Pet Insurance Market Size Is Expected To Reach USD 54.6 Bn By 2033, At 18.6% CAGR: Dimension Market Research

(MENAFN- GlobeNewsWire - Nasdaq) Advancements and Projections in the Pet Insurance Room Market: Insights, Trends, Opportunities, and Recent Developments

New York, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Overview

The Global Pet Insurance market size is expected to reach USD 11.8 billion by 2024 and it is further anticipated to reach a market value of USD 54.6 billion by 2033, according to Dimension Market Research. The market is anticipated to register a CAGR of 18.6% from 2024 to 2033.

The market for pet insurance services serves various types of animals, namely dogs and cats but also horses, birds, small mammals as well and reptiles. Its primary goal is to provide financial aid in unexpected pet veterinary situations, potentially covering costs of accidents, illnesses, and surgeries as well as diagnostic tests, and medications There are also preventative measures including offering broad economic coverage.

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Important Insights

• Projections suggest a substantial surge, within the Global Pet Insurance Market as it is expected to show noteworthy growth by reaching USD 54.6 billion by 2033. This represents a significant Compound Annual Growth Rate (CAGR) of 18.6% , commencing from its 2024 base value of USD 11.8 billion .
• Accident and illness dominance in pet insurance results from broad coverage, appealing to pet owners for comprehensive, lifelong protection, including preventive care.
• Dogs dominate pet insurance due to popularity, extensive healthcare needs, and breed-specific health concerns, with owners seeking coverage for comprehensive lifelong protection.
• Direct sales channels, is expected to hold 36.2% market share in 2024, lead pet insurance revenue, driven by customer interaction, personalized policies, and streamlined purchasing for enhanced trust, transparency, and convenience.
• North America is anticipated to contributing 35.0% in 2024, leads the pet insurance market with rising pet adoptions and comprehensive healthcare demand.
• Well-developed veterinary infrastructure and heightened awareness among North American pet owners contribute to the region's growing demand for pet insurance, emphasizing financial protection.

Latest Trends

• Increasing Pet Health Awareness: Growing awareness about pet health drives demand for insurance, reflecting a heightened commitment to comprehensive care.
• Rise in Pet Ownership: Increasing pet ownership rates contributes to a larger customer base for insurance providers.
• Escalating Animal Healthcare Costs: Rising healthcare expenses for pets drive the need for financial protection through insurance coverage.
• Pet Owners' Commitment: Owners' dedication to ensuring comprehensive care for their pets fuels the demand for insurance policies.

Pet Insurance Market: Competitive Landscape

• The competitive landscape of the global pet insurance market is shaped by key players such as Animal Friends Insurance Services Limited, Figo Pet Insurance LLC, Direct Line, and others. These industry leaders prioritize research and development to gain a competitive edge over others. This market witness severe competition and extremely good fragmentation, prompting key gamers to employ various techniques for market share and competitiveness.
• Major entrants like AXIS Insurance partnering with Petplan implies a strategic push to faucet into the increasing pet coverage area, emphasizing the significance of innovation and cost-introduced offerings in this competitive landscape.

Some of the prominent market players:

• Trupanion Inc.
• Petplan (Allianz)
• Animal Friends Insurance Services Limited
• Figo Pet Insurance LLC
• Direct Line
• Deutsche Familienversicherung AG
• Nationwide Mutual Insurance Company
• Embrace Pet Insurance Agency LLC
• Anicom Insurance
• ipet Insurance Co. Ltd.
• MetLife Services and Solutions LLC
• Pumpkin Insurance Services Inc.
• Other Key Players

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Pet Insurance Market Scope

Report Highlights	Details
Market Size (2024)	USD 11.8 Bn
Forecast Value (2033)	USD 54.6 Bn
CAGR (2024-2033)	18.6%
Leading Region in terms of Revenue Share	North America
Percentage of Revenue Share by Leading Region	35.0%
Historical Data	2018 - 2023
Forecast Data	2024 - 2033
Base Year	2023
Estimate Year	2024
Segments Covered	By Coverage, By Animal, By Sales Channel
Regional Coverage	North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Market Analysis

Pet insurance plays an extremely significant part in its accident and illness coverage projected to make up about 85.7% of the entire segment in 2024. Then, it will keep growing It shows no signs of diminishing anytime soon as people seek enrolment with pet insurers for specific reasons like providing financial stability at times when their pets get sick or injured.

It is so popular because it covers almost everything related to health like accidents, chronic diseases from the beginning till the end of life, and some preventive care options as well. This is attractive to pet owners who want guaranteed long-term assurance.

Growth Drivers

• Advancements in Veterinary Treatments: Technological advancements enable sophisticated and costly medical procedures, necessitating insurance coverage to manage associated expenses.
• Customization of Insurance Policies: Tailoring coverage to specific breeds, ages, or pre-existing conditions provides diverse options for pet owners, meeting individual needs.
• Technological Integration: Adoption of technology, including mobile apps and online platforms, streamlines processes such as claims processing and communication, enhancing overall efficiency.

Restraints

• High Premium Costs: Pet insurance faces resistance due to costly premiums, particularly for older pets or those with pre-existing conditions, limiting affordability and uptake. Affordability remains a concern, impacting purchasing decisions in different regions.
• Lack of Awareness: A significant barrier is low consumer knowledge about pet insurance benefits, with many pet owners unaware of how it can manage veterinary expenses and improve pet health outcomes.

Growth Opportunities

• Expansion in Emerging Markets: The Asia-Pacific and Latin America regions remain underpenetrated primarily due to the higher volume of raw demand because of the growth of pet ownership and the better standard of living implying raise in disposable income to support the insurance solutions that cater these markets in a cost-effective way.
• Innovative Insurance Products: Introducing policies covering multiple pets, comprehensive healthcare plans, and optional extras like dental care and wellness programs can enhance market appeal and meet evolving customer needs effectively.

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Pet Insurance Market Segmentation

By Coverage

• Accident & Illness
• Accident Only
• Others

By Animal

• Dogs
• Cats
• Others

By Sales Channel

• Direct Sale
• Agency
• Broker
• Bancassurance
• Others

Regional Analysis

North America is projected to have the largest segment in the pet insurance market generating 35.0% of total revenue in 2024, potentiated by a significant increase in adoptions for pets; particularly those bought from shelters. There is a noted increase in pet owners keen on comprehensive healthcare hence demand.

The value of pet insurance is underscored by high awareness and well-developed veterinary infrastructure in North America, where 5 countries recorded adoption rates that outpaced those in other regions due to the rising costs of seeing vets.

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By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

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Recent Developments in the Pet Insurance Market

• April 2024: Chubb announced plans to acquire Healthy Paws from Aon, enhancing its position in the growing pet insurance market. This strategic move leverages Healthy Paws' expertise to expand Chubb's offerings and meet increasing demand for comprehensive pet health coverage.
• April 2024: MetLife Pet Insurance partnered with the Association of Animal Welfare Advancement (AAWA) to support pet owners in lifelong pet care. They will develop educational content addressing veterinary care challenges and recognize innovative animal welfare organizations through the Golden Beagle Award.
• November 2023: Fetch partnered with Best Friends Animal Society to aid in their goal of making America a no-kill nation by 2025. Fetch's contributions support Best Friends' efforts in rehoming shelter pets and advocating for animal welfare, aligning with Fetch's mission beyond insurance coverage.
• September 2023: Independence Pet Group (IPG) expanded by acquiring Felix, the only U.S. pet insurance brand exclusively for cats. This strategic acquisition broadens IPG's offerings, focusing on comprehensive pet health solutions tailored to cat owners' needs.
• August 2023: Global Risk Partners (GRP) entered the UK pet insurance market by acquiring Petsmedicover, now part of Insync Insurance. This enhances GRP's ability to provide innovative insurance solutions and expand its presence in the competitive UK pet insurance sector.
• August 2023: Go Digit General Insurance collaborated with Vetina Healthcare LLP to offer extensive dog insurance coverage to Vetina Family members in India, addressing rising demand for pet insurance and improving access to quality veterinary care.
• August 2023: Bajaj Allianz General Insurance launched a comprehensive 'Pet Insurance Policy' covering cats and dogs in India, aiming to meet the growing need for pet health protection and provide financial security against unexpected veterinary expenses.

About Dimension Market Research (DMR):

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