Knowledge Sourcing Intelligence announces the publication of a new report on “Pet Insurance Market - Forecasts from2020 to 2025" to their offering.
Pet Insurancepolicies provide illness and accident coverage for family-owned pets, primarily dogs and cats. Pet insurance is quite similar to human health insurance with annual coverage offered at an actuarially-determined rate subject to various terms and conditions. It helps pet owners to reimburse for certain medical expenses incurred for their pets in case of sudden accident or illness.
According to the report, the Pet Insurance Market is projected to increase at a CAGR of 4.75% in the coming years.
Rising Number of Pet Ownership
Rising number of pet ownership is the major driver of pet insurance market. As the prevalence of pet-related diseases is continuously rising, the cost of veterinary is also rising. As such, pet owners are getting inclined towards pet insurance policies in order to cut down these costs. According to the latestNational Pet Owners Survey by the American Pet Products Association, surgical vet accounts for the highest amount of expenditure for both dogs and cats in the United States, followed by food and routine visit. Thus, the demand for pet insurance policy is also rising due to rising veterinary costs, thereby driving the global pet insurance market growth.
By animal type, the pet insurance market is segmented into dog, cat, and others. Others include birds, fishes, and horses. Dog segment holds the major market share throughout the forecast period. As per the American Pet Products Association’s 2019-20 National Pet Owners Survey, the number of U.S. households that has a dog as pet was recorded to 63.4 million in 2018, followed by cat (42.7 million), and freshwater fish (11.5 million).
Geographically, Pet Insurance market is segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. The European regional market for pet insurance accounted for major share in 2019 and will remain at their positions till the end of the forecast period owing to the high population of companion pets coupled with the presence of many companies offering pet insurance policies. According to the Department of Clinical Veterinary Science and the Pet Food Institute, 23.0 per cent of pets in the UK and 30.0 per cent in Sweden were covered by pet insurance as of 2017 as compared to only 1 per cent in the U.S. However, the North American regional market is also pacing up with the continuous rise in the number of family pets and rising awareness as how to provide a happy and healthy lifestyle to their pets. According to the NAPHIA statistics, the total premium volume for NAPHIA members in 2017 was US$1.03 billion in the U.S., representing 23.2 per cent growth from 2016.Furthermore, rising veterinary costs is also aiding the growth of pet insurance market in this region. Asia Pacific (APAC) pet insurance market is still at the nascent stage even though the number of pets owned by families is continuously rising. However, with rising purchasing power and growing affection for pets will also drive the market growth of pet insurance in Asia Pacific (APAC) countries during the next five years. According to the International Monetary Fund (IMF) 2019 statistics, the per capita income in APAC region is projected to reach US$10.18 thousand by 2024 from US$7.35 thousand in 2019.
The major players covered as part of the report are Nationwide Mutual Insurance Company, PetFirst Healthcare LLC, Healthy Paws Pet Insurance, LLC, United States Fire Insurance Company, Trupanion, Petplan Limited, Embrace Pet Insurance Agency, LLC, U K Insurance Limited, Petsecure Pet Health Insurance, and 24PetWatch.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-pet-insurance-market
This report has segmented the Pet Insurance marketon the basis following terms: