According to a new report published by Allied Market Research, titled, “Horse Insurance Market," The horse insurance market was valued at $458.67 million in 2021, and is estimated to reach $1.6 billion by 2031, growing at a CAGR of 13.7% from 2022 to 2031.
The shift to digital platform of the insurance industry is driving the growth of the horse insurance market globally. Moreover, increase in implementation of technologies such as automation of underwriting processes, artificial intelligence (AI) and machine learning (ML) is propelling the horse insurance market growth. However, higher premiums for horse riding insurance are restraining the horse insurance market trends. On the contrary, initiatives of government authorities in the horse insurance market are expected to create lucrative opportunities for the market in upcoming years.
For instance, in India, in February 2022, the South Delhi Municipal Corporation (SDMC) standing committee approved a policy modification demanding the horse medical insurance coverage improvement, meaning owners of horses, mares, and horse-drawn buggies would soon need to get third party insurance, similar to those for automobiles, in order to operate in Delhi.
By sales channel, the direct response segment acquired a major share. This is attributed to the fact that with the use of online technologies such as Google Adwords, these policies can be simply presented to prospective consumer. In the market for horse insurance, this is a significant market trend.
Region wise, North America dominated the market in 2021. This is attributed to the fact that significant increase in adoption of horses by high net-worth individuals (HNWI), which has aided North America in becoming the most extensive market shareholder of the global horse insurance market.
Majority of the diagnosis and veterinary centers were closed due to lockdown implemented by various governments, which hampered the growth of the horse insurance industry. In addition, COVID-19 has highly affected the insurance industries in terms of growth, economy as well as health and mental wellbeing of every individual. However, the digital shift of the insurance industry during the pandemic has tackled the negative impact on the horse insurance market.
KEY FINDINGS OF THE STUDY
- By horse type, the American Quarter horse segment accounted for the highest horse insurance market share, in terms of revenue in 2021.
- On the application, the recreational segment is expected to exhibit the fastest growth rate during the forecast period.
- Region wise, North America generated the highest revenue of horse insurance market size in 2021.
The key players operating in the horse insurance market analysis include Animal Friends Insurance Services Limited, ASPCA, AXA, Broadstone Equine Insurance Agency, De Wet De Villiers Brokers, Harry Hall International Ltd, Hollard, Markel Corporation, Nationwide Mutual Insurance Company, One Insurance Group, Pet Assure Corp., Pet Plan Limited, Quotezone.co.uk, The Insurance Emporium, Consumer Agent Portal, LLC., Great American Insurance Company, and Edgewood Partners Insurance Center. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.