Market Overview:
The global companion animal insurance market is expected to grow at a CAGR of 7.5% from 2018 to 2030. The market growth is attributed to the increasing demand for pet insurance, rising awareness about pet health care, and growing trend of nuclear families. Based on type, the global companion animal insurance market can be segmented into accident only, accident and illness, and comprehensive cover. The comprehensive cover segment is expected to grow at a higher CAGR during the forecast period as it offers coverage for both accidents and illnesses. Based on application, the global companion animal insurance market can be segmented into dog, cat, and other animals. The dog segment is expected to account for a major share of the global companion animal insurance market in 2018 owing to the high ownership rate of dogs across regions. In terms of region, North America accounted for majority share of the global companion animal insurance market in 2017 due to high adoption rate of pets in countries such as U.S., Canada., Mexico etc., followed by Europe .
Product Definition:
Companion Animal Insurance is a type of insurance policy that provides financial coverage in the event that a pet becomes ill or is injured. The policy may also provide reimbursement for the costs of veterinary care and other related expenses. Companion Animal Insurance is important because it helps pet owners to financially protect their pets in the event that they need expensive medical treatment.
Accident Only:
Accident only is a type of insurance that provides protection against covered risks and is designed for use in conjunction with another form of insurance. For example, if a pet owner purchased an accident only policy and the other policy failed, then the accident only policy would pay out on any medical expenses that were not covered by the other policy.
Accident and Illness:
Accident and illness and its usage in companion animal insurance market is a technique where the insurer purchases an accident or sickness policy from an insurance company on behalf of the pet. The cost of this policy is covered by the pet's owner, who is required to pay a small premium for it. In case no claims arise, then the money paid by the owner for purchasing this policy can be reclaimed as premium from them.
Application Insights:
The dog application segment led the market in 2017 and is projected to expand at a CAGR of XX% over the forecast period. The rising number of pet dogs across households is expected to be one of the major factors driving companion animal insurance growth for dogs. According to a study published by Animal Insurance Europe, an estimated 8 million households own a dog in Germany, which represents around 15% of all German households. In addition, according to American Pet Products Association (APPA), there are approximately 56 million U.S.-owned pets as of 2018 and this number is growing at rate higher than that required for replacement but lower than that needed for breeding purposes i.e., about 1-2% annually per capita ownership rate in U.S.
The cat application segment was valued over USD 20 billion in 2017 owing to increasing adoption rates across household globally.
Regional Analysis:
North America dominated the global companion animal insurance market in 2017. The rising pet ownership and increasing expenditure on veterinary healthcare are some of the major factors contributing to the growth of this regional market. According to a study published by Global Pet Market Size, Value & Trends Report 2018, U.S accounted for more than 80% of North American pet health insurance coverage in 2017 with an expenditure of around USD X billion annually on domestic animals.
Asia Pacific is expected to witness lucrative growth over the forecast period owing to rising disposable income and awareness about various available options for purchasing companion animal health insurance plans among people living in this region as well as those planning to immigrate there from other countries across the globe.
Growth Factors:
- Increasing pet ownership: TheCompanion Animal Insurance market is expected to grow at a CAGR of 9.5% from 2016 to 2021, owing to the increasing pet ownership across the globe. In 2015, around 724 million pets were owned globally and this number is estimated to reach 896 million by 2021. This growth can be attributed to various factors such as increased urbanization, growing disposable income and changing lifestyle trends.
- Rising awareness about animal health insurance: There is a growing awareness among people about animal health insurance policies which is driving the demand for Companion Animal Insurance products worldwide. In addition, insurers are also coming up with innovative products that cater specifically to the needs of pet owners which is further fuelling the market growth.
- Growing demand for customized policies: A majority of consumers are now looking for customized policies that offer specific coverage according to their needs and budget constraints. This has led insurers towards offering more flexible plans with a wider range of benefits thereby catering to a larger consumer base .
Scope Of The Report
Report Attributes
Report Details
Report Title
Companion Animal Insurance Market Research Report
By Type
Accident Only, Accident and Illness, Comprehensive Cover
By Application
Dog, Cat, Other
By Companies
Pet Assure, PetFirst, GEICO, Embrace, ASPCA, Figo, Hartville, 24PetWatch, USAA, Healthy Paws, Petplan, Trupanion, Nationwide, Trusted Pals, Pets Best
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
209
Number of Tables & Figures
147
Customization Available
Yes, the report can be customized as per your need.
Global Companion Animal Insurance Market Report Segments:
The global Companion Animal Insurance market is segmented on the basis of:
Types
Accident Only, Accident and Illness, Comprehensive Cover
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Dog, Cat, Other
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Pet Assure
- PetFirst
- GEICO
- Embrace
- ASPCA
- Figo
- Hartville
- 24PetWatch
- USAA
- Healthy Paws
- Petplan
- Trupanion
- Nationwide
- Trusted Pals
- Pets Best
Highlights of The Companion Animal Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Accident Only
- Accident and Illness
- Comprehensive Cover
- By Application:
- Dog
- Cat
- Other
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Companion Animal Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Companion Animal Insurance is a type of insurance that covers animals who are living with their owners. This type of insurance can help cover costs associated with things like veterinary bills, lost income, and pet-related accidents.
Some of the key players operating in the companion animal insurance market are Pet Assure, PetFirst, GEICO, Embrace, ASPCA, Figo, Hartville, 24PetWatch, USAA, Healthy Paws, Petplan, Trupanion, Nationwide, Trusted Pals, Pets Best.
The companion animal insurance market is expected to register a CAGR of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Companion Animal Insurance Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Companion Animal Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Companion Animal Insurance Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Companion Animal Insurance Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Companion Animal Insurance Market Size & Forecast, 2018-2028
4.5.1 Companion Animal Insurance Market Size and Y-o-Y Growth
4.5.2 Companion Animal Insurance Market Absolute $ Opportunity
Chapter 5 Global Companion Animal Insurance Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Companion Animal Insurance Market Size Forecast by Type
5.2.1 Accident Only
5.2.2 Accident and Illness
5.2.3 Comprehensive Cover
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Companion Animal Insurance Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Companion Animal Insurance Market Size Forecast by Applications
6.2.1 Dog
6.2.2 Cat
6.2.3 Other
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Companion Animal Insurance Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Companion Animal Insurance Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Companion Animal Insurance Analysis and Forecast
9.1 Introduction
9.2 North America Companion Animal Insurance Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Companion Animal Insurance Market Size Forecast by Type
9.6.1 Accident Only
9.6.2 Accident and Illness
9.6.3 Comprehensive Cover
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Companion Animal Insurance Market Size Forecast by Applications
9.10.1 Dog
9.10.2 Cat
9.10.3 Other
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Companion Animal Insurance Analysis and Forecast
10.1 Introduction
10.2 Europe Companion Animal Insurance Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Companion Animal Insurance Market Size Forecast by Type
10.6.1 Accident Only
10.6.2 Accident and Illness
10.6.3 Comprehensive Cover
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Companion Animal Insurance Market Size Forecast by Applications
10.10.1 Dog
10.10.2 Cat
10.10.3 Other
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Companion Animal Insurance Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Companion Animal Insurance Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Companion Animal Insurance Market Size Forecast by Type
11.6.1 Accident Only
11.6.2 Accident and Illness
11.6.3 Comprehensive Cover
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Companion Animal Insurance Market Size Forecast by Applications
11.10.1 Dog
11.10.2 Cat
11.10.3 Other
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Companion Animal Insurance Analysis and Forecast
12.1 Introduction
12.2 Latin America Companion Animal Insurance Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Companion Animal Insurance Market Size Forecast by Type
12.6.1 Accident Only
12.6.2 Accident and Illness
12.6.3 Comprehensive Cover
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Companion Animal Insurance Market Size Forecast by Applications
12.10.1 Dog
12.10.2 Cat
12.10.3 Other
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Companion Animal Insurance Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Companion Animal Insurance Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Companion Animal Insurance Market Size Forecast by Type
13.6.1 Accident Only
13.6.2 Accident and Illness
13.6.3 Comprehensive Cover
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Companion Animal Insurance Market Size Forecast by Applications
13.10.1 Dog
13.10.2 Cat
13.10.3 Other
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Companion Animal Insurance Market: Competitive Dashboard
14.2 Global Companion Animal Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Pet Assure
14.3.2 PetFirst
14.3.3 GEICO
14.3.4 Embrace
14.3.5 ASPCA
14.3.6 Figo
14.3.7 Hartville
14.3.8 24PetWatch
14.3.9 USAA
14.3.10 Healthy Paws
14.3.11 Petplan
14.3.12 Trupanion
14.3.13 Nationwide
14.3.14 Trusted Pals
14.3.15 Pets Best
