The US Pet Insurance Market 2020 Business Scenario - Trupanion Inc., FigoPet Insurance, ASPCA Pet Insurance

The Pet Insurance Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

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Executive Summary

Pets are becoming an important family member for many people in the US. For safeguard of their pets, many people are purchasing pet insurance policies. Pet insurance are similar to human insurance. In a pet insurance, insurer delivers many healthcare policy for different breed of pets and reimburses the pet owners for certain medical expenses. In layman terms, pet insurance is a service through which pet owners save on veterinary costs when pets gets sick or are injured. Most pet health insurance plans are paid on a monthly schedule and cost a few hundred dollars a year.

There are many types of pet insurance policies from which people can select the best and appropriate policy which meet their requirements. These are deductible, co-pay, premium, pre-existing conditions, maximum payouts and waiting period. In maximum payout, there are five sub-types for special cases like maximum payout per incident, maximum annual payout, maximum lifetime payout, maximum payout per body system, and maximum payout based on a predetermined benefit schedule.

The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the The US Pet Insurance Market: Trupanion Inc., FigoPet Insurance, ASPCA Pet Insurance, Pet Plan Insurance and others.

Latest news and developments:

April 29, 2020: With the recent reports of a dog testing positive for COVID-19 in North Carolina, data from Trupanion, the leading provider of medical insurance for pets, confirms they have nothing unusual to report related to pet health. With over 500,000 pets under its medical insurance coverage, Trupanion receives thousands of data points daily. Since the start of COVID-19 testing in pets began, Trupanion has yet to see any tests come through their veterinary invoice data. In addition, if pets were being affected by this virus, the database would reflect an upward trend in respiratory and gastrointestinal claims since the pandemic was first reported. According to Trupanion's database of millions of claims for sick pets over 20 years, the frequency of claims with those conditions over the last several months has not increased and has followed the same historic trend pre-COVID, indicating that there is no evidence that this a pet health problem.

December 10, 2019: Independence Holding Company ("IHC") and Figo Pet Insurance ("Figo") are pleased to announce the expansion of their relationship as a result of IHC making a $5 million investment in Figo for a 4% equity stake ($125M valuation).

Figo, which has been named Top InsurTech Leader by A.M. Best's Review,* and Independence American Insurance Company ("Independence American"), a member of The IHC Group which is rated A- (Excellent) by A.M. Best Company, Inc., are experiencing rapid sales growth since Independence American began underwriting pet insurance plans offered by Figo in August 2019. The partnership is now actively marketing in 46 states with the remaining states available in the coming weeks.

Market Overview:

In premium pet policies, there are many factors which impact the premium insurance. Such as breed of the pet, species from which pets belong, age of the pet, and location where the services is to be provided. Keeping these factors apart, pet insurance is very beneficial for pet owners as they are able to save more money, they can save their pets without hesitation, increases the accessibility to different treatment options, saves on additional treatment costs, etc.

The US pet insurance market is expected to increase at high growth rates during the forecasted period (2018-2022). The US pet insurance market is supported by various growth drivers, such as increasing love for dogs and cats, growing interest of millennials for pets, etc. yet, the market faces certain challenges, such as, barrier to entry, risks for a pet insurance company, etc. few new market trends are also provided such as, expanding distribution channels options, association with competing payment options, etc.

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Pet Insurance Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger and acquisitions along with trending innovation and business policies are reviewed in the report. The report contains basic, secondary and advanced information pertaining to the Market The US status and trend, market size, share, growth, trends analysis, segment and forecasts from 2020-2022.

Following are major Table of Content of Pet Insurance Market:

- The US Market Overview, Drivers, Restraints and Opportunities, Segmentation overview
- The US Market competition by top Players
- Analysis by Regions
- Consumption by Regions
- Consumption, By Types, Revenue and Market share by Types
- Consumption, By Applications, Market share (%) and Growth Rate by Applications
- Complete profiling and analysis of Players
- Industrial Chain, Sourcing Strategy and Downstream Buyers
- Marketing Strategy Analysis, Distributors/Traders
- The US Market Effect Factors Analysis
- The US Market Forecast
- The US Market Research Findings and Conclusion, Appendix, methodology and data source

Finally, all aspects of the The US Market are quantitatively as well qualitatively assessed to study the The US as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects. The report supplies the international economic competition with the assistance of Porter's Five Forces Analysis and SWOT Analysis.

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How we have factored the effect of Covid-19 in our report:

All the reports that we list have been tracking the impact of COVID-19. Both upstream and downstream of the entire supplychain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

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