LIST OF FIGURES

FIGURE 01.KEY MARKET SEGMENTS
FIGURE 02.LATIN AMERICA PET INSURANCE MARKET SNAPSHOT, BY SEGMENTATION, 2021–2030
FIGURE 03.LATIN AMERICA PET INSURANCE MARKET: TOP IMPACTING FACTOR
FIGURE 04.TOP INVESTMENT POCKETS
FIGURE 05.MODERATE BARGAINING POWER OF SUPPLIERS
FIGURE 06.LOW TO MODERATE BARGAINING POWER OF BUYERS
FIGURE 07.MODERATE TO HIGH THREAT OF SUBSTITUTES
FIGURE 08.MODERATE TO HIGH THREAT OF NEW ENTRANTS
FIGURE 09.MODERATELY HIGH COMPETITIVE RIVALRY
FIGURE 10.MARKET DYNAMICS: LATIN AMERICA PET INSURANCE MARKET
FIGURE 11.LATIN AMERICA PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
FIGURE 12.COMPARATIVE SHARE ANALYSIS FOR LATIN AMERICA PET INSURANCE MARKET FOR ACCIDENT AND ILLNESS, BY COUNTRY, 2020 & 2030(%)
FIGURE 13.COMPARATIVE SHARE ANALYSIS FOR LATIN AMERICA PET INSURANCE MARKET FOR ACCIDENT ONLY, BY COUNTRY, 2020 & 2030(%)
FIGURE 14.COMPARATIVE SHARE ANALYSIS FOR LATIN AMERICA PET INSURANCE MARKET FOR OTHERS, BY COUNTRY, 2020 & 2030(%)
FIGURE 15.LATIN AMERICA PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
FIGURE 16.COMPARATIVE SHARE ANALYSIS FOR LATIN AMERICA PET INSURANCE MARKET FOR DOGS, BY COUNTRY, 2020 & 2030(%)
FIGURE 17.COMPARATIVE SHARE ANALYSIS FOR LATIN AMERICA PET INSURANCE MARKET FOR CATS, BY COUNTRY, 2020 & 2030(%)
FIGURE 18.COMPARATIVE SHARE ANALYSIS FOR LATIN AMERICA PET INSURANCE MARKET FOR OTHERS, BY COUNTRY, 2020 & 2030(%)
FIGURE 19.LATIN AMERICA PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
FIGURE 20.COMPARATIVE SHARE ANALYSIS FOR LATIN AMERICA PET INSURANCE MARKET FOR AGENCY, BY COUNTRY, 2020 & 2030(%)
FIGURE 21.COMPARATIVE SHARE ANALYSIS FOR LATIN AMERICA PET INSURANCE MARKET FOR BROKER, BY COUNTRY, 2020 & 2030(%)
FIGURE 22.COMPARATIVE SHARE ANALYSIS FOR LATIN AMERICA PET INSURANCE MARKET FOR OTHERS, BY COUNTRY, 2020 & 2030(%)
FIGURE 23.MARKET PLAYER POSITIONING, 2020
FIGURE 24.COMPETITIVE DASHBOARD
FIGURE 25.COMPETITIVE DASHBOARD
FIGURE 26.COMPETITIVE HEATMAP OF KEY PLAYERS
FIGURE 27.TOP WINNING STRATEGIES, BY YEAR, 2019–2021
FIGURE 28.TOP WINNING STRATEGIES, BY DEVELOPMENT, 2019–2021
FIGURE 29.TOP WINNING STRATEGIES, BY COMPANY, 2019–2021
FIGURE 30.HARTVILLE GROUP.: REVENUE, 2018–2020 ($MILLION)
FIGURE 31.PETFIRST: REVENUE, 2018–2020 ($MILLION)
FIGURE 32.PETFIRST: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 33.ROYAL & SUN ALLIANCE (RSA): REVENUE, 2018–2020 ($MILLION)
FIGURE 34.ROYAL & SUN ALLIANCE (RSA): REVENUE SHARE BY REGION, 2020 (%)
FIGURE 35.TRUPANION: REVENUE, 2018–2020 ($MILLION)
FIGURE 36.TRUPANION: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 37.TRUPANION: REVENUE SHARE BY REGION, 2020 (%)


 


 
 

Pet insurance industry plays a major role in providing financial protection to pet owners by offsetting the overall cost of their animal’s medical bills. For instance, across all countries surveyed, pet ownership is highest in Latin America, with 80% of the online population in both Argentina and Mexico owning a pet, together with three quarters (75%) in Brazil. Therefore, with increasing pet ownership, pet owners are increasingly purchasing pet insurance in Latin America.  In addition, the cost and coverage vary based on many factors that include the animal’s age, health profile, and level of care insured. Some pet insurance policies also cover alternative therapies, behavioral modification, hospital boarding, lost pet advertising/reward, nursing/whelping, chiropractic, acupuncture, and hydrotherapy.

Key providers of accident only coverage such as Nationwide Mutual Insurance Company, Trupanion, MetLife Accident Only and Solutions, LLC, account for a significant share in the market. Increase in adoption of pet insurance in the Latin America region is driven by surge in awareness about pet health safety, which leads to increase in acquisition, collaboration, partnership, and business expansion. The pet care industry in countries such as Columbia, Peru, and Chile among others has boomed over the past several years. From Chewy’s IPO to the various veterinarian startups that have sprung up, VC money (and consumer cash) is flowing into the space. Moreover, Eurmonitor states that Brazil is one of the top five pet care markets in the world and other countries in Lain America are also growing at a significant rate for pet adoption. In addition, many pet insurance startups are coming up in Latin America. For instance, Pet goods startup Zee.Dog closed $18.8 million on July 2021. Over in Colombia, LAIKA closed a seed round for $5.0 million to strengthen its foothold in Mexico. Therefore, these factors will provide major lucrative opportunities for the growth of the Latin America pet insurance market.

Some of the key players profiled in the report include Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC, Hartville Group, Nationwide, Pet Assure Corp., PetFirst, Ipet Insurance, Pets Best Insurance Services, LLC, Royal & Sun Alliance (RSA) and Trupanion. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
 

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FREQUENTLY ASKED QUESTIONS?
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A. The Latin America Pet Insurance Market is estimated to grow at a CAGR of 16.4% from 2021 to 2030.

A. The Latin America Pet Insurance Market is projected to reach $1.27 billion by 2030.

A. To get the latest version of sample report

A. Significant factors that impact the growth of the Latin America Pet Insurance industry include bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers.

A. The key players profiled in the report include LLC, Figo Pet Insurance LLC, Hartville Group and many more.

A. On the basis of top growing big corporations, we select top 10 players.

A. The Latin America Pet Insurance Market is segmented intopolicy coverage, animal type, sales channel, and country.

A. The report focuses on growth prospects, restraints, and trends of the Latin America pet insurance market growth

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Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

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For complete satisfaction

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On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers