DUBLIN, May 2, 2023 /PRNewswire/ — The “Pet Insurance Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
The global pet insurance market grew from $6.76 billion in 2022 to $7.82 billion in 2023 at a compound annual growth rate (CAGR) of 15.7%. The pet insurance market is expected to grow to $14.11 billion in 2027 at a CAGR of 15.9%.
Advancements and awareness in pet insurance has 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. 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. Pet insurers should use a specialized digital marketing strategy to develop trust and connect with millennial customers.
In October 2021, JAB Holding Co., a German-based conglomerate company acquired Cardif Pinnacle for an undisclosed amount. Through the acquisition, the investment firm seeks to become a dominant player in the fast-growing animal health insurance industry. JAB’s veterinary clinics have access to a lot of consumer spending data, which will help the company price premiums more properly. Cardif Pinnacle is a UK-based pet insurance subsidiary of BNP Paribas SA.
North America was the largest region in the pet insurance market in 2022. The regions covered in the pet insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing 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, 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 reports also indicate that around 72% of Australian pet owners have at least one dog and 37% have a least one cat. Thus increasing number of pet adoption will boost the growth of pet insurance market.
The pet insurance market includes revenues earned by entities by providing services such as lifetime cover, time-limited cover and money-limit cover. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
A Selection of Companies Featured in this Report Includes:
- Trupanion Inc.
- Deutsche Familienversicherung AG (DFV)
- Petplan (Allianz)
- Animal Friends Insurance Services Limited
- Figo Pet Insurance LLC
- Direct Line
- Nationwide Mutual Insurance Company
- Embrace Pet Insurance Agency LLC
- Anicom Insurance
- ipet Insurance Co. Ltd.
- Hartville Group
- Pet Assure Corp.
- Royal & Sun Alliance (RSA)
- Agria Pet Insurance Ltd
Key Topics Covered:
1. Executive Summary
2. Pet Insurance Market Characteristics
3. Pet Insurance Market Trends And Strategies
4. Pet Insurance – Macro Economic Scenario
4.1 COVID-19 Impact On Pet Insurance Market
4.2 Ukraine-Russia War Impact On Pet Insurance Market
4.3 Impact Of High Inflation On Pet Insurance Market
5. Pet Insurance Market Size And Growth
5.1. Global Pet Insurance Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Pet Insurance Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Pet Insurance Market Segmentation
6.1. Global Pet Insurance Market, Segmentation By Policy Coverage, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Accident And Illness
- Accident Only
6.2. Global Pet Insurance Market, Segmentation By Animal Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.3. Global Pet Insurance Market, Segmentation By Provider, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7. Pet Insurance Market Regional And Country Analysis
7.1. Global Pet Insurance Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Pet Insurance Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/eyjkdl
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Originally published at https://www.prnewswire.com/news-releases/global-pet-insurance-market-report-2023-2027–2032-featuring-trupanion-deutsche-familienversicherung-petplan-animal-friends-insurance-services–figo-pet-insurance-among-others-301813231.html