Pet Insurance Global Market Report 2024

Pet insurance refers to a policy that pet owners purchase to mitigate the overall cost of their animal's medical bills. It covers veterinary fees in case the pet is injured or becomes ill, providing a practical way to ensure that medical expenses don't become a burden.

The primary types of policy coverage in the pet insurance market are accident and illness, as well as accident-only coverage. The accident and illness policy covers veterinary expenses for the treatment of a pet that has suffered an injury or is sick. Some pet insurance plans may also include coverage for the death or loss of the insured pet. Pet insurance is available for various animals, with common coverage options for dogs and cats, and is offered by both public and private entities.

The pet insurance market research report is one of a series of new reports that provides pet insurance market statistics, including pet insurance industry global market size, regional shares, competitors with a pet insurance market share, detailed pet insurance market segments, market trends and opportunities, and any further data you may need to thrive in the pet insurance industry. This pet insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 growth in the historic period can be attributed to factors such as the increased ownership of pets, rising costs of veterinary care, growing awareness of pet health and wellness, the humanization of pets, and advancements in veterinary medical treatments.

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%. The growth in the forecast period can be attributed to the expansion of customized pet insurance plans, rising rates of pet adoption, increasing prevalence of pet-related regulations, rising urbanization, and an increasing number of companies offering innovative pet insurance schemes. Major trends in the forecast period include technological advancements in claims processing, telemedicine, and virtual vet consultations, the inclusion of alternative therapies in pet insurance coverage, and the emergence of bundled pet insurance and wellness packages, as well as collaborations between pet insurance providers and pet care businesses.

The pet insurance market is expected to witness growth driven by the increasing number of pet adoptions, a trend that is likely to continue during the forecast period. The COVID-19 pandemic saw a worldwide surge in demand for adopting or fostering pets, leading to various health benefits for individuals, such as lowered blood pressure and reduced stress and anxiety. For instance, the American Society for the Prevention of Cruelty to Animals reported in July 2022 that out of the roughly 6.5 million animals entering shelters annually, only 3.2 million are adopted. Additionally, the Humane Society in India noted that 31% of cats and 28% of dogs are adopted from shelters each year. This rise in pet adoptions is expected to contribute significantly to the growth of the pet insurance market.

The pet insurance market is also anticipated to experience growth due to increased spending on pets. This trend reflects a growing dedication of financial resources to pet-related products and services, highlighting a heightened emphasis on pet well-being and companionship. Increased spending on veterinary care, driven by owners' concerns for their pets, has accelerated the adoption of pet insurance services. In 2021, total pet industry expenditures in the USA were estimated at $123.6 billion, marking a 19% increase from $103.6 billion in 2020. Americans spent $136.8 billion on their pets in 2022, up 10.68% from 2021. Dog owners, on average, spent $730 a year on their dogs. Thus, the increased spending on pets is expected to propel the growth of the pet insurance market.

A notable trend in the pet insurance market is the advancements and awareness in pet insurance services. Digital solution providers are collaborating with insurers to enhance customer experiences through value-added services. For example, Figo Pet Insurance in the US offers the Figo Pet Cloud, a cloud-based service providing real-time pet GPS monitoring, medical records management, mobile claims submission, social pet profiles, a pet-friendly business directory, and vaccination and appointment alerts through a smartphone app. Tailoring specialized digital marketing strategies to build trust and connect with millennial customers is crucial for pet insurers.

Major companies are increasingly focusing on strategic partnerships and collaborations to enhance their financial strength, strengthen their product portfolios, and expand their geographical presence. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits. For instance, Trupanion, a US-based provider of medical insurance for pets, entered into a partnership with Chewy, a US-based online retailer for pet products, in December 2021. This collaboration aims to offer an exclusive suite of pet wellness and health insurance plans to over 20 million Chewy customers, providing both wellness plans for preventive care and comprehensive insurance plans for illnesses, accidents, and chronic conditions.

In October 2021, JAB Holding Co., a German-based conglomerate company, acquired Cardif Pinnacle for an undisclosed amount. This acquisition positions the investment firm as a dominant player in the rapidly growing animal health insurance industry. JAB aims to leverage consumer spending data from its veterinary clinics to more accurately price premiums. Cardif Pinnacle is a UK-based pet insurance subsidiary of BNP Paribas SA.

Major companies operating in the 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

North America was the largest region in the pet insurance market in 2023. The regions covered in the pet insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the pet insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

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.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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