According to a new market report published by Industry Probe (www.industryprobe.com) titled ‘Pet Insurance Market (Pet: Dog, Cat, and Others; Coverage Type: Accident & Illness and Accident Only; Distribution Channel: Online and Offline) – Global Industry Dynamics 2018–19, Trends and Forecast, 2020–2027’ the global pet insurance market is expected to expand at a CAGR of 11.0% from 2019 to 2027 and reach US$ 14,596.8 Mn by 2027.
Number of global pet population that is insured is increasing rapidly. In order to increase consumer awareness of both, the company’s product offerings and the pet insurance industry, a large number of pet insurance companies spend large portions of their revenue on advertising. Moreover, as healthcare utilization rates have risen and advanced procedures are now being used, veterinary cost is continuously increasing. Therefore, consumers are valuing the advantages offered by pet insurance companies including expensive procedures in exchange of consistent premiums.
Browse the full report at Pet Insurance Market 2017-2027
Technological advancements have majorly influenced the global pet insurance industry in recent years. Additionally, veterinary expenditures are increasing due to the use of more sophisticated and costly treatments such as chemotherapy, transplants, CT scans, and radiation therapy. The use of such treatments increases both demand for insurance policies and industry claims expenses. Furthermore, pet insurance companies are rapidly developing their own proprietary software systems that include data analytics, sales tasks, and claims processing, among others. Such technological advancements are anticipated to drive the global pet insurance market.
Pet insurance companies are observing a startling change in the buying habits of pet parents. Online retailing is expected to be the mainstream in the pet insurance market.
Increasing use of internet in various regions, such as Asia Pacific, has also positively influenced the market growth
Online purchases of insurance policies have witnessed tremendous growth in the past few years due to consumer convenience. All these factors are projected to offer several opportunities for market growth during the forecast period.
Common pet problems, such as cat scratching, dog urinating when excited, hamster running on wheel at night, dog barking at night, pet shedding, pet poop adhering to backside, etc., might prevent the people from keeping pets at home. This may hamper the growth of the pet insurance market.
The global pet insurance market is dominated by Europe followed North America. The Europe pet care market is growing at a rapid pace. This factor is projected to supplement the growth of the pet insurance market in Europe. The U.K. and Sweden are the biggest market for pet insurance in the region.
North America is anticipated to account for a significant share of the global pet insurance market during the forecast period. This can be attributed to the rising adoption of pets in the region.
The global pet insurance market is dominated by several players who are focused on the development of new products to cater to changing consumer preferences
The report includes the below mentioned pointers of major players operating in the global pet insurance market:
Market Share Analysis (2018)
Business Strategies/Recent Developments
Key mergers & acquisitions
Agria Pet Insurance Ltd
Anicom Holdings, Inc.
American Modern Insurance Group
Crum & Forster Pet Insurance Group
Nationwide Mutual Insurance Company
Allianz Insurance plc
RSA Insurance Group plc
Embrace Pet Insurance
Progressive Casualty Insurance Company
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