Companies active in the pet insurance industry are focusing on collaborating with pet organizations and veterinarians, in a bid to spread increased word-of-mouth referrals.
The pet insurance market is projected to grow at an very promising CAGR of 8.5% during the forecast period (2029-2029). A significant increase in pet ownership rates, and the rising levels of disposable income among the middle class are crucial factors driving the sales of pet insurance. Market players are also pushing for awareness campaigns about pet diseases to leverage the willingness of pet owners to spend on pet care, which will continue to boost growth of pet insurance market, reveals Future Market Insights (FMI).
“Pet health insurers offer different plan options with a range of policy limits which attracts pet owners towards purchasing pet insurance,” says the FMI analyst.
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Pet Insurance Market – Key Takeaways
Accident and illness pet insurance coverage options will remain the preferred option in the market.
Latin America will display a significant CAGR through the forecast period, owing to high pet ownership rates in the region.
The pet insurance segment for dogs and cats will account for majority market share through the forecast period.
North America will account for a majority of the global market share for pet insurance coverage.
Pet Insurance Market – Key Driving Factors
Increasing awareness about pet insurance and the health benefits of pet ownership are major growth drivers.
Manufacturers are likely to focus on strategies to develop new service offerings, which remains a key selling point for pet insurances.
Developing regions with low penetration rates are anticipated to generate numerous lucrative opportunities, consequently supporting overall market growth.
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Pet Insurance Market – Key Constraints
Poor veterinary facilities in developing regions such as Latin America and Africa will remain a challenge for market players.
Strict regulations associated to the pet insurance market and the high costs of premiums restrict the industry
Anticipated Impact of Covid-19 Outbreak
While pets are widely considered to be at low risk from the present Covid-19 outbreak, most pet insurance policies do not exclude specific virus strains. Consequently, such policies will cover claims for vet treatments. Such a trend will support greater adoption of pet insurance as pet owners continue to be concerned about potential risks from the outbreak.
So far, reports of infected pets have been minimal. According to researchers in China, cats can be infected by the coronavirus, while dogs are not as susceptible. However, the researchers have claimed that even cats are at low risk, as the experiments were conducted by injecting animals deliberately with large doses of the virus. Despite, such findings, the current lack of verifiable information, will support the demand for pet insurance policies in the near future.
Key players in the pet insurance market are 24PetWatch, Figo Pet Insurance, Healthy Paws, Embrace Pet Insurance Agency LLC, Petsecure, Hartville Group, Direct Line Insurance Group plc, Health for Pet, Royal & Sun Alliance, Insurance Company of Canada Inc., Hollard, Pethealth Inc., Oneplan, Anicom Holdings Inc., Petfirst Healthcare LLC, Nationwide Mutual Insurance Company, Protectaplan, Trupanion Inc, and Petplan Limited. Majority of these players are investing in product portfolio expansion activities to keep up with the rising competition. Moreover, mergers & acquisitions is a major strategy being adopted by market leaders.
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The global pet insurance market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
- Accident & Illness
- Exotic Pets
Growth in Pet ownership and Selling Techniques of Companies to Create Opportunity for Expansion:
Rise in number of companion animals, increase in awareness about pet insurance, growth in pet ownership propels the growth of the pet insurance market. The Pet health insurers offer different plan options or tiers with varying policy limits which also attracts pet owners towards pet insurance. However, high cost of pet insurance policies, lack of awareness among consumers, and government regulation limits the growth of the market.
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