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Pet Insurance Market Size, Share & Industry Analysis, By Policy Coverage Type (Accident & Illness, Accident Only, Others), By Animal Type (Dog, Cat, Others), By Provider (Public, Private) and Regional Forecast, 2019-2026

Region : Global | Published Date: Jan, 2020 | Report ID: FBI101956

 

KEY MARKET INSIGHTS

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Pet insurance is a policy bought by pet owner that helps to lessen the overall costs of expensive veterinary bills. These policies are similar to health insurance coverage for human being. Pet insurance policies cover either entirely or a part of the medical expenses related to the pet. Pet insurance market is anticipated to witness significant growth across the forecast period, owing to increasing adoption rate of pets across the globe. Moreover, rising awareness among the population of developing economies pertaining to several pet insurance schemes will further propel market growth. Also, rising veterinary service cost is another significant factor influencing people to adopt pet insurance to limit such expenses up to an extent and thus augmenting market growth. 


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Moreover, increasing number of companies entering the pet insurance industry is another chief factor supporting market competition, and influencing major players to offer several discounts and benefits to grab a strong foothold in the market. Moreover, introduction of innovative pet insurance schemes such as multi-pet insurance policies which allow pet owners to have a single insurance policy covering multiple pets. Hence, such initiatives will strongly support market growth across the forecast period.


MARKET DRIVERS


“Increasing Pet Adoption across Various Countries Will Spur Revenue Growth”


Rising pet adoption across various countries is one of the significant factor boosting product demand and thereby augmenting market growth. For instance, as per The American Society for the Prevention of Cruelty to Animals (ASPCA), it is estimated that in 2018, 78 million dogs and 85.8 million cats were owned in the U.S. Moreover, rising pet insurance penetration across various countries in Europe is another considerable factor boosting product demand. For instance, the U.K. was one of the top countries with the highest pet insurance penetration rate of 25% in 2017. Also, Sweden was the first country to write the first animal insurance policy in 1924 which focused on horses and livestock at the time.  


Furthermore, the rising prevalence of zoonotic diseases among companion animals is also one of the major reasons influencing people to adopt pet insurance, thus contributing to expansion of the market.    


“Major Players Offering Novel Pet Insurance Policies and Concessions to Boost Product Demand”


Increasing number of companies operating in the market is another important factor augmenting market growth. Growing competition among the players to grab a strong foothold in the market have led to the introduction of various novel policy scheme for pets. For instance, several companies offer multi pet insurance policies, where under a single policy multiple pets can be enrolled. Additionally, several other players are offering concessions and offers in their pet insurance schemes to retain customer and thereby augmenting market growth. Also, various industry players are offering policy coverage for pets irrespective of their ages. Hence, such initiatives will significantly support a positive market growth trajectory during the forecast period.


SEGMENTATION


By Policy Coverage Type Analysis


“Accident & Illness Segment to Dominate the Pet Insurance Market”


On the basis of policy coverage type, the market can be segmented into accident & illness, accident only, and other embedded wellness insurance schemes. The accident & illness segment is anticipated to dominate the pet insurance market share throughout the forecast period. Such policies offer flexible coverage for illness, injuries and accidents, hospitalization cost, surgeries, medications and several others. Accident & illness policies cover several claims with maximum benefits, thus boosting product demand and augmenting market growth.


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On the other hand, accident only policies segment is estimated to witness considerable growth across the forecast period. Pets that are no longer eligible for full accident and illness coverage and are above 15 years of age can benefit from accident only pet insurance policies. Moreover, growing concerns among the owners about their pet’s safety and health will further augment segmental growth.


By Animal Type Analysis


“Cats Segment to Witness a Lucrative Growth Owing to High Pet Adoption Rate”


Based on animal type, the market can be bifurcated into cat, dog and others; which include equine and few of the exotic animals as pet. The cat segment is estimated to witness a positive growth trajectory across the forecast period owing to growing adoption of cats across several countries. For instance, as per The American Society for the Prevention of Cruelty to Animals (ASPCA), more than 85 million cats are owned in the U.S. Hence, increasing adoption of cats in various developed as well as developing countries of the world will significantly drive segmental growth across 2018 to 2026.


Dogs dominated the entire pet insurance market in 2018. It accounted for maximum revenue share across the forecast period. High growth is due to growing adoption of dogs as a pet in several regions of the world. As per Japan Pet Food Association, Japan have more than 10 million dogs as pet in 2014 and the rate is estimated to increase across the forecast period. Moreover, increasing incidence of animal disorder is another significant factor supporting adoption of pet insurance. Additionally, high cost associated with veterinary expenses will further boost product demand. For instance, surgical vet visits costs around USD 621 and routine vet visits cost around USD 231. Hence, the aforementioned factors are anticipated to augment dog’s segment growth during the forecast period.


By Service Provider Analysis


“Novel Insurance Schemes Offered by Private Players Assist in Revenue Growth”


Based on service provider, the market is segmented into private and public insurance providers. In terms of revenue, private segment accounted for the maximum portion of the market in 2018. An increase in the number of private insurance companies offering several coverage schemes at an affordable premium rate will considerably augment market growth. Also, these private players are offering various innovative insurance policies that provide coverage for several claims, thus fostering product demand.


Public insurance providers segment is estimated to witness favorable growth across 2018 to 2026. High growth is attributable to increasing awareness among the pet owners about several insurance policies and with growing pet insurance penetration rate across maximum countries. Moreover, increasing disposable income in developed as well as developing economies is another important factor encouraging people to spend on their pets more. The aforementioned factors will strongly support segmental growth across the forecast years.


REGIONAL ANALYSIS


Europe held the maximum revenue in 2018 and is projected to dominate the market throughout the forecast period. Increasing government initiatives to promote pet adoption coupled with growing adoption of animals in the European countries are few of the major market drivers. Moreover, the concept of pet insurance originated in 1924 at Sweden, and since then it is the biggest user of pet insurance by proportion of pets covered. Moreover, growing number of startups entering the European market is another factor augmenting the pet insurance market size in the U.K.


In Asia Pacific, the pet insurance market is anticipated to witness an exponential growth across 2018 to 2026. High growth is attributable to increasing concern among the owners about their pet’s health. Moreover, people across the world have faced a transition in treating their pets as a family member. Hence, increasing concerns coupled with growing disposable income of these countries are the major factor driving pet insurance market in the Asia Pacific. Also, growing number of major players entering the untapped market in Asia Pacific region will further propel market growth.


North America Pet Insurance Market Size, 2018

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In North America, the market is estimated to flourish owing to the increasing pet insurance penetration rate in the U.S. and Canada. However, the penetration rate of pet insurance in the U.S. is lower than 2% but with the growth in pet adoption across the past few years, U.S. is estimated to hold significant shares across the forecast period. Also, major companies functioning in the pet insurance industry have an established presence in the North America market, thus augmenting revenue growth. Also, growing trend of adopting exotic pets such as bearded dragon, serval, fennec fox and wallaby in the U.S. and Canada is another significant factor fostering North America pet insurance market. Also, growing awareness among the population pertaining to several benefits associated with pet insurance coverage schemes will considerably augment sales in the Middle East and Latin American region, thus boosting global market growth.


INDUSTRY KEY PLAYERS


“Nationwide Pet Insurance and Anicom Holdings to Emerge as the Top Player” 


In terms of pet insurance market revenue, Nationwide Pet Insurance is one of the leading companies operating in the North America. The company holds a major proportion of shares in terms of pet insurance in the U.S. Also, Anicom Holdings is another leading pet insurance company operating in Japan. As per statistics, it holds approximately 60% of Japan’s growing pet insurance market. Few of the notable players functioning in the pet insurance market across the globe are Trupanion, ASPCA Pet Health Insurance, Petplan Pet Insurance, Embrace and few others. The pet insurance market is highly consolidated in nature however, with the emergence of new companies entering the industry, will lead to market fragmentation across the forecast period. Moreover, increasing number of companies offering innovative pet insurance schemes to alleviate user experience will further boost product demand. For instance, in December 2018, Waggel Limited, a new pet insurance startup in the U.K. announced the launch of “fully digital” pet insurance scheme to enhance user experience. Such novel product launch assisted the company to attract more customers, thereby generating more revenue.


List Of Key Companies Covered:



REPORT COVERAGE


Pet insurance policies help to reduce the overall costs of expensive veterinary bills. Increasing pet adoption across the globe is one of the major factor augmenting market growth. Moreover, rising initiatives by the major players operating in the industry to launch novel pet coverage schemes will further boost product demand. Also growing disposable income of the developing economies is another important factor propelling market growth. The report provides qualitative and quantitative insights on the global pet insurance market trends and detailed analysis of market size & growth rate for all possible segments in the market.


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The report provides a detailed analysis of the market and focuses on key aspects such as leading companies, competitive landscape, and product types. Besides, the report offers insights into the market trends and highlights key industry developments, such as mergers, acquisitions, and partnerships. In addition to the aforementioned factors, the report encompasses several key insights, such as the pet adoption statistics for key countries, pricing analysis of top insurers, new product launches etc. 


Report Scope & Segmentation











































 ATTRIBUTES



 DETAILS



Study Period



2015-2026



Base Year



2018



Forecast Period



2019-2026



Historical Period



2015-2017



Unit



Value (USD billion)



Segmentation



By Policy Coverage Type



  • Accident & Illness

  • Accident Only

  • Others



By Animal Type



  • Cat

  • Dog

  • Others



By Provider 



  • Public

  • Private



By Geography



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, Sweden, and Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Middle East and Africa ( South Africa, GCC, and Rest of the Middle East & Africa)



INDUSTRY DEVELOPMENT:



  • October 2019: Petplan, a leading pet health insurance provider, announced that the company has been acquired by Warburg Pincus, a global private equity firm focused on growth investing. The acquisition will provide Petplan with access to significant resources and capital to drive meaningful growth.

  • September 2019: Franklin Madison announced it will offer pet insurance programs for banks and credit unions. Through its partnership with A-rated carrier Crum & Forster Pet Insurance Group, financial institutions that partner with Franklin Madison can now offer another valuable insurance program to their consumers.


Frequently Asked Questions

The value of the global pet insurance market was USD 6.05 billion in 2018.

Fortune Business Insights says that the pet insurance market is projected to reach USD 11.25 billion by 2026.

The value of the North America pet insurance market was USD 1.42 billion in 2018.

The pet insurance market is projected to grow at a CAGR of 8.0% during the forecast period (2019-2026).

The accident & illness pet insurance segment is the leading segment in the global pet insurance market.

Increasing number of pet adoption and the launch of novel pet insurance schemes are the key factors driving the global pet insurance market.

Nationwide Mutual Insurance Company and Anicom Holdings are few of the top players in the global pet insurance market.

Europe is expected to hold the highest market share in the global pet insurance market.

Rising pet penetration rate coupled with increasing disposable income of the developing countries and growing adoption of pets are few of the pet insurance market trends.

Pet Insurance Market Size, Share and Global Industry Trend Forecast till 2026
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