Horse Insurance Market Growth Accelerates: Strategic Forecast Predicts $1.24 Billion by 2029

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What Will the Horse Insurance Industry Market Size Be by 2025?
The equine insurance industry has seen swift expansion in the previous few years. The market, which was valued at $0.75 billion in 2024, is projected to increase to $0.83 billion in 2025, with a compound annual growth rate (CAGR) of 11.0%. The historical growth of this market can be credited to a surge in veterinary costs for equines, increased incidents of horse injuries, more government support for equine health, a rise in international horse trade, and an expansion in commercial horse-riding services.

What's the Long-Term Growth Forecast for the Horse Insurance Market Size Through 2029?
The anticipated horse insurance market growth is projected to accelerate rapidly in the upcoming years, reaching $1.24 billion in 2029 with a compound annual growth rate (CAGR) of 10.6%. The surge during the forecast period is due to factors such as the increasing acceptance of digital insurance platforms, an uptick in the disposable income of horse owners, prevalent horse possession, amplified worth of superior breed horses, and a growing count of leisure horse riders. The forecast period is likely to witness major trends such as technological advancements, digital platform innovations, progress in medical treatments and surgeries, advancements in diagnostic methods, and an increasingly tech-savvy equestrian community.

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What Are the Key Growth Drivers Fueling the Horse Insurance Market Expansion?
The expansion of horse racing events is projected to stimulate the development of the horse insurance market. Horse racing, usually involving jockeys guiding horses along a set track to determine the winner, is seeing an upsurge because of the advent of platforms. These platforms, offering mobile apps, live streaming, and real-time data features, have broadened its appeal and made it more accessible and engaging. As the frequency of horse racing events increases, horse insurance is becoming more advantageous in safeguarding owners against financial losses due to injuries, diseases, or even death of their prized racehorses during training or events. For example, the British Horseracing Authority, a UK regulator, reported in February 2025 that 2,052 individual Flat horses achieved a BHA performance rate of 85 or more in 2024, a 3.5% rise compared to 1,983 in 2023. Consequently, the escalating number of horse racing events is fuelling the horse insurance market's growth.

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What Are the Key Trends Driving Horse Insurance Market Growth?
Key players within the horse insurance market are emphasizing the development of innovative solutions like commercial equine liability insurance. These solutions expand the risk coverage for equine businesses and guarantee financial safety against third-party claims associated with property damage or physical injury as a result of horses. The commercial equine liability insurance provides a safety net for horse-related businesses against any legal claims due to injuries or property damages instigated by their horses or business activities. For instance, Hub International Limited, a US-based insurance brokerage firm, unveiled Private Client Equine Risk Advisory Services in February 2025. This service included coverage for equine death and major medical needs. Additionally, it offered protection for operations related to training, boarding, and instruction. The service also encompassed liability coverage for events and shows, handled care, custody, and control risks, and provided both personal and commercial equine liability protection. This personalized, consultative approach assists clients in mitigating the exclusive risks linked with valuable horses and equestrian activities.

How Is the Horse Insurance Market Segmented?
The horse insurance market covered in this report is segmented -

1) By Type: Mortality Insurance, Major Medical Insurance, Surgical Insurance, Loss Of Use Insurance, Personal Liability Insurance
2) By Type Of Horse: Sport Horses, Racehorses, Draft Horses, Leisure Horses, Ponies
3) By Distribution Channel: Agents And Brokers, Direct Response, Online, Other Distribution Channels
4) By Ownership Type: Individual Owners, Stable Or Boarding Facilities, Riding Schools And Clubs, Equine Therapy Centers, Professional Trainers
5) By Application: Recreational, Commercial

Subsegments:
1) By Mortality Insurance: Full Mortality Coverage, Limited Mortality Coverage, Named Perils Mortality
2) By Major Medical Insurance: Accident Coverage, Illness Coverage, Diagnostic Testing, Rehabilitation Services
3) By Surgical Insurance: Emergency Surgery Coverage, Elective Surgery Coverage, Post-Operative Care, Anesthesia Costs
4) By Loss Of Use Insurance: Full Loss of Use, Limited Loss of Use, External Injury Only, Internal Condition Coverage
5) By Personal Liability Insurance: On-Premises Liability, Off-Premises Liability, Third-Party Injury, Property Damage

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Which Companies Are Leading the Charge in Horse Insurance Market Innovation?
Major companies operating in the horse insurance market are Markel Insurance Company, Great American Insurance Group, Petplan Equine Insurance, ASPCA Pet Health Insurance, Agria Pet Insurance Ltd., Allen Financial Insurance Group Inc., Horse Insurance Specialists LLC, Blue Bridle Equine Insurance Agency Inc., Broadstone Equine Insurance Agency LLC, Kay Cassell Equine Insurance Agency LLC, Hallmark Equine Insurance Agency Inc., Franklin Equine Services LLC, Equine Insurance Center LLC, Equine Insurance Solutions LLC, Fry's Equine Insurance Agency Inc., American Equine Insurance Group Inc., Equine Protect Ltd., Jorene Mize Insurance Agency Inc., Equine Insurance Brokers Ltd., Equine Insurance Professionals LLC.

Which Regions Are Leading the Global Horse Insurance Market in Revenue?
North America was the largest region in the horse insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the horse insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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