PUBLISHER: The Business Research Company | PRODUCT CODE: 1822928
PUBLISHER: The Business Research Company | PRODUCT CODE: 1822928
Horse insurance is a specialized form of coverage designed to protect horse owners from financial losses resulting from the death, injury, theft, or illness of their horses. It can also cover veterinary costs and liability arising from accidents involving the horse. Policies can be customized according to the horse's use, such as racing, breeding, showing, or recreational purposes.
The primary types of horse insurance include mortality insurance, major medical insurance, surgical insurance, loss of use insurance, and personal liability insurance. Mortality insurance provides reimbursement to the owner for the value of a horse if it dies due to illness, accident, or natural causes. This insurance applies to various horse categories, including sport horses, racehorses, draft horses, leisure horses, and ponies, and is distributed through channels such as agents and brokers, direct response, online platforms, and others. Ownership of the insurance can be held by individual owners, stables or boarding facilities, riding schools and clubs, equine therapy centers, and professional trainers, with applications ranging from recreational to commercial uses.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
The rapid escalation of U.S. tariffs and the resulting trade tensions in spring 2025 are significantly impacting the financial sector, particularly in investment strategies and risk management. Heightened tariffs have fueled market volatility, prompting cautious behavior among institutional investors and increasing demand for hedging instruments. Banks and asset managers are facing higher costs associated with cross-border transactions, as tariffs disrupt global supply chains and dampen corporate earnings, key drivers of equity market performance. Insurance companies, meanwhile, are grappling with increased claims risks tied to supply chain disruptions and trade-related business losses. Additionally, reduced consumer spending and weakened export demand are constraining credit growth and investment appetite. The sector must now prioritize diversification, digital transformation, and robust scenario planning to navigate the heightened economic uncertainty and protect profitability.
The horse insurance market research report is one of a series of new reports from The Business Research Company that provides horse insurance market statistics, including horse insurance industry global market size, regional shares, competitors with a horse insurance market share, detailed horse insurance market segments, market trends and opportunities, and any further data you may need to thrive in the horse insurance industry. This horse 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 horse insurance market size has grown rapidly in recent years. It will grow from $0.75 billion in 2024 to $0.83 billion in 2025 at a compound annual growth rate (CAGR) of 11.0%. The growth observed during the historic period can be credited to rising veterinary care expenses for equines, an increasing incidence of equine injuries, enhanced government support for equine health management, expansion in cross-border horse trading, and growth in commercial horse riding services.
The horse insurance market size is expected to see rapid growth in the next few years. It will grow to $1.24 billion in 2029 at a compound annual growth rate (CAGR) of 10.6%. The projected growth in the forecast period can be attributed to the increasing adoption of digital insurance platforms, higher disposable incomes of horse owners, a rise in horse ownership, increasing value of high-breed horses, and a growing number of recreational horse riders. Key trends expected during the forecast period include technological advancements, innovations in digital platforms, improved medical treatments and surgeries, advanced diagnostic methods, and the emergence of tech-savvy horses.
The rise in horse racing competitions is anticipated to drive the growth of the horse insurance market moving forward. These competitions involve horses, typically guided by jockeys, racing over a specified track to determine the winner. The increase in horse racing events is attributed to the growing popularity of online betting platforms, which have made wagering more accessible and engaging for a broader audience through mobile apps, live streaming, and real-time data features. As horse racing competitions expand, horse insurance becomes increasingly valuable, protecting owners from financial losses if their prized racehorses sustain injury, illness, or death during training or events. For example, in February 2025, the British Horseracing Authority (BHA), a UK-based regulatory body, reported that 2,052 individual Flat horses achieved a BHA performance figure of 85 or higher in 2024, marking a 3.5% rise compared to 1,983 in 2023. Consequently, the growth in horse racing competitions is driving the expansion of the horse insurance market.
Leading companies in the horse insurance sector are concentrating on creating innovative solutions, such as commercial equine liability insurance, to improve risk coverage for equine businesses and provide financial protection against third-party claims related to property damage or bodily injury caused by horses. Commercial equine liability insurance protects horse-related businesses from legal claims resulting from injuries or property damage caused by their horses or operations. For instance, in February 2025, Hub International Limited, a US-based insurance brokerage, introduced Private Client Equine Risk Advisory Services. This service offers coverage for equine mortality and major medical needs, along with protection for training, boarding, and instruction operations. It also includes liability coverage for events and shows, addresses care, custody, and control risks, and provides both personal and commercial equine liability protection. Using a personalized, consultative approach, it assists clients in managing the unique risks associated with valuable horses and equestrian activities.
In July 2024, Specialist Risk Group, a UK-based insurance broker, acquired Carriagehouse Insurance for an undisclosed sum. Through this acquisition, Specialist Risk Group incorporated Carriagehouse's comprehensive equestrian insurance portfolio, covering horses, donkeys, horseboxes, trailers, carriages, harnesses, and driver liability, into its KBIS platform. This integration enhanced Specialist Risk Group's equestrian expertise, expanded its presence in the UK and internationally, and broadened its risk solutions for a diverse clientele. Carriagehouse Insurance is a UK-based provider specializing in insurance coverage for horses, ponies, donkeys, horseboxes, and trailers.
Major players in the horse insurance market are Markel Insurance Company, Great American Insurance Group, Petplan Equine Insurance, ASPCA Pet Health Insurance, Agria Pet Insurance Ltd., Allen Financial Insurance Group Inc., Horse Insurance Specialists LLC, Blue Bridle Equine Insurance Agency Inc., Broadstone Equine Insurance Agency LLC, Kay Cassell Equine Insurance Agency LLC, Hallmark Equine Insurance Agency Inc., Franklin Equine Services LLC, Equine Insurance Center LLC, Equine Insurance Solutions LLC, Fry's Equine Insurance Agency Inc., American Equine Insurance Group Inc., Equine Protect Ltd., Jorene Mize Insurance Agency Inc., Equine Insurance Brokers Ltd., and Equine Insurance Professionals LLC.
North America was the largest region in the horse insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in horse insurance report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the horse insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The horse insurance market includes revenues earned by entities by providing services such as underwriting, claims management, risk assessment, and customer support. The market value includes the value of related goods or services sold by the insurance provider or included within the policy 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.
Horse Insurance Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on horse 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.
Where is the largest and fastest growing market for horse insurance ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The horse insurance market global report from the Business Research Company 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 forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.