Report Code: A14764 | Pages: NA | Mar 2023 | 1158 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Zoo Insurance Market
Request Now !Zoo insurance is a type of insurance that protects the policyholder against financial losses caused by the death of an animal, transportation, and others. Furthermore, with many zoos facing closure, the cost of zoo insurance is being scrutinized more than ever before. So, zoo insurance policy covers these financial losses for the zoo owners. In addition, zoo insurance covers death of animals from various causes along with some exceptions as well as voluntary destruction for humane reasons. However, the growing demand for healthy and safe pet food, ban on antibiotics, rising producer awareness, and increased awareness about pet health are the key factors driving the market growth.
"The global Zoo Insurance market is segmented on the basis of Type, Tenure, Enterprise Size, and Region. Based on Coverage, the market is divided into Public Liability, Employers Liability, Loss of License, Business Interruption, Livestock Cover, Transit of Animals, and Others. In terms of Tenure, the market is categorized into Short Term, Mid Term, and Long Term. On the basis of Enterprise Size, the market is divided into Small Enterprise, Medium-sized Enterprise, and Large Enterprise. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
COVID-19 scenario analysis
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Behavior monitoring & control held the largest share of livestock monitoring and rising awareness among the producers about the pet’s health are the key factors fuelling the market growth. However, limited skillsets to handle animals is expected to hamper the growth of the market. Contrarily, growing use of smart technology for livestock monitoring and disease detection can be seen as an opportunity for the market.
The zoo insurance market trends are as follows:
Growing use of smart technology for livestock monitoring and disease detection
Zoo can detect diseases in animals using sensor technology and take immediate action. The use of sensing and management technologies reduces the cost of livestock monitoring. Smart technology in livestock farming aids in the collection of real-time data on animal health and behavior such as feeding habits, food and water quality, biosecurity, and hygiene levels. Animals can also be tracked and traced by livestock owners. This factor is intended to offer major lucrative opportunities for the growth of the zoo insurance market in the coming years.
Behavior monitoring & control held largest share of livestock monitoring
Due to increasing adoption of hardware devices, such as sensors, radio frequency identification (RFID) tags & readers, livestock RFID active collars for early detection of disease in livestock, and herd management, the rising claims have drastically reduced, benefiting the zoo insurance market. In addition, it provides identification & tracking of livestock, behavior monitoring & control application in livestock for monitoring the activities of animals. The market is being fueled by an increase in zoo owner awareness of livestock monitoring, as well as the growing popularity of software solutions for animal behavior, and health monitoring is expected to boost the market growth of this market.
Key benefits of the report:
Questions answered in the zoo insurance market research report:Â Â Â
Zoo Insurance Market Report Highlights
Aspects | Details |
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Key Market Players | Zurich, AFCA, Liberty Mutual Insurance, AXA, Chubb, American International Group, Allstate Insurance Company, Allianz, Admiral, State Farm Automobile Insurance Company. |
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