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| Report Code: A04005 | Nov 2021 | Pages: 233 | ||
| Tables: 114 | Charts: 56 |
| |
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Pet Insurance Market
Request Now !The global pet insurance market size was valued at $ 4.5 billion in 2020, and is projected to reach $16.8 billion by 2030, growing at a CAGR of 14.3% 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 policy also covers the pet death, or in case the lost or stolen. Moreover, the growing medical expenses in veterinary medicine and employing of expensive medical techniques and drugs is boosting the demand of pet insurance market.
Growing and increased demand for pet insurance market policies and rise in need for financial safety in case of surge in uncertainties boost the growth of the global 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 market 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, accident & illness pet insurance market could prove a cost-effective way of avoiding any large, unexpected bills due to its actions. However, others segment is anticipated to grow at a significant rate owing to, growing diversification in pets and improvement in pet policies which includes new types of pets such as turtles and others, is expected to provide lucrative opportunities for the market growth.
Region wise, the pet insurance market was dominated by Europe in 2020, and is expected to retain its position during the forecast period, owing to increase in adoption of pets in the UK, Italy, France, Russia, and Germany. In addition, many insurance companies across Europe are coming up with various policy coverage to encourage pet owners to adopt dogs. These companies render services with plans for illnesses, injuries, and various diseases. However, Asia-Pacific is expected to witness significant growth in the near future, owing to growing awareness of pet care and pet insurance during the lockdown.
The report focuses on growth prospects, restraints, and trends of the global 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 global pet insurance market share.
The pet insurance industry is segmented on the basis of policy coverage, animal type, sales channel, and region. By policy coverage, the market is divided into accident & illness, accident only, and others. By animal type, it is categorized into dogs, cats, and others. By sales channel, the market is divided into broker, agency, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the 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 industry.
The 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 various governments. 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, care and concern for pets, especially dogs, marks the successful transition of Indians from pet owners 10 years ago, to pet parents now. With higher disposable incomes in developing countries like India, more people are now willing to spend on additional things like pets and their healthcare.
Market landscape and trends
The pet insurance market grows with rise in pet ownership, and the awareness of pet healthcare along with pet owners' desire to spend on their pets' well-being. Furthermore, with the introduction of new insurance carriers and the development of old ones, the market has seen increased competition. Globally, Petplan, Trupanion, and Healthy Paws are some well-known pet insurance providers. Moreover, pet insurance policies have evolved to provide more comprehensive coverage, including coverage for accidents and illnesses, preventive care, inherited disorders, and alternative therapies, which indicates the increasing need for comprehensive pet healthcare solutions. In addition, pet insurance companies are increasingly offering customizable policies, allowing pet owners to tailor coverage to their unique requirements and budgets. This customizable policy offering appeals to a broader set of clients. Furthermore, the pet insurance market is heavily reliant on technology. To ease policy management, claims processing, and client communication, insurers leverage digital platforms and mobile apps. Wearable gadgets and telemedicine services are also being implemented to improve the whole pet healthcare experience. Moreover, the pet insurance industry has a rise in emphasis on preventive care and wellness programs. Insurance companies collaborate with veterinarians and pet service providers to provide reduced immunizations, routine check-ups, dental care, and other preventive services. Furthermore, pet owners in some countries may be entitled to deduct certain expenses related to their pets, such as pet insurance premiums, from their taxes, which is expected to stimulate the purchase of pet insurance indirectly. Therefore, these are some of the major market trends of trade credit insurance market.
Government Initiatives
Consumer protection policies that govern the insurance industry in general, including pet insurance, are routinely enacted by governments. These consumer protection rules aim to ensure that insurance policies are fair, transparent, and appropriately cover their clients. Furthermore, Governments may have animal welfare restrictions that have an indirect impact on the pet insurance market. Certain jurisdictions, for instance, are expected to compel pet owners to carry insurance coverage for specific sorts of dogs, such as dangerous dog breeds. Moreover, pet owners in some countries are bound to be entitled to deduct certain expenses related to their pets, such as pet insurance premiums, from their taxes, which may stimulate the purchase of pet insurance indirectly. In addition, to make pet insurance more inexpensive and available to a larger population, governments may develop agreements with pet insurance firms or offer subsidies. These efforts are able to target certain groups, such as low-income families or those with service animals, and aim to ensure that all pet owners have access to basic veterinarian care. Furthermore, governments are anticipated to conduct public awareness and education programs to educate pet owners on the benefits of pet insurance and how it can assist them handle unexpected veterinary expenditures. These campaigns are expected to include working with insurance companies, veterinarians, and animal welfare organizations to raise awareness of the importance of pet insurance and its possible benefits.
There is an increase in the demand for pet insurance policies owing to rise in pet ownership. In addition, surge in popularity of pet humanization concept is increasing the demand for pet grooming and care products. Owners, especially millennials, are willing to spend more on their animals to ensure a healthy and secure life. Moreover, various countries across the globe 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 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 market. For instance, in July 2020, Lemonade launched pet insurance, with a 10% discount available to existing Lemonade policy holders who choose to bundle their new pet insurance with home/renters’ insurance.
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. Thus, the demand for pet insurance is on an increase. Moreover, the policy covers blood tests, urinalysis, x-rays, MRIs, labwork, CT scans and ultrasounds, as well as outpatient, specialty and 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 becoming a family for the pet owners 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 market comes with an optional wellness package, as well, which provides savings for routine stuff like an annual physical checkup, heartworm tests, fecal tests, annual parasite evaluation tests, blood work and vaccines. Therefore, pet insurance market saves the pet’s parents from growing number of medical complication of pets.
Key Benefits for Stakeholders
Pet Insurance Market Report Highlights
| Aspects | Details |
|---|---|
| By Policy Coverage |
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| By Animal Type |
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| By Sales Channel |
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| By Region |
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| By Key Market Players |
|
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.Primary research
1.4.2.Secondary 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 gaming simulators industry/market
3.2.1.Market dynamics
3.2.1.1.Increased demand for pet insurance policies
3.2.1.2.Rise in need for financial safety in case of increasing uncertainties
3.2.1.3.Surge in number of veterinary centers
3.2.2.Restraints
3.2.2.1.Lack of awareness regarding pet insurance policy
3.2.2.2.High premium cost
3.2.3.Opportunities
3.2.3.1.Implementation of technologies in existing products and service lines
3.2.3.2.Government initiatives regarding pet insurance policies
3.1.COVID-19 impact analysis on pet insurance market
3.1.1.Impact on market size
3.1.2.Change in consumer trends, preferences, and budget impact due to COVID-19
3.1.3.Economic impact
3.1.4.Key player strategies to tackle negative impact in the industry
3.1.5.Opportunity analysis for pet insurance service providers
CHAPTER 4:PET INSURANCE MARKET, BY PROLICY COVERAGE
4.1.Overview
4.2.Accident only
4.2.1.Key market trends, growth factors, and opportunities
4.2.2.Market size and forecast, by region
4.2.3.Market analysis, by country
4.3.Accident & illness
4.3.1.Key market trends, growth factors, and opportunities
4.3.2.Market size and forecast, by region
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 region
4.4.3.Market analysis, by country
CHAPTER 5: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 region
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 region
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 region
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 region
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 region
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 region
6.4.3.Market analysis, by country
CHAPTER 7:PET INSURANCE MARKET, BY REGION
7.1.Overview
7.1.1.Market size and forecast, by region
7.2.North America
7.2.1.Key market trends, growth factors, and opportunities
7.2.2.Market size and forecast, by policy coverage
7.2.3.Market size and forecast, by animal type
7.2.4.Market size and forecast, by sales channel
7.2.5.Market analysis, by country
7.2.5.1.U.S.
7.2.5.1.1.Market size and forecast, by policy coverage
7.2.5.1.2.Market size and forecast, by animal type
7.2.5.1.3.Market size and forecast, by sales channel
7.2.5.2.Canada
7.2.5.2.1.Market size and forecast, by policy coverage
7.2.5.2.2.Market size and forecast, by animal type
7.2.5.2.3.Market size and forecast, by sales channel
7.1.Europe
7.1.1.Key market trends, growth factors, and opportunities
7.1.2.Market size and forecast, by policy coverage
7.1.3.Market size and forecast, by animal type
7.1.4.Market size and forecast, by sales channel
7.1.5.Market analysis, by country
7.1.5.1.UK
7.1.5.1.1.Market size and forecast, by policy coverage
7.1.5.1.2.Market size and forecast, by animal type
7.1.5.1.3.Market size and forecast, by sales channel
7.1.5.2.Germany
7.1.5.2.1.Market size and forecast, by policy coverage
7.1.5.2.2.Market size and forecast, by animal type
7.1.5.2.3.Market size and forecast, by sales channel
7.1.5.3.France
7.1.5.3.1.Market size and forecast, by policy coverage
7.1.5.3.2.Market size and forecast, by animal type
7.1.5.3.3.Market size and forecast, by sales channel
7.1.5.4.Italy
7.1.5.4.1.Market size and forecast, by policy coverage
7.1.5.4.2.Market size and forecast, by animal type
7.1.5.4.3.Market size and forecast, by sales channel
7.1.5.5.Spain
7.1.5.5.1.Market size and forecast, by policy coverage
7.1.5.5.2.Market size and forecast, by animal type
7.1.5.5.3.Market size and forecast, by sales channel
7.1.5.6.Sweden
7.1.5.6.1.Market size and forecast, by policy coverage
7.1.5.6.2.Market size and forecast, by animal type
7.1.5.6.3.Market size and forecast, by sales channel
7.1.5.7.Rest of Europe
7.1.5.7.1.Market size and forecast, by policy coverage
7.1.5.7.2.Market size and forecast, by animal type
7.1.5.7.3.Market size and forecast, by sales channel
7.2.Asia-Pacific
7.2.1.Key market trends, growth factors, and opportunities
7.2.2.Market size and forecast, by policy coverage
7.2.3.Market size and forecast, by animal type
7.2.4.Market size and forecast, by sales channel
7.2.5.Market analysis, by country
7.2.5.1.China
7.2.5.1.1.Market size and forecast, by policy coverage
7.2.5.1.2.Market size and forecast, by animal type
7.2.5.1.3.Market size and forecast, by sales channel
7.2.5.2.Japan
7.2.5.2.1.Market size and forecast, by policy coverage
7.2.5.2.2.Market size and forecast, by animal type
7.2.5.2.3.Market size and forecast, by sales channel
7.2.5.3.India
7.2.5.3.1.Market size and forecast, by policy coverage
7.2.5.3.2.Market size and forecast, by animal type
7.2.5.3.3.Market size and forecast, by sales channel
7.2.5.4.Australia
7.2.5.4.1.Market size and forecast, by policy coverage
7.2.5.4.2.Market size and forecast, by animal type
7.2.5.4.3.Market size and forecast, by sales channel
7.2.5.5.South Korea
7.2.5.5.1.Market size and forecast, by policy coverage
7.2.5.5.2.Market size and forecast, by animal type
7.2.5.5.3.Market size and forecast, by sales channel
7.2.5.6.Rest of Asia-Pacific
7.2.5.6.1.Market size and forecast, by policy coverage
7.2.5.6.2.Market size and forecast, by animal type
7.2.5.6.3.Market size and forecast, by sales channel
7.3.LAMEA
7.3.1.Key market trends, growth factors, and opportunities
7.3.2.Market size and forecast, by policy coverage
7.3.3.Market size and forecast, by animal type
7.3.4.Market size and forecast, by sales channel
7.3.5.Market analysis, by country
7.3.5.1.Latin America
7.3.5.1.1.Market size and forecast, by policy coverage
7.3.5.1.2.Market size and forecast, by animal type
7.3.5.1.3.Market size and forecast, by sales channel
7.3.5.2.Middle East
7.3.5.2.1.Market size and forecast, by policy coverage
7.3.5.2.2.Market size and forecast, by animal type
7.3.5.2.3.Market size and forecast, by sales channel
7.3.5.3.Africa
7.3.5.3.1.Market size and forecast, by policy coverage
7.3.5.3.2.Market size and forecast, by animal type
7.3.5.3.3.Market size and forecast, by sales channel
CHAPTER 8:COMPETITIVE LANDSCAPE
8.1.Key players positioning analysis, 2020
8.2.Competitive dashboard
8.3.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
9.7.1.Company overview
9.7.2.Key executives.
9.7.3.Company snapshot
9.7.4.Product portfolio
9.7.5.Key strategic moves and developments
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
9.9.6.Key strategic moves and developments
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.PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 02.PET INSURANCE MARKET FOR ACCIDENT ONLY, BY REGION 2020–2030 ($MILLION)
TABLE 03.PET INSURANCE MARKET FOR ACCIDENT & ILLNESS, BY REGION 2020–2030 ($MILLION)
TABLE 04.PET INSURANCE MARKET FOR ACCIDENT & ILLNESS, BY REGION 2020–2030 ($MILLION)
TABLE 05.PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 06.PET INSURANCE MARKET FOR DOGS, BY REGION 2020–2030 ($MILLION)
TABLE 07.PET INSURANCE MARKET FOR CATS, BY REGION 2020–2030 ($MILLION)
TABLE 08.PET INSURANCE MARKET FOR CATS, BY REGION 2020–2030 ($MILLION)
TABLE 09.PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 10.PET INSURANCE MARKET FOR AGENCY, BY REGION 2020–2030 ($MILLION)
TABLE 11.PET INSURANCE MARKET FOR BROKER, BY REGION 2020–2030 ($MILLION)
TABLE 12.PET INSURANCE MARKET FOR OTHERS, BY REGION 2020–2030 ($MILLION)
TABLE 13.PET INSURANCE MARKET REVENUE, BY REGION, 2020–2030 ($MILLION)
TABLE 14.NORTH AMERICA PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 15.NORTH AMERICA PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 16.NORTH AMERICA PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 17.NORTH AMERICA PET INSURANCE MARKET REVENUE, BY COUNTRY, 2020–2030 ($MILLION)
TABLE 18.U.S. PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 19.U.S. PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 20.U.S. PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 21.CANADA PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 22.CANADA PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 23.CANADA PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 24.EUROPE PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 25.EUROPE PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 26.EUROPE PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 27.EUROPE PET INSURANCE MARKET REVENUE, BY COUNTRY, 2020–2030 ($MILLION)
TABLE 28.UK PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 29.UK PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 30.UK PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 31.GERMANY PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 32.GERMANY PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 33.GERMANY PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 34.FRANCE PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 35.FRANCE PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 36.FRANCE PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 37.ITALY PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 38.ITALY PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 39.ITALY PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 40.SPAIN PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 41.SPAIN PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 42.SPAIN PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 43.SWEDEN PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 44.SWEDEN PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 45.SWEDEN PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 46.REST OF EUROPE PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 47.REST OF EUROPE PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 48.REST OF EUROPE PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 49.ASIA-PACIFIC PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 50.ASIA-PACIFIC PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 51.ASIA-PACIFIC PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 52.ASIA-PACIFIC PET INSURANCE MARKET REVENUE, BY COUNTRY, 2020–2030 ($MILLION)
TABLE 53.CHINA PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 54.CHINA PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 55.CHINA PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 56.JAPAN PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 57.JAPAN PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 58.JAPAN PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 59.INDIA PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 60.INDIA PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 61.INDIA PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 62.AUSTRALIA PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 63.AUSTRALIA PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 64.AUSTRALIA PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 65.SOUTH KOREA PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 66.SOUTH KOREA PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 67.SOUTH KOREA PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 68.REST OF ASIA-PACIFIC PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 69.REST OF ASIA-PACIFIC PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 70.REST OF ASIA-PACIFIC PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 71.LAMEA PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 72.LAMEA PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 73.LAMEA PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 74.LAMEA PET INSURANCE MARKET REVENUE, BY COUNTRY, 2020–2030 ($MILLION)
TABLE 75.LATIN AMERICA PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 76.LATIN AMERICA PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 77.LATIN AMERICA PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 78.MIDDLE EAST PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 79.MIDDLE EAST PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 80.MIDDLE EAST PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 81.AFRICA PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
TABLE 82.AFRICA PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
TABLE 83.AFRICA PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
TABLE 84.EMBRACE PET INSURANCE AGENCY, LLC: KEY EXECUTIVES
TABLE 85.EMBRACE PET INSURANCE AGENCY, LLC: COMPANY SNAPSHOT
TABLE 86.EMBRACE PET INSURANCE AGENCY, LLC: PRODUCT PORTFOLIO
TABLE 87.FIGO PET INSURANCE LLC.: KEY EXECUTIVES
TABLE 88.FIGO PET INSURANCE LLC.: COMPANY SNAPSHOT
TABLE 89.FIGO PET INSURANCE LLC.: PRODUCT PORTFOLIO
TABLE 90.CRUM & FORSTER PET INSURANCE GROUP: KEY EXECUTIVES
TABLE 91.CRUM & FORSTER PET INSURANCE GROUP: COMPANY SNAPSHOT
TABLE 92.CRUM & FORSTER PET INSURANCE GROUP: PRODUCT PORTFOLIO
TABLE 93.NATIONWIDE: KEY EXECUTIVES
TABLE 94.NATIONWIDE: COMPANY SNAPSHOT
TABLE 95.NATIONWIDE: PRODUCT PORTFOLIO
TABLE 96.PET ASSURE CORP.: KEY EXECUTIVE
TABLE 97.PET ASSURE CORP.: COMPANY SNAPSHOT
TABLE 98.PET ASSURE CORP.: PRODUCT PORTFOLIO
TABLE 99.PETFIRST (METLIFE): KEY EXECUTIVE
TABLE 100.PETFIRST (METLIFE): COMPANY SNAPSHOT
TABLE 101.PETFIRST (METLIFE): PRODUCT PORTFOLIO
TABLE 102.IPET INSURANCE.: KEY EXECUTIVES
TABLE 103.IPET INSURANCE.: COMPANY SNAPSHOT
TABLE 104.IPET INSURANCE.: PRODUCT PORTFOLIO
TABLE 105.PETS BEST INSURANCE SERVICES, LLC.: KEY EXECUTIVES
TABLE 106.PETS BEST INSURANCE SERVICES, LLC.: COMPANY SNAPSHOT
TABLE 107.PETS BEST INSURANCE SERVICES, LLC.: PRODUCT PORTFOLIO
TABLE 108.ROYAL & SUN ALLIANCE (RSA): KEY EXECUTIVES
TABLE 109.ROYAL & SUN ALLIANCE (RSA): COMPANY SNAPSHOT
TABLE 110.ROYAL & SUN ALLIANCE (RSA): PRODUCT PORTFOLIO
TABLE 111.TRUPANION: KEY EXECUTIVES
TABLE 112.TRUPANION: COMPANY SNAPSHOT
TABLE 113.TRUPANION: OPERATING SEGMENTS
TABLE 114.TRUPANION.: PRODUCT PORTFOLIO
LIST OF FIGURES
FIGURE 01.KEY MARKET SEGMENTS
FIGURE 02.PET INSURANCE MARKET SNAPSHOT, BY SEGMENTATION
FIGURE 03.PET INSURANCE MARKET SNAPSHOT, BY REGION
FIGURE 04.TOP IMPACTING FACTORS
FIGURE 05.TOP INVESTMENT POCKETS
FIGURE 06.MODERATE-TO-HIGH BARGAINING POWER OF SUPPLIERS
FIGURE 07.MODERATE-TO-HIGH THREAT OF NEW ENTRANTS
FIGURE 08.MODERATE-TO-HIGH THREAT OF SUBSTITUTES
FIGURE 09.MODERATE-TO-HIGH INTENSITY OF RIVALRY
FIGURE 10.LOW-TO-HIGH BARGAINING POWER OF BUYERS
FIGURE 11.PET INSURANCE MARKET REVENUE, BY POLICY COVERAGE, 2020–2030 ($MILLION)
FIGURE 12.COMPARATIVE SHARE ANALYSIS FOR PET INSURANCE MARKET FOR ACCIDENT ONLY, BY COUNTRY, 2020 & 2030(%)
FIGURE 13.COMPARATIVE SHARE ANALYSIS FOR PET INSURANCE MARKET FOR ACCIDENT AND ILLNESS, BY COUNTRY, 2020 & 2030(%)
FIGURE 14.COMPARATIVE SHARE ANALYSIS FOR PET INSURANCE MARKET FOR OTHERS, BY COUNTRY, 2020 & 2030(%)
FIGURE 15.PET INSURANCE MARKET REVENUE, BY ANIMAL TYPE, 2020–2030 ($MILLION)
FIGURE 16.COMPARATIVE SHARE ANALYSIS FOR PET INSURANCE MARKET FOR DOGS, BY COUNTRY, 2020 & 2030(%)
FIGURE 17.COMPARATIVE SHARE ANALYSIS FOR PET INSURANCE MARKET FOR CATS, BY COUNTRY, 2020 & 2030(%)
FIGURE 18.COMPARATIVE SHARE ANALYSIS FOR PET INSURANCE MARKET FOR OTHERS, BY COUNTRY, 2020 & 2030(%)
FIGURE 19.PET INSURANCE MARKET REVENUE, BY SALES CHANNEL, 2020–2030 ($MILLION)
FIGURE 20.COMPARATIVE SHARE ANALYSIS FOR PET INSURANCE MARKET FOR AGENCY, BY COUNTRY, 2020 & 2030(%)
FIGURE 21.COMPARATIVE SHARE ANALYSIS FOR PET INSURANCE MARKET FOR BROKER, BY COUNTRY, 2020 & 2030(%)
FIGURE 22.COMPARATIVE SHARE ANALYSIS FOR PET INSURANCE MARKET FOR OTHERS, BY COUNTRY, 2020 & 2030(%)
FIGURE 23.U.S. PET INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 24.CANADA PET INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 25.UK PET INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 26.GERMANY PET INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 27.FRANCE PET INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 28.ITALY PET INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 29.SPAIN PET INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 30.SWEDEN PET INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 31.REST OF EUROPE PET INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 32.CHINA PET INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 33.JAPAN PET INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 34.INDIA PET INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 35.AUSTRALIA PET INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 36.SOUTH KOREA PET INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 37.REST OF ASIA-PACIFIC PET INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 38.LATIN AMERICA PET INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 39.MIDDLE EAST PET INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 40.AFRICA PET INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 41.KEY PLAYER POSITIONING ANLYSIS: GLOBAL PET INSURANCE MARKET
FIGURE 42.COMPETITIVE DASHBOARD
FIGURE 43.COMPETITIVE DASHBOARD
FIGURE 44.COMPETITIVE HEATMAP OF KEY PLAYERS
FIGURE 45.TOP WINNING STRATEGIES, BY YEAR, 2017-2021
FIGURE 46.TOP WINNING STRATEGIES, BY DEVELOPMENT, 2017-2021
FIGURE 47.TOP WINNING STRATEGIES, BY COMPANY, 2017-2021
FIGURE 48.FAIRFAX FINANCIAL HOLDINGS LIMITED.: REVENUE, 2018–2020 ($MILLION)
FIGURE 49.METLIFE: REVENUE, 2018–2020 ($MILLION)
FIGURE 51.METLIFE: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 52.ROYAL & SUN ALLIANCE (RSA): REVENUE, 2018–2020 ($MILLION)
FIGURE 53.ROYAL & SUN ALLIANCE (RSA): REVENUE SHARE BY REGION, 2020 (%)
FIGURE 54.TRUPANION: REVENUE, 2018–2020 ($MILLION)
FIGURE 55.TRUPANION: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 56.TRUPANION: REVENUE SHARE BY REGION, 2020 (%)
Pet insurance industry plays a major role in providing financial protection to pet’s owner by offset the overall cost of their animal’s medical bills. For instance, according to American Pet Products Association's (APPA) National Pet Owners Survey in 2019, about 151.1 million, or 70% of, households in the U.S. reported owning a pet, and will spend an estimated $32.3 billion on vet care and products in 2021 up from $31.4 billion as compared to 2020. 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 banking as an Accident Only market 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 North America region is driven by surge in awareness of pet health safety which leads to increase in acquisition, collaboration, partnership, and business expansion. For instance, June 2021, an U.S. based pet insurer Trupanion announced expansion of its business in the international market including Japan, UK, Brazil, and Western Europe to increase its global reach. In addition, various investment firms are finding lucrative opportunity to invest in the pet insurance firm. For instance, in October 2020, a global investment company JAB Holding Co. acquired majority stakes in Cardif Pinnacle’s a UK based pet insurer. In addition, it also acquired a Chicago based pet insurance company Figo to deliver a holistic suite of pet insurance and healthcare Accident Only. Furthermore, the largest retail companies such as Walmart is also showing interest in investing in insurance firms. For instance, in January 2021, the nation’s largest pet insurer partnered with Walmart to provide affordable pet insurance and for availing the pet insurance Accident Only. Additionally, availing the medicine products and in-store claim Accident Only. This shows the interest and benefits of adopting the pet insurance. North America is expected to dominate the market during the forecast period while emerging country such as Europe is projected to offer significant growth opportunities.
A. The Pet Insurance Market is estimated to grow at a CAGR of 14.3% from 2021 to 2030.
A. The Pet Insurance Market is projected to reach $16.81 Billion by 2030.
A. To get the latest version of sample report
A. There is an increase in the demand for pet insurance policies owing to rise in pet ownership. In addition, surge in popularity of pet humanization concept is increasing the demand for pet grooming and care products.
A. The key players profiled in the report include Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC., Hartville Group, Nationwide and many more.
A. On the basis of top growing big corporations, we select top 10 players.
A. The pet insurance industry is segmented on the basis of policy coverage, animal type, sales channel, and region.
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