A recently released Fact.MR study predicts that the global pet insurance market will expand at an astounding CAGR of 16.5% between 2022 and 2032.The market is predicted to reach US$ 45.6 Bn in value by 2032, according to this report. Pet insurance policies are in higher demand due to rising pet ownership and the trend towards animal humanization.
Demand for pet insurance increased at a 15% CAGR between 2015 and 2021, reaching US$ 8.5 billion. The COVID-19 pandemic presented a number of difficulties for pet owners, vets, veterinary clinics, and animal health businesses. Despite this, the sector reacted to the pandemic quickly by putting in place supportive measures to guarantee access to veterinary care and other services. The pandemic also made pet owners realise how crucial it is to purchase a pet insurance policy in order to lower financial risk.
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Key Segments Covered in the Pet Insurance Industry Survey
- By Coverage Type
- Accident Only
- Accident & Illness
- Other Coverage Types
- By Animal Type
- Cats
- Dogs
- Other Animal Types
- By Sales Channel Type
- Bancassurance
- Direct
- Broker
- Agency
- Other Sales Channels
- By Region
- North America
- Latin America
- Europe
- APAC
- MEA
Key Takeaways from the Market Study
- Global pet insurance market revenue to reach US$ 9.9 Bn by the end of 2022
- Europe to hold a revenue share of over 44% of the pet insurance market by 2022
- Asia Pacific region is projected to grow at the fastest rate of over 18% during the forecast period, 2022-2032.
- It is estimated that the accident and illness segment will hold the largest revenue share in 2022 at 85%.
- In 2022, the dogs segment will account for more than 50% of the market’s revenue.
- Direct sales dominated the market in 2021, projected to hold 34% of market revenue by 2022.
Competitive Landscape
Players implement various strategic strategies, such as launching new policies, forming partnerships and collaborations, and expanding regionally, in order to increase their market share.
- In June 2020, Veter Software, a provider of technology solutions for animals, signed an agreement with Trupanion. In this partnership, Vetter Software’s cloud-based veterinary practice management platform software was integrated with Trupanion’s software, enabling direct payments to veterinarians.
- AXIS Capital Holdings Limited entered the specialty insurance market in November 2021 by partnering with Managing General Underwriter Petplan. To gain steady growth in the market, its Accident and Health unit partnered up with Petplan.
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