Rising demand for pet insurance to help limit out-of-pocket expenditure on critical medical conditions, such as cancer, and accidental injuries is anticipated to boost the growth in the near future
JERSEY CITY, N.J., Oct. 26, 2020 /PRNewswire/ -- Verified Market Research recently published a report, "Pet Insurance Market by Product (Accident and Illness, Accident Only), by Animal Type (Dogs, Cats), by Sales Channel (Broker, Agency), Geography". According to Verified Market Research, the Global Pet Insurance Market was valued at USD 3.68 billion in 2019 and is projected to reach USD 11.84 billion by 2027, growing at a CAGR of 15.65% from 2020 to 2027.
Factors such as rising pet adoption and growing prevalence of feline- & dog-related diseases are major drivers for this market. Moreover, rising demand for pet insurance to help limit out-of-pocket expenditure on critical medical conditions, such as cancer, and accidental injuries is anticipated to boost the growth in the near future. In addition, Innovative insurance policies such as schemes that cover pet irrespective of their ages, multi-pet insurance policies that include multiple pets in a single plan attract large number of customers. Such initiatives adopted by the private players enable them to hold maximum share in the pet health insurance market. Furthermore, Accident and illness policy provide reimbursement for treatments of broken bones, burns, swallowed objects, poison ingestion, urinary tract infections, allergies, laboratory tests, X-rays, surgeries, and hospitalizations. The comprehensive nature of accident and illness policies is the major growth rendering factor that attracts large number of pet owners. However, with increasing healthcare cost for pets, the owners are readily adopting pet health insurance, boosting the market growth. Pet insurance companies are making numerous and continued efforts to increase consumer awareness pertaining to various policies and the benefits associated with them. Industry players are using social media and digital marketing as a tool to maximize the customer outreach by sharing information regarding various insurance policies of cat and dog breeds. Majority of the companies are targeting the untapped and poorly penetrated markets with primary objective of gaining a higher share.
The major players in the market are Petplan U.K. (Allianz); Nationwide; Trupanion; Petplan North America (Allianz); Hartville Group; Pethealth; Petfirst; Embrace; Royal & Sun Alliance (RSA); Direct Line Group.
Verified Market Research has segmented the Global Pet Insurance Market on the basis of Product, Animal Type, Sales Channel, and Geography.
Pet Insurance Market by Product
Accident and Illness
Pet Insurance Market by Animal Type
Pet Insurance Market by Sales Channel
Pet Insurance Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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