Pet Insurance Market Worth $ 16.8 Billion by 2030 at 14.3% CAGR | Nationwide, Pet Assure Corp., PetFirst

Pet insurance is similar to human health insurance policies which offer annual premiums, co-pays, deductibles, and caps for pets. The pet health insurance covers for all types of pets including dog, cat, birds, reptiles, rabbits, ferrets, pigs, and others making it suitable for insuring rare and expensive pets. In addition, the premium of pet insurance is determined depending upon the size such as height & weight, age, breed, location, term & length of insurance policy, common indoor and outdoor risks in the surroundings, plan type, and others.

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Furthermore, growing and increased demand for insurance policies and rise in need for financial safety in case of increasing uncertainties are boosting the growth of the global pet insurance market trends. In addition, surge in number of pets is having positively impacts growth of the market. However, lack of awareness regarding pet insurance policy and high premium cost is hampering the market growth. On the contrary implementation of technologies in existing products and service lines government initiatives regarding Pet insurance policies are expected to offer remunerative opportunities for expansion of the market during the forecast period.

The global pet insurance market size was valued at $4.5 billion in 2020, and is projected to reach $16.8 billion by 2030, registering a CAGR of 14.3% from 2021 to 2030.

The outbreak of COVID-19 is anticipated to have a positive impact on growth of pet insurance market. This is attributed to increase in demand of pet insurance caused due to pandemic. In addition, the pandemic has led to adopt increase in spending rates in insurance products owing to the increase in awareness of importance of life. Due to which half of the pet insurance owner are also inclined towards buying pet insurance for future concern. Furthermore, the pandemic has resulted have favored to insurance industry and contributed in economy by giving businesses to insurance players.

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The key players profiled in the pet insurance market analysis are Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC., Hartville Group, Nationwide, Pet Assure Corp., PetFirst, Ipet Insurance, Pets Best Insurance Services, LLC, Royal & Sun Alliance (RSA), and Trupanion. These players have adopted various strategies to increase their market penetration and strengthen their position in the pet insurance industry.

Key Findings of The Study

By policy coverage, the accident & illness segment accounted for the largest pet insurance market share in 2020.
By sales channel, the agency segment accounted for the largest pet insurance market growth in 2020.
Region wise, Europe generated highest revenue in 2020.
Depending on Animal type, dogs generated the highest revenue in 2020.

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