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Global Pet Insurance Market to Reach $84.99 Billion by 2027 – InsuranceNewsNet

DUBLIN, August 4, 2022 /PRNewswire/ — “Global Pet Insurance Market: Forecasts 2022 to 2027” report added to ResearchAndMarkets.com offering.

The pet insurance market has a CAGR of 5.66% during the forecast period to reach US$84.996 billion by 2027, from 57,811 million US dollars in 2020.

Introduction
pet insurance It is a protection policy that mainly covers the veterinary care of a person’s sick or injured pet. Insurance companies may offset some or all of the cost of a pet’s medical treatment, depending on the policy. Some policies also cover costs in the event of the pet being lost or stolen, or even in the event of death.

Market trend:
The global pet insurance market is likely to increase in the coming years, due to rising prices for veterinary care. The growing trend of pet adoptions and purchases during the COVID-19 pandemic would also play a vital role in the pet insurance market. Europe currently has the largest market share in the pet insurance industry. Sweden currently has the largest market share in Europewith nearly 90% of pets reporting pet insurance coverage.

Nevertheless, North America has been considered the fastest growing market in recent years, the rapid advances in the pet insurance market. NAPHIA recently revealed many industry achievements in North Americaincluding a remarkable 2,174 million US dollars in total pet health insurance premiums sold in 2020 (up more than 26% of $1.717 billion in 2019) and more than 3.45 million pets covered throughout the region (22.5% more than the more than 2.81 million pets insured in 2019).

growth factors
Increased veterinary health costs
With the increasing adoption and purchase of companion animals, the veterinary health industry has also become substantially expensive. Knee replacements, sophisticated allergy testing, cancer treatments, and chiropractic therapy, previously available exclusively to humans, are now available to dogs and cats. According to the American Pet Products Association (APPA) annual report on the state of the industry, pet expenses in the United States paste US$103.6 billion in 2020, 6.7% more than the previous year. Of that amount, $31.4 billion was used for veterinary care, which represented an increase of about 7.2% over the previous year. With the rising costs of veterinary medical care, people have begun to understand the importance of pet insurance. Consequently, this is expected to drive the demand for pet insurance.

Additionally, pet owners have seen a significant increase in cases of dog theft. According to information published under the Freedom of Information Act by hotline pet insurancethefts have increased by 13%, totaling 2,670 instances in 2021 in the United Kingdom. This has been recorded as the highest number of robberies in the last seven years. Government agencies have tried to publish guidelines to protect pets, but have been unsuccessful. The best option for pet owners to safeguard their pets is to obtain loss or theft insurance coverage that covers the costs of losing a pet. Such increases in pet theft cases are also expected to boost the pet insurance market.

Contain
Increase in policy prices
Pet insurance prices have risen rapidly in recent years. Veterinary treatments have advanced to the point where veterinarians can now diagnose and treat pet ailments much more accurately than ever before. However, these treatments come at a price and will inevitably affect pet insurance premiums. Also, some insurance providers are much more careful with their financial decisions and want to generate as much income as possible. Some of them are more active in raising their rates than others, and are willing to risk losing customers as a result.

Also, even if a pet is currently in perfect condition and has never filed a claim, pet insurance premiums can go up. As animals age, the chance of them getting sick increases, which increases the cost of insurance. Since pets live on average shorter than humans, they can appear to suffer from more illnesses and succumb to them sooner.

Market segmentation:
By type of animal

By type of policy

  • lifetime coverage
  • sickness coverage
  • Accident Coverage
  • Non-life coverage
  • sickness coverage
  • Accident Coverage

By Geography

Key Topics Covered:

1. INTRODUCTION

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

5. INSURANCE MARKET FOR PETS, BY TYPE OF ANIMAL

6. PET INSURANCE MARKET, BY APPLICATION

7. PET INSURANCE MARKET, BY COUNTRY

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

9. COMPANY PROFILES

Companies mentioned

  • Nationwide Mutual Insurance Company
  • metlife inc.
  • Pet Insurance Healthy Paws, LLC.
  • Crum and Foster
  • trupanion
  • petplan limited
  • Embrace Pet Insurance Agency, LLC
  • Animal Friends Insurance
  • Petsecure pet health insurance
  • 24PetWatch

For more information on this report, please visit https://www.researchandmarkets.com/r/3fquze

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