Press release
Pet Insurance With Key Players, Applications, Trends And Revenue Forecast To 2032
Pet Insurance
The Business Research Company's Pet Insurance Global Market Report 2023 identifies increase in number of pet adoption as the major driver for the Pet Insurance market's growth in the forecast period. During the COVID-19 pandemic demand for adopting or fostering pets, rose worldwide, from Canada to India. Adopting pets help people by providing health benefits such as from lowering blood pressure to reducing stress, anxiety. For instance, according to PetPoint, between March and September 2020, U.S. homes number for foster pets increased by 8%. Similarly, according to Household, Income and Labour Dynamics in Australia (HILDA) Survey, published in 2020, two-thirds of Australians have at least one pet which accounted for 62% of surveyed people.
The global pet insurance market size grew from $6.76 billion in 2022 to $7.82 billion in 2023 at a compound annual growth rate (CAGR) of 15.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The pet insurance market size is expected to grow to $14.11 billion in 2027 at a CAGR of 15.9%.
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Major competitors in the Pet Insurance market are Trupanion Inc., Deutsche Familienversicherung AG (DFV), Petplan (Allianz), Animal Friends Insurance Services Limited, Figo Pet Insurance LLC.
A key trend in the Pet Insurance market includes Advancements and awareness in pet insurance. Digital solution providers are looking to collaborate with insurers to enhance the customer experience for insureds through value-added services. Figo Pet Insurance, for example, offers the Figo Pet Cloud, a cloud-based service that allows for real-time pet GPS monitoring, medical records management, mobile claims submission, social pet profiles, a pet-friendly business directory, vaccination and appointment alerts via a smartphone app.
Read More On The Global Pet Insurance Market Report Here:
https://www.thebusinessresearchcompany.com/report/pet-insurance-global-market-report
The Pet Insurance market is segmented -
• By Policy Coverage: Accident And Illness, Accident Only
• By Animal Type: Dog, Cat
• By Provider: Public, Private
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Pet Insurance market.
The Business Research Company's "Global Pet Insurance Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Pet Insurance Market Include:
1. Executive Summary
2. Pet Insurance Market Characteristics
3. Pet Insurance Market Trends And Strategies
4. Pet Insurance - Macro Economic Scenario
5. Pet Insurance Market Size And Growth
………………………………………………
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
30. Appendix
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