Pet Insurance Market

Pet Insurance Market - By Policy Coverage (Accident Only, Accident & Illness), By Animal (Cat, Dog), By Insurance Provider (Public, Private)– Global Forecast 2024 – 2032

Published Date: May - 2025 | Publisher: MIR | No of Pages: 240 | Industry: Animal Health and Nutrition | Format: Report available in PDF / Excel Format

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Pet Insurance Market Size

Valued at USD 9.6 billion in 2023, pet insurance market is estimated to rise at a CAGR of 6.4% throughout the study period. The expected expansion in companion animal population will drive more need for veterinary treatment facilities. Veterinary services are capital-intensive and need for veterinary doctors, specifically made diagnostic tools, and knowledgeable technicians.

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For example, Americans will spend $136.8 billion on their dogs in 2022, up over 11% from 2021 ($123.6 billion), according a Forbes Advisor analysis. Typical dog expenses run at $1,533 a year. Consequently, the increasing veterinary cost will draw more pet owners to choose plans for different diseases treatment, accidents and diseases that will stimulate the market growth of pet insurance.

Pet Insurance Market Report Attributes
Report Attribute Details
Base Year 2023
Pet Insurance Market Size in 2023 USD 9.6 Billion
Forecast Period 2024 – 2032
Forecast Period 2024 – 2032 CAGR 6.4%
2024 – 2032 Value Projection USD 17.1 Billion
Historical Data for 2021 – 2023
No. of Pages 132
Tables, Charts & Figures 217
Segments covered Policy Coverage, Animal, Insurance Provider, and Region
Growth Drivers
  • Increase in the number of pet adoption
  • Increase in awareness about pet insurance policies in North America
  • Rising veterinary service cost
  • Companies offering innovative pet insurance coverage
Pitfalls & Challenges
  • Lack of standardized pet health codes for reimbursement
  • Lack of awareness about the pet insurance in Asia-Pacific region

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Pet insurance is described as an insurance payable either partially or fully for the veterinarian treatment of the covered pet. Pet insurance programs provide policies for pet sickness, accidents, and injuries. To draw a sizable clientele, several pet insurance companies are also providing creative insurance coverage products for several animals.

Pet Insurance Market Trends

The number of pet animals adopted widely for companionship has increased significantly in the past few years. Pets are largely adopted by people for companionship and there has been a shift in trend from pet owners to pet parents which indicates that pets are considered as a part of family these days.

  • Moreover, growing social acceptability of pets has driven adoption of them. Adoption of pets is also seen to help with low blood pressure, depression, and loneliness; so, more pet adoptions will help to increase the market expansion throughout the projection period.
  • Furthermore, the businesses are developing several solutions to improve the policy-making for their customers. For example, Alipay introduced their new pet insurance using open-sourced noseprint recognition technology in July 2020. Based on their noseprint, the platform may generate an exclusive electronic file for every pet and utilize the data to confirm their identity before filing a claim. As a result, the market for pet insurance has expanded from few years ago.

Pet insurance Market Analysis

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Based on the policy coverage, the global market is classified into accident only, accident & illness, and other policy coverage. The accident & illness segment dominated the market with revenue of USD 9.3 billion in 2023.

  • The thorough nature of these insurance coverage helps to explain high growth. Furthermore, since most insurance policies cover both diseases and accidents, consumers often choose coverage for their pets from the accident and illness policies.
  • For young animals, the accident and illness policy is therefore the most beneficial one, which helps to drive the expansion of the market. Moreover, high veterinary treatment and companion animal diagnostics have raised awareness of accident and illness insurance, which helps to improve the market development..

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Based on the animal, the global pet insurance market is classified into cat, dog, and other animals. The dog segment is expected to exhibit 6.2% CAGR between 2024 - 2032.

  • High pace of growth is a result of growing worldwide acceptance of dogs. Plans for dog health insurance from insurance companies cover wellness care, diseases, and injuries. Pet dogs are more common in countries like U.S., Argentina, France; this will draw pet owners to choose different policy coverage, so driving market development.
  • Moreover, few of the insurance companies give offers to include new and chronic recurrent disorders with free extra cost, so increasing the segmental expansion.

Based on the insurance provider, the global pet insurance industry is classified into public and private. The private provider segment is expected to reach USD 16.2 billion by end of 2032.

  • Adoption of various strategies such as digital marketing and competitive pricing of the monthly premiums are the major factors leading to market growth.
  • Also, development of innovative insurance schemes coupled with various efforts to increase the customer awareness and satisfaction will further boost segmental growth in the future. Thus, private providers offer maximum coverage with minimum premiums that will further drive the market growth.

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In 2023, North America secured a substantial market share of 32.2% in the global pet insurance market and is expected to dominate throughout the forecast period.

  • The North America market growth is attributed to increasing consumer awareness regarding various novel pet insurance policies coupled with presence of several major industry players.
  • Also, increasing trend of pet adoption in the U.S. will further augment the regional market growth. For instance, according to the American Society for Prevention of Cruelty to Animals (ASPCA) report, approximately 3.2 million shelter animals are adopted every year in U.S. Among those shelter animals, 1.6 million are dogs and 1.6 million are cats. Thus, growing adoption of pets in various states of America will boost the market growth.
  • Moreover, the rise in veterinary cost in U.S. due to factors such as advanced medical treatments, diagnostic procedures, and specialized care is the major factor that contribute to the growth of the market. Pet insurance provides pet owners with financial protection against unexpected and expensive veterinary bills, making it an attractive option. Thus, the aforementioned factor contributed to North America's dominance in the market

Germany to experience the highest growth rate in the market, outstripping other countries in Europe in the assessment period.

  • Market expansion is facilitated by growing awareness among pet owners, veterinarians, and pet-related companies of the advantages of pet insurance. Promoting the value of pet insurance for guaranteeing ideal pet health requires educational programs, marketing campaigns, and endorsements of veterinary professionals. Another important development influencing population worries about the health of their pets is increasing awareness among them.
  • Driven by elements such changing demographics, urbanization, and lifestyle choices, the number of pet owners in the nations also keeps increasing. Demand for pet insurance rises along with increasing pet ownership to help to offset the cost of veterinary treatment, therefore fostering the expansion of the industry.

The India pet insurance market is expected to grow with a significant CAGR during the forecast period.

  • As some Indians view pets as essential members of their households, their perspective on them is evolving. This shifting view has resulted in higher demand for pet care goods and services including insurance and healthcare.
  • With the rise of pet hospitals, clinics, grooming facilities, and boarding houses, India's pet care market is also fast growing. The availability of these services improves the general quality of pet care and raises pet owner knowledge of the need of pet insurance.

Pet Insurance Market Share

Established market players working in the pet insurance define the competitive scene of the pet insurance sector. To establish a worldwide presence and maintain market competitiveness, these sector participants mostly focus on different approaches including alliances, acquisitions, mergers, and partnerships.

Pet Insurance Market Companies

Prominent players operating in the market are as mentioned below

  • Anicom Holding Inc
  • Embrace Pet Insurance Agency LLC
  • Figo Pet Insurance LLC
  • Hartville Group
  • Health for Pet
  • Hollard
  • Nationwide
  • Petfirst Healthcare LLC
  • Pet Health
  • Petplan
  • ProtectaPet
  • Royal & Sun Alliance
  • The Oriental Insurance Company Ltd
  • Trupanion

Pet Insurance Industry News

  • In April 2024, Chubb announced a definitive agreement to acquire Healthy Paws, a U.S.-based managing general agent (MGA) specializing in pet insurance. The transaction positions Chubb to expand in a niche market with substantial growth potential. Thus, this acquisition is expected to help extend the reach and amplify the impact of esteemed pet insurance brand in a vastly underpenetrated market.
  • In August 2020, Bajaj Allianz General Insurance, India’s leading private general insurer announced the launch of its pet insurance product called “Bajaj Allianz Pet Dog Insurance Policy” which is India’s only retail comprehensive pet insurance offering for pet dogs. This policy provides comprehensive coverage to domesticated pet dogs of indigenous origin, pedigree, nonpedigree, cross-bred and exotic breeds over the lifetime of the dogs from age 3 months to 10 years. This strategy enabled company to veterinary service market in India.

The pet insurance market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 – 2032 for the following segments

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Market, By Policy Coverage

  • Accident only
  • Accident & illness
  • Other policy coverages

Market, By Animal

  • Cat
  • Dog
  • Other animals

Market, By Insurance Provider

  • Public
  • Private

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Denmark
    • Norway
    • Sweden
    • Netherlands
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Middle East and Africa
    • South Africa
    • Saudia Arabia
    • UAE
    • Rest of Middle East and Africa

 

 

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