This Pet Insurance report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
The pet insurance market size has grown rapidly in recent years. It will grow from $9.18 billion in 2024 to $10.7 billion in 2025 at a compound annual growth rate (CAGR) of 16.5%. The growth in the historic period can be attributed to increased pet ownership, rising veterinary care costs, growing awareness of pet health and wellness, humanization of pets, advances in veterinary medical treatments.
The pet insurance market size is expected to see rapid growth in the next few years. It will grow to $20.58 billion in 2029 at a compound annual growth rate (CAGR) of 17.8%. The growth in the forecast period can be attributed to expansion of customized pet insurance plans, rising pet adoption rates, increasing prevalence of pet-related regulations, rising urbanization, 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, inclusion of alternative therapies in pet insurance coverage, emergence of bundled pet insurance and wellness packages, 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 rising expenditure on pets is expected to drive the growth of the pet insurance market in the future. This increased spending reflects the growing trend of allocating more financial resources to pet-related products and services, highlighting the increased focus on pet well-being and companionship in consumer priorities. As pet owners become more concerned about their pets' health, spending on veterinary care has risen, boosting the adoption of pet insurance services. For example, in January 2024, the American Pet Products Association reported that pet industry spending in the USA reached $136.8 billion in 2022, an 11% increase from $123.6 billion in 2021. Similarly, Forbes Advisor, a US-based platform for personal finance advice, noted that Americans spent $136.8 billion on their pets in 2022, a 10.68% rise from 2021. Thus, the growing expenditure on pets is expected to fuel the expansion of the pet insurance market moving forward.
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.
Leading companies in the pet insurance market are increasingly focusing on strategic partnerships and collaborations to enhance their financial strength, diversify their product offerings, and expand their geographic reach. Strategic partnerships involve companies utilizing each other's strengths and resources to achieve mutual benefits and success. For example, in June 2022, JAB Holding Company, a UK-based private investment firm, entered into a strategic partnership with Fairfax Financial Holdings to enhance their pet insurance services. JAB acquired Fairfax's shares in two pet insurance companies, Crum & Forster Pet Insurance Group and Pethealth Inc. This collaboration enables both companies to provide a wider range of pet insurance options and improved coverage for pet owners.
In May 2023, JAB Holding Company, a Luxembourg-based conglomerate, acquired Pumpkin Insurance Services Inc. for an undisclosed sum. This acquisition represents a strategic effort by JAB Holding to strengthen its position in the fast-growing pet insurance sector and enhance its range of services. Pumpkin Insurance Services Inc. is a US-based provider of pet insurance.
Major companies operating in the pet insurance market include 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, 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, American Kennel Club Inc., American Modern Insurance Group Inc., Bivvy LLC, Hartville Group Inc., PetPartners Inc., PetPremium Inc., Amica Mutual Insurance Company, Farmers Insurance Exchange, Erie Insurance Group.
North America was the largest region in the pet insurance market in 2024. 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.
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 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.
This product will be delivered within 3-5 business days.
The pet insurance market size has grown rapidly in recent years. It will grow from $9.18 billion in 2024 to $10.7 billion in 2025 at a compound annual growth rate (CAGR) of 16.5%. The growth in the historic period can be attributed to increased pet ownership, rising veterinary care costs, growing awareness of pet health and wellness, humanization of pets, advances in veterinary medical treatments.
The pet insurance market size is expected to see rapid growth in the next few years. It will grow to $20.58 billion in 2029 at a compound annual growth rate (CAGR) of 17.8%. The growth in the forecast period can be attributed to expansion of customized pet insurance plans, rising pet adoption rates, increasing prevalence of pet-related regulations, rising urbanization, 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, inclusion of alternative therapies in pet insurance coverage, emergence of bundled pet insurance and wellness packages, 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 rising expenditure on pets is expected to drive the growth of the pet insurance market in the future. This increased spending reflects the growing trend of allocating more financial resources to pet-related products and services, highlighting the increased focus on pet well-being and companionship in consumer priorities. As pet owners become more concerned about their pets' health, spending on veterinary care has risen, boosting the adoption of pet insurance services. For example, in January 2024, the American Pet Products Association reported that pet industry spending in the USA reached $136.8 billion in 2022, an 11% increase from $123.6 billion in 2021. Similarly, Forbes Advisor, a US-based platform for personal finance advice, noted that Americans spent $136.8 billion on their pets in 2022, a 10.68% rise from 2021. Thus, the growing expenditure on pets is expected to fuel the expansion of the pet insurance market moving forward.
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.
Leading companies in the pet insurance market are increasingly focusing on strategic partnerships and collaborations to enhance their financial strength, diversify their product offerings, and expand their geographic reach. Strategic partnerships involve companies utilizing each other's strengths and resources to achieve mutual benefits and success. For example, in June 2022, JAB Holding Company, a UK-based private investment firm, entered into a strategic partnership with Fairfax Financial Holdings to enhance their pet insurance services. JAB acquired Fairfax's shares in two pet insurance companies, Crum & Forster Pet Insurance Group and Pethealth Inc. This collaboration enables both companies to provide a wider range of pet insurance options and improved coverage for pet owners.
In May 2023, JAB Holding Company, a Luxembourg-based conglomerate, acquired Pumpkin Insurance Services Inc. for an undisclosed sum. This acquisition represents a strategic effort by JAB Holding to strengthen its position in the fast-growing pet insurance sector and enhance its range of services. Pumpkin Insurance Services Inc. is a US-based provider of pet insurance.
Major companies operating in the pet insurance market include 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, 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, American Kennel Club Inc., American Modern Insurance Group Inc., Bivvy LLC, Hartville Group Inc., PetPartners Inc., PetPremium Inc., Amica Mutual Insurance Company, Farmers Insurance Exchange, Erie Insurance Group.
North America was the largest region in the pet insurance market in 2024. 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.
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 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.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Pet Insurance Market Characteristics3. Pet Insurance Market Trends and Strategies4. Pet Insurance Market - Macro Economic Scenario Including the Impact of Interest Rates, Inflation, Geopolitics, and the Recovery from COVID-19 on the Market32. Global Pet Insurance Market Competitive Benchmarking and Dashboard33. Key Mergers and Acquisitions in the Pet Insurance Market34. Recent Developments in the Pet Insurance Market
5. Global Pet Insurance Growth Analysis and Strategic Analysis Framework
6. Pet Insurance Market Segmentation
7. Pet Insurance Market Regional and Country Analysis
8. Asia-Pacific Pet Insurance Market
9. China Pet Insurance Market
10. India Pet Insurance Market
11. Japan Pet Insurance Market
12. Australia Pet Insurance Market
13. Indonesia Pet Insurance Market
14. South Korea Pet Insurance Market
15. Western Europe Pet Insurance Market
16. UK Pet Insurance Market
17. Germany Pet Insurance Market
18. France Pet Insurance Market
19. Italy Pet Insurance Market
20. Spain Pet Insurance Market
21. Eastern Europe Pet Insurance Market
22. Russia Pet Insurance Market
23. North America Pet Insurance Market
24. USA Pet Insurance Market
25. Canada Pet Insurance Market
26. South America Pet Insurance Market
27. Brazil Pet Insurance Market
28. Middle East Pet Insurance Market
29. Africa Pet Insurance Market
30. Pet Insurance Market Competitive Landscape and Company Profiles
31. Pet Insurance Market Other Major and Innovative Companies
35. Pet Insurance Market High Potential Countries, Segments and Strategies
36. Appendix
Executive Summary
Pet Insurance Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on pet insurance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase:
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Assess the impact of key macro factors such as conflict, pandemic and recovery, inflation and interest rate environment and the 2nd Trump presidency.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for pet insurance? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The pet insurance market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) by Policy Coverage: Accident and Illness; Accident Only2) by Animal Type: Dog; Cat
3) by Provider: Public; Private
Subsegments:
1) by Accident and Illness: Comprehensive Coverage Plans; Time-Limited Coverage Plans; Lifetime Coverage Plans2) by Accident Only: Basic Accident Coverage Plans; Emergency Care Plans; Specific Injury Plans
Key Companies Mentioned: Trupanion Inc.; DFV Deutsche Familienversicherung AG; Pet Plan Limited; Animal Friends Insurance Ltd.; Figo Pet Insurance LLC
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
Some of the major companies featured in this Pet Insurance market report include:- 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
- 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
- American Kennel Club Inc.
- American Modern Insurance Group Inc.
- Bivvy LLC
- Hartville Group Inc.
- PetPartners Inc.
- PetPremium Inc.
- Amica Mutual Insurance Company
- Farmers Insurance Exchange
- Erie Insurance Group
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | February 2025 |
| Forecast Period | 2025 - 2029 |
| Estimated Market Value ( USD | $ 10.7 Billion |
| Forecasted Market Value ( USD | $ 20.58 Billion |
| Compound Annual Growth Rate | 17.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 26 |
