Pet Insurance Market - By Policy Coverage (Accident only, Accident & Illness, Others), By Animal (Cat, Dog), By Provider (Pubic, Private), By Region

Description

List of Tables

Pet Insurance Market is expected to grow substantially through 2032, owing to the Increasing awareness about pet insurance policies, especially in North America. In this context, NAPHIA (The North American Pet Health Insurance Association) revealed that North America's pet insurance sector exceeded USD $2.83 billion in terms of valuation by 2021 and that this industry growth more than doubled between 2018 and 2021.

Besides, expensive veterinary bills and various benefits associated with the coverage of expensive treatments in insurance policies have significantly created awareness for the adoption of pet insurance policies among pet owners, thus driving the market growth.

The key players operating in the pet insurance market are engaging in strategic approaches like partnerships, mergers, and acquisitions, expanding their customer bases and strengthening their positions. To cite an instance, in December 2022, Odie Pet Insurance announced that it recently closed a $3 million funding round. The fund will be used for continued investment in product, technology, and marketing as it aims to deliver a streamlined platform for predictable and stable annual premiums, greater coverage flexibility, and shared values around pet wellness.

Overall, the pet insurance market is categorized into policy coverage, animals, insurance provider, and region.

Based on policy coverage, the other segment will offer profitable growth opportunities to the pet insurance market and grow at 5% CAGR during 2023-2032. Other policy coverage products consist of multiple pet policies, time-limited policies, activity-specific policies, etc. These are generally focused on providing adequate coverage in case of any medical issues with the pet, further paving the way for segmental expansion.

Considering the animals, the cat segment held a revenue share of USD 1 billion in 2022 and is anticipated to exhibit significant growth throughout the projected duration. According to a report, the preference for cat adoption was sustainably high, possibly reflecting the feline acclimation to indoor living. In addition, cats are being adopted increasingly in the U.S., Canada, and China, which is expected to spur the segment's expansion.

Based on insurance provider, the private segment is set to grow significantly by 2032, as private pet insurers offer maximum coverage at minimum premiums. Besides, the continuous adoption of strategies such as competitive pricing of the monthly premiums and digital marketing is also leading to market growth.

Regionally, the North America pet insurance market is depicted to showcase considerable growth through 2032, owing to the rising awareness among consumers regarding several novel pet insurance policies, coupled with the presence of several major industry players.

Product Code: 4284

Chapter 1 Methodology & Scope

1.1 Methodology
1.2 Market scope & definitions
1.3 Base estimates & working
- 1.3.1 North America
- 1.3.2 Europe
- 1.3.3 Asia Pacific
- 1.3.4 Latin America
- 1.3.5 MEA
1.4 Forecast parameters
1.5 Data validation
1.6 Data Sources
- 1.6.1 Secondary
  - 1.6.1.1 Paid sources
  - 1.6.1.2 Unpaid sources
- 1.6.2 Primary

Chapter 2 Executive Summary

2.1 Pet insurance industry 360 degree synopsis, 2018 - 2032
- 2.1.1 Business trends
- 2.1.2 Policy coverage trends
- 2.1.3 Animal trends
- 2.1.4 Provider trends
- 2.1.5 Regional trends

Chapter 3 Pet Insurance Industry Insights

3.1 Industry segmentation
3.2 Industry landscape, 2018 - 2032
3.3 Industry impact forces
- 3.3.1 Growth drivers
  - 3.3.1.1 Increasing number of pet adoption
  - 3.3.1.2 Increasing awareness about pet insurance policies in North America
  - 3.3.1.3 Rising veterinary service cost
  - 3.3.1.4 Companies offering innovative pet insurance coverage
- 3.3.2 Industry pitfalls & challenges
  - 3.3.2.1 Lack of standardized pet health codes for reimbursement
  - 3.3.2.2 Lack of awareness about the pet insurance in Asia Pacific region
3.4 Growth potential analysis
- 3.4.1 By Policy coverage
- 3.4.2 By animal
- 3.4.3 By provider
3.5 COVID-19 impact analysis
3.6 Pricing analysis of top 10 insurers, by animals
- 3.6.1 Cats
  - 3.6.1.1 Pricing analysis of top 10 insurers, by cats
  - 3.6.1.2 Cost by popular cat breed
- 3.6.2 Dogs
  - 3.6.2.1 Pricing analysis of top 10 insurers, by dogs
  - 3.6.2.2 Cost by popular dog breed
3.7 Common condition/illness
- 3.7.1 Cats
- 3.7.2 Dogs
3.8 Demographic distribution, 2021
- 3.8.1 Gender
- 3.8.2 Household income
- 3.8.3 Household pet ownership
3.9 Average insurance premium, 2018 - 2022
3.10 Pet insurance penetration rate, 2021
3.11 Reimbursement process for claim settlement
3.12 Trends and penetration rate of employers offering pet insurance
3.13 Distribution channel analysis
3.14 Porter's analysis
- 3.14.1 Bargaining power of buyers
- 3.14.2 Bargaining power of suppliers
- 3.14.3 Threat of new entrants
- 3.14.4 Threat of substitutes
- 3.14.5 Industry rivalry
3.15 PESTEL analysis
- 3.15.1 Political
- 3.15.2 Economic
- 3.15.3 Social
- 3.15.4 Technological
- 3.15.5 Environmental
- 3.15.6 Legal

Chapter 4 Competitive landscape, 2022

4.1 Introduction
- 4.1.1 Company matrix analysis
- 4.1.2 Brand analysis of top 10 insurers, by animals
  - 4.1.2.1 Cats
    - 4.1.2.1.1 Brand analysis of top 10 insurers, by cats
    - 4.1.2.1.2 Cost of insurance, by popular cat breeds
  - 4.1.2.2 Dogs
    - 4.1.2.2.1 Brand analysis of top 10 insurers, by dogs
    - 4.1.2.2.2 Cost of insurance, by popular dog breeds
- 4.1.3 Top 5 competitor analysis
- 4.1.4 Strategy dashboard

Chapter 5 Pet Insurance Market, By Policy Coverage

5.1 Key segment trends
5.2 Accident only
- 5.2.1 Market size, by region, 2018 - 2032 (USD Million)
5.3 Accident & illness
- 5.3.1 Market size, by region, 2018 - 2032 (USD Million)
5.4 Others
- 5.4.1 Market size, by region, 2018 - 2032 (USD Million)

Chapter 6 Pet Insurance Market, By Animal

6.1 Key segment trends
6.2 Cat
- 6.2.1 Market size, by region, 2018 - 2032 (USD Million)
6.3 Dog
- 6.3.1 Market size, by region, 2018 - 2032 (USD Million)
6.4 Others
- 6.4.1 Market size, by region, 2018 - 2032 (USD Million)

Chapter 7 Pet Insurance Market, By Provider

7.1 Key segment trends
7.2 Public
- 7.2.1 Market size, by region, 2018 - 2032 (USD Million)
7.3 Private
- 7.3.1 Market size, by region, 2018 - 2032 (USD Million)

Chapter 8 Pet Insurance Market, By Region

8.1 Key regional trends
8.2 North America
- 8.2.1 Market size, by country, 2018 - 2032 (USD Million)
- 8.2.2 Market size, by policy coverage, 2018 - 2032 (USD Million)
- 8.2.3 Market size, by animal, 2018 - 2032 (USD Million)
- 8.2.4 Market size, by provider, 2018 - 2032 (USD Million)
- 8.2.5 U.S.
  - 8.2.5.1 Market size, by policy coverage, 2018 - 2032 (USD Million)
  - 8.2.5.2 Market size, by animal, 2018 - 2032 (USD Million)
  - 8.2.5.3 Market size, by provider, 2018 - 2032 (USD Million)
- 8.2.6 Canada
  - 8.2.6.1 Market size, by policy coverage, 2018 - 2032 (USD Million)
  - 8.2.6.2 Market size, by animal, 2018 - 2032 (USD Million)
  - 8.2.6.3 Market size, by provider, 2018 - 2032 (USD Million)
8.3 Europe
- 8.3.1 Market size, by country, 2018 - 2032 (USD Million)
- 8.3.2 Market size, by policy coverage, 2018 - 2032 (USD Million)
- 8.3.3 Market size, by animal, 2018 - 2032 (USD Million)
- 8.3.4 Market size, by provider, 2018 - 2032 (USD Million)
- 8.3.5 Germany
  - 8.3.5.1 Market size, by policy coverage, 2018 - 2032 (USD Million)
  - 8.3.5.2 Market size, by animal, 2018 - 2032 (USD Million)
  - 8.3.5.3 Market size, by provider, 2018 - 2032 (USD Million)
- 8.3.6 UK
  - 8.3.6.1 Market size, by policy coverage, 2018 - 2032 (USD Million)
  - 8.3.6.2 Market size, by animal, 2018 - 2032 (USD Million)
  - 8.3.6.3 Market size, by provider, 2018 - 2032 (USD Million)
- 8.3.7 France
  - 8.3.7.1 Market size, by policy coverage, 2018 - 2032 (USD Million)
  - 8.3.7.2 Market size, by animal, 2018 - 2032 (USD Million)
  - 8.3.7.3 Market size, by provider, 2018 - 2032 (USD Million)
- 8.3.8 Spain
  - 8.3.8.1 Market size, by policy coverage, 2018 - 2032 (USD Million)
  - 8.3.8.2 Market size, by animal, 2018 - 2032 (USD Million)
  - 8.3.8.3 Market size, by provider, 2018 - 2032 (USD Million)
- 8.3.9 Italy
  - 8.3.9.1 Market size, by policy coverage, 2018 - 2032 (USD Million)
  - 8.3.9.2 Market size, by animal, 2018 - 2032 (USD Million)
  - 8.3.9.3 Market size, by provider, 2018 - 2032 (USD Million)
- 8.3.10 Denmark
  - 8.3.10.1 Market size, by policy coverage, 2018 - 2032 (USD Million)
  - 8.3.10.2 Market size, by animal, 2018 - 2032 (USD Million)
  - 8.3.10.3 Market size, by provider, 2018 - 2032 (USD Million)
- 8.3.11 Norway
  - 8.3.11.1 Market size, by policy coverage, 2018 - 2032 (USD Million)
  - 8.3.11.2 Market size, by animal, 2018 - 2032 (USD Million)
  - 8.3.11.3 Market size, by provider, 2018 - 2032 (USD Million)
- 8.3.12 Sweden
  - 8.3.12.1 Market size, by policy coverage, 2018 - 2032 (USD Million)
  - 8.3.12.2 Market size, by animal, 2018 - 2032 (USD Million)
  - 8.3.12.3 Market size, by provider, 2018 - 2032 (USD Million)
- 8.3.13 The Netherlands
  - 8.3.13.1 Market size, by policy coverage, 2018 - 2032 (USD Million)
  - 8.3.13.2 Market size, by animal, 2018 - 2032 (USD Million)
  - 8.3.13.3 Market size, by provider, 2018 - 2032 (USD Million)
8.4 Asia Pacific
- 8.4.1 Market size, by country, 2018 - 2032 (USD Million)
- 8.4.2 Market size, by policy coverage, 2018 - 2032 (USD Million)
- 8.4.3 Market size, by animal, 2018 - 2032 (USD Million)
- 8.4.4 Market size, by provider, 2018 - 2032 (USD Million)
- 8.4.5 Japan
  - 8.4.5.1 Market size, by policy coverage, 2018 - 2032 (USD Million)
  - 8.4.5.2 Market size, by animal, 2018 - 2032 (USD Million)
  - 8.4.5.3 Market size, by provider, 2018 - 2032 (USD Million)
- 8.4.6 China
  - 8.4.6.1 Market size, by policy coverage, 2018 - 2032 (USD Million)
  - 8.4.6.2 Market size, by animal, 2018 - 2032 (USD Million)
  - 8.4.6.3 Market size, by provider, 2018 - 2032 (USD Million)
- 8.4.7 India
  - 8.4.7.1 Market size, by policy coverage, 2018 - 2032 (USD Million)
  - 8.4.7.2 Market size, by animal, 2018 - 2032 (USD Million)
  - 8.4.7.3 Market size, by provider, 2018 - 2032 (USD Million)
- 8.4.8 Australia
  - 8.4.8.1 Market size, by policy coverage, 2018 - 2032 (USD Million)
  - 8.4.8.2 Market size, by animal, 2018 - 2032 (USD Million)
  - 8.4.8.3 Market size, by provider, 2018 - 2032 (USD Million)
8.5 Latin America
- 8.5.1 Market size, by country, 2018 - 2032 (USD Million)
- 8.5.2 Market size, by policy coverage, 2018 - 2032 (USD Million)
- 8.5.3 Market size, by animal, 2018 - 2032 (USD Million)
- 8.5.4 Market size, by provider, 2018 - 2032 (USD Million)
- 8.5.5 Brazil
  - 8.5.5.1 Market size, by policy coverage, 2018 - 2032 (USD Million)
  - 8.5.5.2 Market size, by animal, 2018 - 2032 (USD Million)
  - 8.5.5.3 Market size, by provider, 2018 - 2032 (USD Million)
- 8.5.6 Mexico
  - 8.5.6.1 Market size, by policy coverage, 2018 - 2032 (USD Million)
  - 8.5.6.2 Market size, by animal, 2018 - 2032 (USD Million)
  - 8.5.6.3 Market size, by provider, 2018 - 2032 (USD Million)
- 8.5.7 Argentina
  - 8.5.7.1 Market size, by policy coverage, 2018 - 2032 (USD Million)
  - 8.5.7.2 Market size, by animal, 2018 - 2032 (USD Million)
  - 8.5.7.3 Market size, by provider, 2018 - 2032 (USD Million)
8.6 MEA
- 8.6.1 Market size, by country, 2018 - 2032 (USD Million)
- 8.6.2 Market size, by policy coverage, 2018 - 2032 (USD Million)
- 8.6.3 Market size, by animal, 2018 - 2032 (USD Million)
- 8.6.4 Market size, by provider, 2018 - 2032 (USD Million)
- 8.6.5 South Africa
  - 8.6.5.1 Market size, by policy coverage, 2018 - 2032 (USD Million)
  - 8.6.5.2 Market size, by animal, 2018 - 2032 (USD Million)
  - 8.6.5.3 Market size, by provider, 2018 - 2032 (USD Million)
- 8.6.6 Saudi Arabia
  - 8.6.6.1 Market size, by policy coverage, 2018 - 2032 (USD Million)
  - 8.6.6.2 Market size, by animal, 2018 - 2032 (USD Million)
  - 8.6.6.3 Market size, by provider, 2018 - 2032 (USD Million)

Chapter 9 Company Profiles

9.1 Anicom Holding Inc
- 9.1.1 Business overview
- 9.1.2 Financial data
- 9.1.3 Service landscape
- 9.1.4 Strategic outlook
- 9.1.5 SWOT analysis
9.2 Embrace Pet Insurance Agency LLC
- 9.2.1 Business overview
- 9.2.2 Financial data
- 9.2.3 Service landscape
- 9.2.4 Strategic outlook
- 9.2.5 SWOT analysis
9.3 Figo Pet Insurance LLC
- 9.3.1 Business overview
- 9.3.2 Financial data
- 9.3.3 Service landscape
- 9.3.4 Strategic outlook
- 9.3.5 SWOT analysis
9.4 Hartville Group
- 9.4.1 Business overview
- 9.4.2 Financial data
- 9.4.3 Service landscape
- 9.4.4 Strategic outlook
- 9.4.5 SWOT analysis
9.5 Health for Pet
- 9.5.1 Business overview
- 9.5.2 Financial data
- 9.5.3 Service landscape
- 9.5.4 Strategic outlook
- 9.5.5 SWOT analysis
9.6 Hollard
- 9.6.1 Business overview
- 9.6.2 Financial data
- 9.6.3 Service landscape
- 9.6.4 Strategic outlook
- 9.6.5 SWOT analysis
9.7 Nationwide
- 9.7.1 Business overview
- 9.7.2 Financial data
- 9.7.3 Service landscape
- 9.7.4 Strategic outlook
- 9.7.5 SWOT analysis
9.8 Oneplan
- 9.8.1 Business overview
- 9.8.2 Financial data
- 9.8.3 Service landscape
- 9.8.4 Strategic outlook
- 9.8.5 SWOT analysis
9.9 Petfirst Healthcare LLC
- 9.9.1 Business overview
- 9.9.2 Financial data
- 9.9.3 Service landscape
- 9.9.4 Strategic outlook
- 9.9.5 SWOT analysis
9.10 Pet Health
- 9.10.1 Business overview
- 9.10.2 Financial data
- 9.10.3 Service landscape
- 9.10.4 Strategic outlook
- 9.10.5 SWOT analysis
9.11 Petplan
- 9.11.1 Business overview
- 9.11.2 Financial data
- 9.11.3 Service landscape
- 9.11.4 Strategic outlook
- 9.11.5 SWOT analysis
9.12 ProtectaPet
- 9.12.1 Business overview
- 9.12.2 Financial data
- 9.12.3 Service landscape
- 9.12.4 Strategic outlook
- 9.12.5 SWOT analysis
9.13 Royal & Sun Alliance
- 9.13.1 Business overview
- 9.13.2 Financial data
- 9.13.3 Service landscape
- 9.13.4 Strategic outlook
- 9.13.5 SWOT analysis
9.14 The Oriental Insurance Company Ltd
- 9.14.1 Business overview
- 9.14.2 Financial data
- 9.14.3 Service landscape
- 9.14.4 Strategic outlook
- 9.14.5 SWOT analysis
9.15 Trupanion
- 9.15.1 Business overview
- 9.15.2 Financial data
- 9.15.3 Service landscape
- 9.15.4 Strategic outlook
- 9.15.5 SWOT analysis