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Pet Insurance Global Market Report 2024 - By Demand, Share, Growth, Outlook By 2033
Pet Insurance Market
As per the report, the pet insurance market size has grown rapidly in recent years. It will grow from $7.92 billion in 2023 to $9.22 billion in 2024 at a compound annual growth rate (CAGR) of 16.5%. The pet insurance market size is expected to see rapid growth in the next few years. It will grow to $17.35 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%.
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Rising Number Of Pet Adoption Drives The Market
The increase in number of pet adoption is expected to continue during the forecast period driving pet insurance market. 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, in July 2022, according to the American Society for the Prevention of Cruelty to Animals, a US-based non-profit organization, only 3.2 million of the roughly 6.5 million animals that enter shelters each year are adopted. Further, in July 2022, according to the Humane Society, an India-based animal protection organization, every year, 31% of cats and 28% of dogs are adopted from shelters. Thus increasing number of pet adoption will boost the growth of pet insurance market.
Introduction Of Innovative Product Solutions In Pet Insurance
Advancements and awareness in pet insurance have been a major trend in this market. Digital solution providers are looking to collaborate with insurers to enhance the customer experience for insureds through value-added services. For example, Figo Pet Insurance, a US-based pet insurance company, 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. Pet insurers should use a specialized digital marketing strategy to develop trust and connect with millennial customers.
The pet insurance market covered in this report is segmented -
1) By Policy Coverage: Accident And Illness, Accident Only
2) By Animal Type: Dog, Cat
3) By Provider: Public, Private
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Major companies operating in the pet insurance market report are Trupanion Inc., DFV Deutsche Familienversicherung AG, Pet Plan Limited, Animal Friends Insurance Ltd., Figo Pet Insurance LLC, 24Petwatch Pet Insurance, Allstate Property and Casualty Insurance Company, American Society for the Prevention of Cruelty to Animals, Embrace Mobile Inc., Fetch Pet Insurance, Berkshire Hathaway Inc., Healthy Paws Pet Insurance LLC, Lemonade Inc., Nationwide Mutual Insurance Company, PetFirst Healthcare LLC, Pets Best Insurance services LLC, Prudent Pet Insurance Agency LLC, Team Pumpkin Ltd., Spot AI Inc., American Kennel Club Inc., American Modern Insurance Group Inc., Bivvy LLC, C&F Insurance Agency Inc., Hartville Group Inc., PetPartners Inc., PetPremium Inc., Amica Mutual Insurance Company, ASPCA Pet Health Insurance, Farmers Insurance Exchange, Erie Insurance Group
Contents of the report:
1. Executive Summary
2. Pet Insurance Market Report Structure
3. Pet Insurance Market Trends And Strategies
4. Pet Insurance Market - Macro Economic Scenario
5. Pet Insurance Market Size And Growth
…..
27. Pet Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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