Dublin, Sept. 05, 2022 (GLOBE NEWSWIRE) — The “Global Pet Insurance Market Report 2022” report has been added to from ResearchAndMarkets.com offer.
The global pet insurance market is expected to grow from $5.91 billion in 2021 to $6.94 billion in 2022 at a compound annual growth rate (CAGR) of 12.34%. The pet insurance market is expected to reach $11.18 billion in 2026 with a CAGR of 13.90%.
The pet insurance market consists of the sale of pet insurance by entities (organizations, independent traders, and partnerships) that are purchased by a pet owner, which helps them reduce the overall costs of expensive veterinary bills in the event of an accident or health problem. This can help reduce the financial risk of unexpected veterinary expenses.
The main types of policy coverage in the pet insurance market are accident and sickness and accident only. Accident and sickness policy coverage is used to cover veterinary expenses incurred in the treatment of an injured or sick pet. Some pet insurance policies also cover the death or loss of the insured animal. Pet insurance is available for animals such as dogs and cats and is provided by public and private bodies.
North America was the largest region in the pet insurance market in 2021. Regions covered in the pet insurance market report are Asia-Pacific, Europe Western Europe, Eastern Europe, North America, South America, the Middle East and Africa.
The growing number of pet adoptions is expected to continue over the forecast period, boosting the pet insurance market. During the COVID-19 pandemic, the demand for adoption or placement of pets has increased worldwide, from Canada to India. Adopting pets helps people by providing health benefits such as lowering blood pressure, reducing stress and anxiety.
For example, according to PetPoint, between March and September 2020, the number of US pet homes increased by 8%. Similarly, according to the Household, Income and Labor Dynamics in Australia (HILDA) survey, released in 2020, two-thirds of Australians have at least one pet, accounting for 62% of respondents.
Reports also indicate that around 72% of Australian pet owners have at least one dog and 37% have at least one cat. Thus, increasing number of pet adoptions will drive the growth of the pet insurance market.
Advancement and awareness of pet insurance has been a major trend in this market. Digital solution providers are looking to work with insurers to improve the customer experience for policyholders through value-added services.
Figo Pet Insurance, for example, offers the Figo Pet Cloud, a cloud-based service that enables real-time GPS monitoring of pets, medical records management, mobile claims submission, pet social profiles company, a directory of pet-friendly businesses, vaccinations and appointments. alerts via a smartphone application. Pet insurers need to use a specialized digital marketing strategy to build trust and connect with millennial customers.
1) By policy cover: accident and illness; Accident only
2) By type of animal: dog; Cat
3) By provider: public; Private
Main topics covered:
2. Characteristics of the pet insurance market
3. Pet Insurance Market Trends and Strategies
4. Impact of COVID-19 on pet insurance
5. Pet Insurance Market Size and Growth
6. Pet Insurance Market Segmentation
7. Regional and country-level analysis of the pet insurance market
8. Asia-Pacific Pet Insurance Market
9. Chinese pet insurance market
10. Indian pet insurance market
11. Japanese pet insurance market
12. Australian pet insurance market
13. Pet insurance market in Indonesia
14. Pet insurance market in South Korea
15. Western Europe Pet Insurance Market
16. UK pet insurance market
17. German pet insurance market
18. French pet insurance market
19. Eastern Europe Pet Insurance Market
20. Russian pet insurance market
21. North America Pet Insurance Market
22. US pet insurance market
23. South America Pet Insurance Market
24. Brazilian pet insurance market
25. Middle East Pet Insurance Market
26. Africa Pet Insurance Market
27. Pet Insurance Market Competitive Landscape and Company Profiles
28. Key mergers and acquisitions in the pet insurance market
29. Pet Insurance Market Future Outlook and Potential Analysis
- Trupanion inc.
- Deutsche Familienversicherung AG (DFV)
- Petplan (Allianz)
- Pet Friendly Insurance Services Limited
- Figo Pet Insurance LLC
For more information on this report, visit https://www.researchandmarkets.com/r/hof6d8