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Pet Insurance Market Size Worth USD 44.99 Billion in 2032 | Emergen Research
Pet Insurance Market
Market Drivers:
The surge in pet insurance adoption is fueled by a variety of factors. The launch of new insurance products by established and emerging market players plays a pivotal role. For example, the collaboration between Trupanion and Vetter Software in June 2022 streamlined the payment process for veterinary services, reducing financial stress for pet owners.
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Market Restraints:
However, challenges such as the lack of standardized reimbursement codes and the high cost of pet insurance hinder market growth. Additionally, limited pet adoption rates in developing countries pose a challenge to market expansion.
Market Segment Insights:
The market is segmented based on policy coverage, animal type, and service provider. Accident and illness coverage dominates the market, addressing a wide range of health issues for pets. Moreover, the dogs segment leads in revenue share due to the high cost of treatments, particularly for conditions like cancer. Cats, on the other hand, show steady growth in pet insurance adoption, driven by increasing adoption rates and targeted acquisitions by major companies.
Innovative Offerings:
In response to evolving consumer needs, pet insurance providers are introducing innovative solutions. For instance, Future Generali India Insurance Company Limited launched FG Dog Health Cover, featuring an 'emergency pet minding' cover, highlighting the industry's commitment to addressing pet owners' diverse needs.
Future Outlook:
With the market witnessing increased competition and product innovation, the future of pet insurance remains promising. Public providers are expected to play a significant role in driving market growth by making insurance more accessible and affordable to a wider range of pet owners.
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Pet Insurance Top Companies and Competitive Landscape
The global pet insurance market is fragmented, with many medium and large-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new pet insurance products in the market.
Some major players included in the global pet insurance market report are:
• Trupanion
• DFV Deutsche Familienversicherung AG
• Allianz p.l.c.
• Figo Pet Insurance LLC.
• UK Insurance Limited
• Nationwide Mutual Insurance Company
• American Modern Insurance Group, Inc.
• Anicom Holdings, Inc.
• MetLife Services and Solutions, LLC
• Pumpkin Insurance Services Inc.
• Royal & Sun Alliance Insurance Ltd.
• Pets Best Insurance Services, LLC
• Pet Assure.
• PTZ Insurance Agency, Ltd.
• Nationwide.
• Protectapet
• Hollard Insurance
• Anicom Holdings, Inc.
• The Oriental Insurance Company Ltd.
• ASPCA
• Healthy Paws Pet Insurance, LLC
• 24Petwatch
Pet Insurance Latest Industry News
• In April 2023, Kanguro Insurance, a new insurance technology startup, officially launched its ground-breaking pet health insurance products. Kanguro Insurance intends to improve the pet insurance sector in the U.S. by focusing on digital innovation and bilingual customer care. Kanguro Insurance provides fully customizable coverage that is conceptually comparable to human health insurance, with policyholders paying a monthly fee that covers a wide range of veterinary appointments, diagnostic tests, surgical procedures, and drugs.
• In December 2021, Trupanion and Chewy partnered to provide a unique collection of pet wellness and health insurance policies to Chewy's 20 million clients. This strategic partnership aimed to provide consumers wellness programs, preventive treatment, and comprehensive insurance coverage for diseases, accidents, and chronic conditions.
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Pet Insurance Market Segment Analysis
For the purpose of this report, Emergen Research has segmented the global pet insurance market on the basis of policy coverage, animal type, service provider, and region:
• Policy Coverage (Revenue, USD Billion; 2019-2032)
o Accident & illness
o Accident Only
o Embedded Wellness
• Animal Type Outlook (Revenue, USD Billion; 2019-2032)
o Dogs
o Cats
o Others
• Service Provider Outlook (Revenue, USD Billion; 2019-2032)
o Private
o Public
• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa
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