(MENAFN- GlobeNewsWire - Nasdaq) Key opportunities in the horse insurance market include rising veterinary care costs, increased equine injury incidents, government support, growth in horse ownership, and technological advancements. Additionally, expanding horse racing competitions and digital insurance platforms present significant growth potential, especially in Asia-Pacific.Dublin, Oct. 03, 2025 (GLOBE NEWSWIRE) -- The "Horse Insurance Market Report 2025" has been added to ResearchAndMarkets's offering.
The horse insurance market is witnessing substantial growth, projected to expand significantly from $0.75 billion in 2024 to $0.83 billion in 2025 with a compound annual growth rate (CAGR) of 11%. This surge is driven by increased veterinary care costs for equines, higher incidences of equine injuries, government backing for equine health management, cross-border trading, and the burgeoning commercial horse riding sector.
The market forecast further predicts a rise to $1.24 billion by 2029, registering a CAGR of 10.6%. Notable drivers behind this growth include the rising adoption of digital insurance solutions, increased disposable income among horse owners, a higher number of horse enthusiasts, and a growing demand for high-breed horses. Advancements such as digital platform innovations, enhanced medical treatments, advanced diagnostics, and tech-savvy equine management are anticipated to shape market trends.
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Horse racing competitions are set to propel market expansion further. The heightened interest in online betting platforms-featuring mobile apps, live-streaming, and real-time data-enhances audience engagement, subsequently increasing horse racing events. Insurance becomes critical for horse owners, offering protection against injury or loss during these events. For instance, a February 2025 report from the British Horseracing Authority indicated a 3.5% increase in high-performance Flat horses from the previous year, underscoring the market's growth potential.
Industry leaders are innovating with solutions like commercial equine liability insurance, which offers comprehensive coverage against third-party claims related to horses. In February 2025, Hub International Limited introduced Private Client Equine Risk Advisory Services, providing equine mortality coverage, medical assistance, and liability protection for various equine-related activities.
Further consolidating its market position, Specialist Risk Group acquired Carriagehouse Insurance in July 2024, integrating its equestrian coverage portfolio into its KBIS platform. This merger enhanced its UK presence, offering comprehensive risk solutions that address both individual and commercial equestrian needs.
The key market players include Markel Insurance Company, Great American Insurance Group, Petplan Equine Insurance, ASPCA Pet Health Insurance, and Agria Pet Insurance Ltd., among others. North America was the dominant region in 2024, while Asia-Pacific is anticipated to be the fastest-growing region moving forward. The report covers major markets like the USA, UK, China, and Germany.
The global landscape, affected by trade relations and tariffs, is influencing the market dynamics, necessitating frequent updates to market forecasts and recommendations. The sector's adaptation strategies include diversification, digitalization, and robust planning amidst the economic uncertainty posed by heightened U.S. tariffs and trade tensions impacting investment strategies, risk management, and demand for hedging instruments.
Report Scope
Discover insights into the fastest-growing and most significant markets for horse insurance. Understand the correlation of the market with the wider economy, demography, and analogous markets. Explore forces such as technological advancements, regulatory changes, and consumer preference shifts that will shape the market.
The report covers key aspects of the market, including characteristics, size and growth, segmentation, regional and national breakdowns, competitive landscape, market shares, and trends. It tracks historic and forecast growth across geographies, providing a detailed understanding of the market's dynamics and future direction.
Markets Covered:
By Type: Mortality Insurance, Major Medical Insurance, Surgical Insurance, Loss of Use Insurance, Personal Liability Insurance By Type of Horse: Sport Horses, Racehorses, Draft Horses, Leisure Horses, Ponies By Distribution Channel: Agents and Brokers, Direct Response, Online, Other Channels By Ownership Type: Individual Owners, Stable or Boarding Facilities, Riding Schools and Clubs, Equine Therapy Centers, Professional Trainers By Application: Recreational, Commercial
Key Companies: Markel Insurance Company, Great American Insurance Group, Petplan Equine Insurance, ASPCA Pet Health Insurance, Agria Pet Insurance Ltd., and others.
Geographic Coverage: Includes major countries like Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, and Spain; covering regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Time Series: Includes five years of historical data and ten years of forecast data.
Data Segmentation: Features country and regional data, market share analysis, and competitor segmentation.
Delivery Format: The report is available in PDF, Word, and Excel Dashboard formats.
Key Attributes
CONTACT:
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