The global pet insurance market is expected to reach a CAGR of 10.9% during the forecast period. Pet insurance is a type of specialty causality and property insurance, which is claimed by pet owners to cover unintended costs such as costs of surgical procedures, veterinary services, prescribed pet medicines, injuries and accidents, and others. Pet insurance plans also cover heartworm testing, vaccination, and spaying. However, some congenital conditions, routine dental cleaning, and preventive parasite or flea treatments are not covered in some of the pet insurance plans.
The rise in the number of pet owners, coupled with an increasing awareness about pet insurance, is driving the growth of the market in recent years. However, the high cost of pet insurance is restraining the growth of the market. Further, the untapped market in developing countries with a low penetration of pet insurance providers is likely to create opportunities for the market during the forecast period.
Marketing activities act as a supportive function for creating awareness among the pet owners, thereby triggering the demand for pet insurance market in the recent years. Further, rising pet injuries and diseases are also boosting the growth of the market during the forecast period.
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Based on end-user, the dogs segment dominated the market in 2018, owing to increasing illnesses such as arthritis and diabetes. As these illnesses require long-term treatments, there is an increase in the demand for pet insurance by pet owners.
The North America dominated the market in 2018 and is expected to exhibit similar trends in the coming years. The increasing number of pet owners in the region is driving the growth of the pet insurance market in the region. At the same time, Europe is growing at the fastest pace owing to the high rate of penetration of veterinary care, pet insurance, conscious pet owners, and improved facilities in the region.
Further, the Asia-Pacific region will witness the fastest growth during the forecast period. Increasing disposable income, social media craze, and sensitivity to animals are some of the factors that are propelling the growth of the market in the region. India is leading the Asia-Pacific market owing to an increase in the number of pet population in the region. However, a poor inclination of agents to sell the product, coupled with the absence of proper distribution channels, is restraining the growth of the market in the region.
The key players of the market are Petplan Limited, Royal & Sun Alliance Insurance Company of Canada, Inc., Nationwide Mutual Insurance Company, Trupanion, Inc., Pethealth Inc., Hartville Group Inc., PetFirst Healthcare LLC, Direct Line Insurance Group plc, Embrace Pet Insurance Agency, LLC, Petsecure, and others.
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