Europe will hold the largest revenue share of over 44% in

Seoul, South Korea, Aug. 22, 2022 (GLOBE NEWSWIRE) — The global pet insurance market is expected to grow at a staggering CAGR of 16.5% during the forecast period from 2022 to 2032, according to a recently published Fact.MR. study. According to this report, the market is expected to reach a value of US$45.6 billion by 2032. Rising pet ownership amid the growing trend of animal humanization is propelling the demand pet insurance policies.

From 2015 to 2021, demand for pet insurance has surged at a CAGR of 15%, valued at US$8.5 billion. As a result of the COVID-19 pandemic, pet owners, veterinarians, veterinary hospitals and animal health businesses have faced several challenges. Nonetheless, the industry quickly responded to the pandemic by rolling out support measures to ensure access to veterinary care and other services. The pandemic has also made pet owners realize the importance of getting a pet insurance policy to reduce financial risk.

The decision to have a pet was triggered by working from home conditions, the desire for companionship and the desire to spend more time at home due to confinement and movement restrictions. About a fifth of respondents said they were more likely to purchase a pet insurance policy. Pandemic concerns have prompted pet owners to seek more risk protection than before.

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Key insights from market research

  • Global pet insurance market revenue will reach $9.9 billion by the end of 2022
  • Europe to hold over 44% revenue share of pet insurance market by 2022
  • The Asia-Pacific region is expected to grow at the fastest rate of over 18% during the forecast period 2022-2032.
  • The Accident & Illness segment is estimated to hold the largest revenue share in 2022 at 85%.
  • In 2022, the dog segment will account for more than 50% of market revenue.
  • Direct sales dominated the market in 2021 and are expected to account for 34% of market revenue by 2022.

Competitive landscape

The players are implementing various strategic strategies, such as launching new policies, forming partnerships and collaborations, and regional expansion, to increase their market share.

  • In June 2020, Veter Software, a provider of animal technology solutions, signed an agreement with Trupanion. As part of the partnership, Vetter Software’s cloud-based veterinary practice management platform software has been 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 achieve steady growth in the market, its Accident and Health unit has partnered with Petplan.

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Impact of COVID-19 on the Pet Insurance Market

As a result of the COVID-19 pandemic, pet owners, veterinarians, veterinary hospitals and animal health businesses have faced several challenges as the imposition of lockdowns has prevented frequent home visits. physical insurers. Nonetheless, the industry quickly responded to the pandemic by rolling out support measures to ensure access to veterinary care and other services. The pandemic has also made pet owners realize the importance of getting a pet insurance policy to reduce financial risk.

A survey by Petplan, a UK market leader, found that pet ownership increased in 2020. The most popular pet was the dog, followed by the cat. Around 47% of respondents have bought a pet for the first time and overall only around 26% of pet owners in the UK have purchased pets during the COVID-19 pandemic. 19. Getting a pet was primarily driven by working from home conditions, the desire for companionship and more time spent at home due to lockdown and movement restrictions. From 2022 to 2032, the demand for pet insurance is expected to increase nearly 5 times.

Key segments covered by the pet insurance industry survey

  • By type of coverage
    • Accident-only pet insurance
    • Pet insurance in the event of accident and illness
    • Pet insurance for other types of coverage
  • By animal type
    • Pet insurance for cats
    • Pet insurance for dogs
    • Pet insurance for other types of animals
  • By type of sales channel
    • Animal insurance via Bancassurance
    • Direct Pet Insurance
    • Pet insurance through a broker
    • Pet insurance through the agency
    • Pet insurance through other sales channels

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More valuable information

Fact.MR, in its new offering, presents an unbiased analysis of the pet insurance market, showcasing historical market data (2015-2021) and forecast statistics for the period 2022-2032.

The study reveals essential information based on the type of cover (accident and illness, accident only and others), the type of animal (dogs, cats and others) and the sales channel (agency, broker, direct, bancassurance and others) in five major regions (North America, Latin America, Europe, Asia-Pacific and Middle East and Africa).

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