Pet Insurance Market on the Path of Explosive Growth, USD 68.91 Billion by 2032 – SNS Insider

According to SNS Insider, the global Pet Insurance Market was worth USD 15.4 billion in 2023, and is projected to reach USD 68.91 billion by 2032, growing at a CAGR of 18.13%. This trend is because our dogs and cats are no longer just pets, but integral members of the family. And when a family member falls ill or has an accident, the cost of their treatment can become a huge financial burden. With this in mind, pet owners around the world are now insuring their ‘pet’ members.

Pet Insurance Market Overview

Pet expenses are no longer limited to food and toys. Medical costs have increased by about 60% in the last decade, especially in countries like the US. A recent survey found that 23% of pet owners had to take out loans for emergency medical services. In such a situation, pet insurance has become a viable option to protect against unexpected medical bills. In North America, the number of insured pets reached 6.25 million in 2023, which is 20.9% more than the previous year.

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Pet Insurance Market Segmentation Analysis

By Coverage: Accident and illness insurance dominated the entire market by 84% in 2023. The major factor behind this is the high cost of diseases like cancer, arthritis.

By Animal: Insurance for dogs has taken over 61% of the market. Since dogs are the most widely kept pets and are at high risk of developing genetic diseases, insurance is essential for their owners.

By Sales Channel: Direct sales channels (through digital platforms) have captured 33% of the market. These channels have become popular due to the ease of comparing, getting information and getting insurance instantly on the internet.

Pet Insurance Market Regional Insights: Europe Leads, Asia-Pacific Fastest

Europe: Europe is the world’s largest pet insurance market with a 41% market share. Germany and the United Kingdom are the largest spenders on pets and have high insurance awareness.

North America: The US has overtaken North America in second place with a 32% global market share. Over 67% of households in the country have pets, creating a huge opportunity for this market.

Asia-Pacific: The Asia-Pacific region is expected to witness the fastest market growth (CAGR) due to economic growth, rising middle-class incomes, and a growing pet ownership culture. The opportunity is particularly significant in countries like India and China.

Major Players Analysis Listed in the Pet Insurance Market Report are

• Nationwide Mutual Insurance Company (Whole Pet with Wellness, Major Medical)​
• MetLife Services and Solutions, LLC (MetLife Pet Insurance, PetFirst Pet Insurance)​
• UK Insurance Limited (Direct Line Pet Insurance, Churchill Pet Insurance)​
• Pumpkin Insurance Services Inc. (Pumpkin Pet Insurance Plans, Preventive Essentials)​
• Anicom Holdings, Inc. (Anicom Pet Insurance, Wellness Plans)​
• Trupanion (Trupanion Pet Insurance, PHI Direct)​
• American Modern Insurance Group, Inc. (American Modern Pet Insurance, Specialty Coverages)​
• DFV Deutsche Familienversicherung AG (DFV Pet Protection, Digital Pet Insurance)​
• Allianz p.l.c. (Allianz Pet Insurance, Petplan)​
• Figo Pet Insurance LLC (Figo Pet Insurance Plans, Wellness Powerup)​
• Fetch Pet Insurance (Fetch by The Dodo, Comprehensive Coverage)​
• Cardif Pinnacle (Everypaw Pet Insurance, Helpucover Pet Insurance)​
• Future Generali India Insurance (FG Dog Health Cover, FG Health Absolute)​
• Tractive (Tractive GPS Tracker, Tractive Pet Cover)​
• Healthy Paws Pet Insurance (Unlimited Lifetime Coverage, No Caps on Claims)​
• Embrace Pet Insurance (Accident & Illness Coverage, Wellness Rewards)​
• ASPCA Pet Health Insurance (Complete Coverage, Accident-Only Coverage)​
• Petplan Pet Insurance (Comprehensive Coverage, Customizable Plans)​
• Pet Assure (Veterinary Discount Plan, Wellness Coverage)​
• Lemonade Pet Insurance (Preventive Care Package, Extended Accident and Illness Coverage)

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Recent Developments: Transparency and Growth

In September 2024, the US state of California passed SB 1217. This law mandates insurance companies to clearly disclose the terms and conditions of their policies, which will enhance consumer protection.

In March 2024, the pet insurance market in the US witnessed significant growth due to rising medical costs and an improved regulatory framework.

The Way Forward: Growing Trend Towards Wellness Programs

Insurance companies are now offering plans that focus on preventative care (wellness programs) rather than just accidents and illnesses. These include services like vaccinations, dental checkups, and annual checkups. Such plans will keep pets healthy and save both insurers and owners from huge expenses in the long run.

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