Pet Insurance Market to Reach a Market valuation of US$ 38.8 Bn by 2030 | FMI The global  pet insurance

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Pet Insurance Market
to Reach a Market valuation of US$ 38.8 Bn by 2030 | FMI

The global pet
insurance market size is expected to reach US$ 38.8 Bn by the end of 2030. According to a study by Future Market Insights (FMI),
the market will show a steady rise at a CAGR
of 11% between 2022 and 2030.
According to the report, the rising number of pet owners, increase in awareness
about pet insurance and associated health benefits of pet ownership will stoke
growth in the market.

The report offers a comprehensive overview of the market,
covering key growth drivers, restraints, opportunities, and prevailing trends.
It uses unique research methods to offer the most accurate analysis of the
market.

It includes in-depth insights into the pet insurance
market. Some of these are:

The
estimated value of the market at US$ 7.8 Bn in 2022. Through the
course of the report’s forecast period, the market is exhibited to show a
steady pace of growth.

Regionally,
North America dominates the pet insurance market globally.

Latin
America emerges as one of key markets owing to high pet ownership in the
region.

Dogs
and Cats segment hold the highest value share in pet insurance market.

‘Accident
& illness’ coverage option comes out as the most preferred type of pet
insurance among pet owners

Key
players are likely to focus on new service offerings to stay relevant in
developed markets.

Growth in Pet ownership and Selling Techniques of
Companies to Create Opportunity for Expansion

Rise in number of companion animals, increase in awareness about pet insurance,
growth in pet ownership propels the growth of the pet insurance market. The Pet
health insurers offer different plan options or tiers with varying policy
limits which also attracts pet owners towards pet insurance.

However, high cost of pet insurance policies, lack of
awareness among consumers, and government regulation limits the growth of the
market. Marketing strategies adopted the insurance companies include online
marketing, veterinary clinics, pet stores, shelters and animal support and
rescue organizations or word of mouth referrals which also fuel the pet
insurance market for further growth. Furthermore, largely untapped market with
extremely low penetration rates is expected to provide numerous opportunities
for the pet insurance market.

Accident & Illness Policy Coverage Fuels Demand for
Pet Insurance

Pet insurance which is becoming a norm of most of the developed countries. Pet
insurance market is gaining traction by the accident & illness insurance
policy as it provides both accident and illness coverage. Rapidly increasing
consumer’s awareness on pet’s diseases, rising veterinary costs and marketing
efforts of industry operators have caused consumer acceptance in the pet
insurance market.

Who is winning?

Some of the leading players operating in the pet insurance market are Figo Pet
Insurance LLC., Embrace Pet Insurance Agency LLC, Hartville Group, Health for
Pet, Hollard, Oneplan, Petfirst Healthcare LLC, Protectaplan, Petplan Limited,
Trupanion, Inc., Nationwide Mutual Insurance Company., Anicom Holdings Inc,
Pethealth Inc., Royal & Sun Alliance Insurance Company of Canada, Inc.,
Direct Line Insurance Group plc, Petsecure, Healthy Paws, 24PetWatch etc.

As a result of increasing competition, companies are
focusing on expanding their product portfolio. In addition to this, mergers and
acquisition remains a popular strategy among market players. Companies intend
to expand their regional footprint through strategic collaborations.

In
March 2019, CareCredit, LLC, a healthcare financing company of Synchrony
Financial, had acquired a Idaho based pet insurance company Pets Bestto to
expand its current product/service offering