Global Pet Insurance Market Report and Forecast 2024-2032

Key Trends in the Market

Pet insurance is a type of insurance that pet owners can get to assist in reducing the on-the-spot high costs of pet medical expenses. Most of the time, pet insurance pays for the care of a sick or injured animal belonging to an insured owner. Additionally, it may also be paid out if the animal is stolen, lost, or dies. Dogs, cats, and horses are the most common species of animals covered by pet insurance policies, while other exotic species may also be covered depending upon the provider and region.

• The major factors propelling the pet insurance market are the rising number of pet adoptions and the growing awareness of pet insurance. The acceptability of companion animals like dogs and cats has substantially increased in recent years. The most common pets are cats and dogs, which are also recognised to improve people's physical and mental health. This is aiding the market growth.

• There is also expansion of veterinary hospitals worldwide, which will likely increase the need for pet insurance. In addition to requiring expert veterinarians, experienced technicians, and specially created diagnostic equipment, veterinary services are frequently capital intensive. Due to the potential increase in treatment costs for pet owners, there may be a greater demand for pet insurance plans.

• One of the main factors driving the pet insurance market revenue growth is the rise in the number of people adopting pets due to the need for companionship and the increased prevalence of stress and depression. Additionally, the number of animals in rescue facilities is predicted to increase, as is the trend of adopting rescued animals, which is anticipated to fuel market expansion throughout the forecast period.

Global Pet Insurance Market Analysis

Based on policy coverage, the market is segmented into accident only, and accident and illness, among others. The market on the basis of animal type can be divided into dogs and cats, among others. On the basis of sales channel, the market can be categorised into agency, broker, and bancassurance, among others. The regional markets for pet insurance can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global pet insurance market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.  

• Embrace Pet Insurance Agency, LLC

• Figo Pet Insurance, LLC

• Crum & Forster Pet Insurance Group

• Pets Best Insurance Services, LLC

• Trupanion, Inc.

• MetLife Services and Solutions, LLC

• Others

Market Share by Policy Coverage

The accident and illness segment is estimated to witness the fastest growth in the pet insurance market. High veterinarian care and diagnostic costs, an increasing number of companion animals, and growing knowledge of pet insurance are driving the growth of this segment. Pet insurance providers most frequently offer accident and illness coverage. This includes coverage for a range of disorders, including acute and chronic illnesses, drugs, diagnostic procedures, and more, in addition to accidents. 

Further, it is anticipated that rising zoonotic illnesses and high veterinary expenses for diagnosis and treatment will increase the market size for accident and illness pet insurance. The high risk of accidents, particularly in larger homes or areas where pets have greater access to outdoor spaces, is encouraging pet owners to invest in accident and illness pet insurance. 

Market Share by Region

North America is anticipated to account for the largest share in the market for pet insurance in the forecast period. The prevalence of pet illnesses and accidents, rising pet healthcare costs, and increasing adoption rates for pets are the main drivers anticipated to propel the market growth in the region. 

The number of pets in North America has significantly expanded in recent years. The region's pet insurance market is anticipated to develop in terms of revenue due to reasons including rising availability of acceptable coverage schemes, high veterinary costs, and an increase in the number of agencies and businesses selling pet insurance plans.

European countries with significant pet dog populations such as the United Kingdom, Poland, and France, as well as others, will encourage more pet owners to select various policy coverage options. As a result, it is predicted that counties with a high proportion of dogs compared to other companion animals will offer a lucrative potential for the expansion of the pet insurance market.

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Competitive Landscape

Embrace Pet Insurance Agency, LLC, founded in 2004 provides insurance to pet owners to pay for unforeseen medical costs resulting from accidents and illnesses. With its corporate headquarters in Ohio in the United States, Embrace offers a non-insurance-based Wellness Rewards plan that is optional and covers regular check-ups, spaying/neutering, teeth cleaning, and other services.

Figo Pet Insurance, LLC, established in 2013 is a pet insurance and technology company based in Illinois, United States. The company aims to enhance the quality of life for families with dogs. Beyond coverage, Figo's Pet Cloud provides users with the resources they need to support the whole life of their pet. With a history in insurance and a technology interest, the company has developed a distinctive cloud-based pet healthcare service.

Crum & Forster Pet Insurance Group, with its headquarters in Ohio, United States is one of the biggest and first pet insurance companies in North America. Its insurance plans cover mishaps, illnesses, and pet wellness programmes.

Other market players include Pets Best Insurance Services, LLC, Trupanion, Inc., and MetLife Services and Solutions, LLC, among others.

Key Highlights of the Report