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Pet Insurance Market By Top Players - Nationwide, Trupanion, Petfirst, Pethealth, Embrace Pet Insurance Agency, Crum & Forster
Meanwhile, given the elevated demand, several industry players are focusing towards the expansion of their presence by launching offerings. Citing an instance, in February 2021, PetDesk reportedly announced the Pet Insurance Guide, a unique tool for pet parents to rapidly request as well as buy pet insurance policies from the PetDesk app.
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It is the newest addition to the Lifetime Action Plan, PetDesk’s set of pet owner tools helping pet owners and veterinary clinics to increase pet lifespans. This new guide also offers a novel way for pet owners to easily find and compare the policies related to pet insurance.
As per a Global Market Insights, Inc., report, pet insurance market is estimated to surpass a $11.6 billion valuation by 2027.
In terms of animal, the overall market is classified into dog, cat, and others. Here, the dog segment is likely to showcase lucrative growth of 7.5% over the forecast time period. The growth is majorly ascribed to the high healthcare cost related to dogs in comparison to other pets. The cost of only one surgical visit, for instance, is usually somewhere around $426 for a dog. Consequently, various pet insurance firms offer policy coverage to a broader range of dog breeds such as cross breed, exotic dogs, sheep dogs that are pets. Owners often choose such policy coverages for their dogs in order to decrease the cost.
With respect to service provider, the market is divided into private and public. In 2020, the private segment held around 94.0% of the market share and is expected to showcase a promising growth over the study period. The segmental growth is attributed to the rising number of private pet insurance providers functioning in pet insurance sector. In order to retain its customers, private providers also offer numerous new pet schemes, which is majorly driving the segment outlook. Private providers also offer multi-pet insurance policies that over various pets within a single plan. The high demand for these policies attract more number of customers to the segment.
On the regional front, the APAC pet insurance market is anticipated to grow at a moderate pace of 8.1% over the forecast time period. This robust growth projection is ascribed to increasing awareness around the importance of animal health and rising pet adoption. Additionally, rising per capita animal health expenditure is actively increasing the number of pet insurance clients across developing nations such as India and China. Citing an instance, in 2015, it was noted that there were only 5,000 pet insurance clients in China, however in 2019, the number had jumped up to around 160,000 pet insurance clients throughout the country.
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Lately, companies have been actively involved in strategies, such as partnerships, launch of new policies, regional expansions, and M&A to capture a larger share of the market. For instance, in February 2021, Prudent Pet Insurance reportedly announced its partnership with Markel Insurance Company, a leading specialty insurance carrier with almost 90 years of experience in several niche insurance markets. This partnership provides a platform that incorporates a shared commitment of supreme service to their customers along with best coverage that is available for the customers' pets.
Petplan, Petfirst, Health for Pet, Crum & Forster, Pethealth, Nationwide, Embrace Pet Insurance Agency, and Trupanion among many others are some of the key players operating in the pet insurance market.
Partial Chapter of the Table of Content
Chapter 4 Pet Insurance Market, By Policy Coverage
4.1 Key segment trends
4.2 Accident only
4.2.1 Market size, by region, 2016 - 2027 (USD Million)
4.3 Accident & illness
4.3.1 Market size, by region, 2016 - 2027 (USD Million)
4.4 Others
4.4.1 Market size, by region, 2016 - 2027 (USD Million)
Chapter 5 Pet Insurance Market, By Animal
5.1 Key segment trends
5.2 Cat
5.2.1 Market size, by region, 2016 - 2027 (USD Million)
5.3 Dog
5.3.1 Market size, by region, 2016 - 2027 (USD Million)
5.4 Others
5.4.1 Market size, by region, 2016 - 2027 (USD Million)
Browse full table of contents (TOC) of this report @ https://www.gminsights.com/toc/detail/pet-insurance-market
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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