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Soaring Demand Set to Propel Pet Accident Only Insurance Market to $1.80 Billion by 2029
Pet Accident Only Insurance
Pet Accident Only Insurance Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, the pet accident only insurance market has seen considerable expansion. The market, which is set to escalate from $1.16 billion in 2024 to $1.27 billion in 2025, is projected to have a compound annual growth rate (CAGR) of 9.6%. The substantial growth observed in the historical period is the result of various factors, such as elevated global pet ownership, escalating veterinary treatment expenses, an expanding consciousness about pet care, heightened demand for pet safety, and an upswing in available household income.
Pet Accident Only Insurance Market Size Forecast: What's the Projected Valuation by 2029?
In the upcoming years, the pet accident only insurance market is predicted to experience robust growth. The projections estimate its value will reach $1.80 billion in 2029, reflecting a compound annual growth rate (CAGR) of 9.2%. Factors such as the rising uptake of pet insurance, increased incidents of pet accidents, expanding urban pet demographics, the prevalence of online policies, and a heightened emphasis on companion animals all contribute to the growth in this period. The forecast period also notices various trends, such as progress in pet health surveillance, the inclusion of AI in claim handling, technology-aided policy personalization instruments, advances in mobile insurance applications, and the evolution of wearable pet gadgets.
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What Are the Drivers Transforming the Pet Accident Only Insurance Market?
The growth of the market is being propelled by the surge in pet ownership and the escalating demand for financial safeguards against unforeseen veterinary expenses.
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What Are the Key Trends Driving Pet Accident Only Insurance Market Growth?
Leading enterprises in the pet accident only insurance market are channeling their efforts toward creating inventive solutions via strategic alliances, in order to improve the availability of their services and broaden their clientele. This strategic collaboration includes agreements between businesses that optimize each party's unique abilities to pursue shared objectives, like increasing market penetration or upgrading service propositions. For instance, during November 2022, Dutch Pet Inc., a veterinary telehealth firm based in the US, formed a partnership with Synchrony, a consumer finance services firm also based in the US. Together, they introduced a pet insurance product that exclusively offers an Accident Only plan for its yearly veterinary care members. This particular plan provides coverage for qualified emergency vet expenses up to $10,000 annually, with a $250 deductible and 10% copayment. It exclusively covers accidents like bone fractures or foreign object ingestion, while illnesses and pre-existing conditions are excluded. Aimed at improving Dutch's 24/7 virtual veterinary services, this proposition ensures both immediate telehealth aid and financial safety during unexpected emergencies.
Which Segments in the Pet Accident Only Insurance Market Offer the Most Profit Potential?
The pet accident only insurance market covered in this report is segmented
1) By Type: Pet Liability Insurance, Pet Medical Insurance
2) By Type Of Pet: Dogs, Cats, Exotic Pets, Other Small Animals
3) By Policy Coverage Type: Accident-Only Coverage, Comprehensive Coverage, Liability Coverage, End-Of-Life Coverage
4) By Distribution Channel: Direct-To-Consumer (Online Platforms), Insurance Agents Or Brokers, Veterinary Partnerships, Pet Retailers
5) By End-User: Individual, Commercial
Subsegments:
1) By Pet Liability Insurance: Third Party Injury, Property Damage, Legal Expenses
2) By Pet Medical Insurance: Accident Coverage, Emergency Care, Surgery Costs, Prescription Medications
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Which Firms Dominate the Pet Accident Only Insurance Market by Market Share and Revenue in 2025?
Major companies operating in the pet accident only insurance market are Trupanion Inc., Tesco Personal Finance plc, Anicom Holdings Inc., Nationwide Mutual Insurance Company, Embrace Pet Insurance Agency LLC, Animal Friends Insurance Services Limited, TICORP Limited, Pets Plus Us Inc., Pet Plan Limited, The Insurance Emporium Limited, Pets Best Insurance Services LLC, ASPCA Pet Health Insurance, Figo Pet Insurance, Agria Animal Insurance AB, Pumpkin Pet Insurance, Prudent Pet Insurance Agency LLC, American Kennel Club, Perfect Pet Insurance Limited, Spot Pet Insurance Ltd, Odie Pet Insurance Inc., Scratch and Patch Insurance Services Limited.
Which Regions Offer the Highest Growth Potential in the Pet Accident Only Insurance Market?
North America was the largest region in the pet accident only insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in pet accident only insurance report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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