DUBLIN, Aug. 4, 2022 /PRNewswire/ — The “Global Pet Insurance Market – Forecasts from 2022 to 2027” report has been added to ResearchAndMarkets.com’s offering.
The pet insurance market has a CAGR of 5.66% through the forecast period to succeed in US$84.996 billion by 2027, from US$57.811 billion in 2020.
Pet Insurance is a protection policy that mostly covers veterinary healthcare for an individual’s sick or wounded pet. Insurance firms may compensate for an element or whole of the healthcare treatment cost of the pet, depending on the policy. Some policies also cover costs if the pet gets stolen or lost, and even in case of death.
The worldwide pet insurance market is more likely to increase in the next years, owing to the increasing veterinary healthcare prices. The increasing trend of pet adoptions and pet purchases through the COVID-19 pandemic would also play an important role within the pet insurance market. Europe is currently holding the biggest market share within the pet insurance industry. Sweden currently holds the biggest market share in Europe, with almost 90% of pets having reported pet insurance covers.
Nonetheless, North America has been considered the fastest growing market lately, rapid advancements within the pet insurance market. NAPHIA recently revealed many industry achievements in North America, including a remarkable US$2.174 billion in total pet medical health insurance premiums sold in 2020 (as much as over 26% from $1.717 billion in 2019) and over 3.45 million pets covered across the region (up by 22.5% from over 2.81 million pets insured in 2019).
Increase in veterinary healthcare costs
With the increasing adoption and buy of pet animals, the veterinary healthcare industry has also grow to be substantially expensive. Knee replacements, sophisticated allergy testing, cancer treatments, and chiropractic therapy, which were previously exclusively available to humans, are actually available to dogs and cats. In line with the American Pet Products Association’s (APPA) annual state of the industry report, pet expenditure in america hit US$103.6 billion in 2020, up by 6.7% from the previous yr. Of that quantity, US$ 31.4 billion was used for veterinary healthcare, which accounted for a rise of about 7.2% from the previous yr. With the increasing costs of veterinary healthcare, people have began to know the importance of pet insurance. That is consequently expected to drive up the demand for pet insurance.
Furthermore, pet owners have seen a big increase in instances of dog thefts. In line with information released under the Freedom of Information Act by Direct Line Pet Insurance, thefts have increased by 13%, totaling 2,670 instances in 2021 within the UK. This has been recorded as the very best variety of thefts within the last seven years. Government agencies have tried releasing guidelines to safeguard the pets, but have been unsuccessful. One of the best option that pet owners must safeguard their pets is to get a theft or straying insurance cover that will cover the prices for the lack of a pet. Such increases within the instances of pet thefts are also expected to drive up the pet insurance market.
Increasing policy prices
Pet insurance prices have been increasing rapidly over the past few years. Veterinary treatments have advanced to the purpose that veterinarians can now diagnose and treat pet ailments with way more accuracy than ever before. Nonetheless, these treatments come at a price, and they’re going to unavoidably affect pet insurance premiums. Furthermore, some insurance providers are quite a bit more careful about their financial decisions and wish to generate as much revenue as they will. A few of them are more energetic in raising their rates than others, and so they are willing to risk losing clients consequently.
Moreover, even when a pet is currently in perfect condition and has never filed a claim, the pet insurance premiums may rise. As animals get older, the likelihood of their being ailing increases, raising the associated fee of insurance. Since pets live for a shorter period of time on average than humans, it could seem that they’re afflicted with more ailments and succumb to them sooner.
By Animal Type
By Policy type
- Lifetime Cover
- Illness Cover
- Accident Cover
- Non-Lifetime Cover
- Illness Cover
- Accident Cover
Key Topics Covered:
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. PET INSURANCE MARKET, BY ANIMAL TYPE
6. PET INSURANCE MARKET, BY APPLICATION
7. PET INSURANCE MARKET, BY COUNTRY
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
9. COMPANY PROFILES
- Nationwide Mutual Insurance Company
- Metlife Inc.
- Healthy Paws Pet Insurance, LLC.
- Crum & Foster
- Petplan Limited
- Embrace Pet Insurance Agency, LLC
- Animal Friends Insurance
- Petsecure Pet Health Insurance
For more details about this report visit https://www.researchandmarkets.com/r/3fquze
Research and Markets
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SOURCE Research and Markets