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During the forecast period, which spans from 2022 to 2032, the worldwide Pet Insurance Market is expected to rise at an astounding CAGR of 16.5%, according to a recent Fact.MR report. This analysis predicts that by 2032, the market would be worth US$ 45.6 billion. Demand for pet insurance plans is expanding as pet ownership rises and animal humanization becomes a more prevalent trend.
Demand for pet insurance increased at a 15% CAGR between 2015 and 2021, reaching US$ 8.5 billion. The COVID-19 epidemic presented a number of difficulties for pet owners, vets, veterinary clinics, and animal health businesses. Nevertheless, the industry was quick to respond to the pandemic by deploying supportive measures to ensure access to veterinary care and other services. The pandemic also caused pet parents to realize the importance of getting a pet insurance policy to reduce financial risk.
The decision to get a pet was triggered by work-from-home conditions, the desire for companionship, and a desire to spend more time at home because of lockdown and movement restrictions. About one-fifth of respondents said they were more likely to purchase a pet insurance policy. Pandemic-related concerns prompted pet parents to seek more risk protection than before.
Key Takeaways from the Market Study
- Global pet insurance market revenue to reach US$ 9.9 Bn by the end of 2022
- Europe to hold a revenue share of over 44% of the pet insurance market by 2022
- Asia Pacific region is projected to grow at the fastest rate of over 18% during the forecast period, 2022-2032.
- It is estimated that the accident and illness segment will hold the largest revenue share in 2022 at 85%.
- In 2022, the dogs segment will account for more than 50% of the market’s revenue.
- Direct sales dominated the market in 2021, projected to hold 34% of market revenue by 2022.
Players implement various strategic strategies, such as launching new policies, forming partnerships and collaborations, and expanding regionally, in order to increase their market share.
- In June 2020, Veter Software, a provider of technology solutions for animals, signed an agreement with Trupanion. In this partnership, Vetter Software’s cloud-based veterinary practice management platform software was integrated with Trupanion’s software, enabling direct payments to veterinarians.
- AXIS Capital Holdings Limited entered the specialty insurance market in November 2021 by partnering with Managing General Underwriter Petplan. To gain steady growth in the market, its Accident and Health unit partnered up with Petplan.
COVID-19 Impact on Pet Insurance Market
As a result of the COVID-19 pandemic, pet owners, veterinarians, veterinary hospitals, and animal health companies faced several challenges, as the imposition of lockdowns prevented frequent visits to brick and mortar insurance providers. Nevertheless, the industry was quick to respond to the pandemic by deploying supportive measures to ensure access to veterinary care and other services. The pandemic also caused pet parents to realize the importance of getting a pet insurance policy to reduce financial risk.
A survey conducted by Petplan, a U.K. market leader, found that pet ownership increased during 2020. The most popular pet was the dog, followed by the cat. About 47% of respondents purchased a pet for the first time, and overall only about 26% of pet owners in the U.K. bought pets during the COVID-19 pandemic. Getting a pet was primarily motivated by work-from-home conditions, the desire for companionship, and more time spent at home because of lockdown and movement restrictions. From 2022 to 2032, pet insurance demand is forecast to surge nearly 5x.
Key Segments Covered in the Pet Insurance Industry Survey
- By Coverage Type
- Pet Insurance for Accident Only
- Pet Insurance for Accident & Illness
- Pet Insurance for Other Coverage Types
- By Animal Type
- Pet Insurance for Cats
- Pet Insurance for Dogs
- Pet Insurance for Other Animal Types
- By Sales Channel Type
- Pet Insurance via Bancassurance
- Direct Pet Insurance
- Pet Insurance via Broker
- Pet Insurance via Agency
- Pet Insurance via Other Sales Channels