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Pet Insurance Market is Projected to grow at a
CAGR 7.7 by 2027
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Key Insights from Pet Insurance Market

• In terms of animal, the overall market is
  classified into dog, cat, and others. Here, the
  dog segment is likely to showcase lucrative
  growth of 7.5 over the forecast time period. The
  growth is majorly ascribed to the high healthcare
  cost related to dogs in comparison to other pets.
  The cost of only one surgical visit, for
  instance, is usually somewhere around 426 for a
  dog. Consequently, various pet insurance firms
  offer policy coverage to a broader range of dog
  breeds such as cross breed, exotic dogs, sheep
  dogs that are pets. Owners often choose such
  policy coverages for their dogs in order to
  decrease the cost.
• With respect to service provider, the market is
  divided into private and public. In 2020, the
  private segment held around 94.0 of the market
  share and is expected to showcase a promising
  growth over the study period. The segmental
  growth is attributed to the rising number of
  private pet insurance providers functioning in
  pet insurance sector. In order to retain its
  customers, private providers also offer numerous
  new pet schemes, which is majorly driving the
  segment outlook. Private providers also offer
  multi-pet insurance policies that over various
  pets within a single plan. The high demand for
  these policies attract more number of customers
  to the segment.

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Continued

• Companies have been actively involved in
  strategies, such as partnerships, launch of new
  policies, regional expansions, and MA to capture
  a larger share of the market. For instance, in
  February 2021, Prudent Pet Insurance reportedly
  announced its partnership with Markel Insurance
  Company, a leading specialty insurance carrier
  with almost 90 years of experience in several
  niche insurance markets. This partnership
  provides a platform that incorporates a shared
  commitment of supreme service to their customers
  along with best coverage that is available for
  the customers' pets.

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Regional Insights in Pet Insurance Market

• On the regional front, the APAC pet insurance
  market is anticipated to grow at a moderate pace
  of 8.1 over the forecast time period. This
  robust growth projection is ascribed to
  increasing awareness around the importance of
  animal health and rising pet adoption.
  Additionally, rising per capita animal health
  expenditure is actively increasing the number of
  pet insurance clients across developing nations
  such as India and China. Citing an instance, in
  2015, it was noted that there were only 5,000 pet
  insurance clients in China, however in 2019, the
  number had jumped up to around 160,000 pet
  insurance clients throughout the country.
• Pet insurance market is expected to witness
  remunerative growth on account of a flourishing
  pet adoption trend and increasing consumer
  awareness regarding the benefits of pet
  insurance. As per a recent National Pet Owners
  Survey, which was conducted by the APPA (American
  Pet Products Association), around 70 million
  families own a dog as a pet. The survey further
  disclosed that the overall pet expenditure was
  roughly around 69.4 billion back in 2017.

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Major Companies in Pet Insurance Market

• Anicom Holding Inc
• Embrace Pet Insurance Agency LLC
• Figo Pet Insurance LLC
• Hartville Group
• Health for Pet
• Hollard
• Nationwide
• Oneplan
• Petfirst Healthcare LLC
• Pet Health
• Petplan
• ProtectaPet
• Royal Sun Alliance
• The Oriental Insurance Company Ltd
• Trupanion

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Industry Coverage

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