The Global Pet Insurance Market was valued at USD 4.3 billion in 2020, and it is expected to reach USD 7.7 billion by 2027, with a CAGR of 8.6%, during the forecast period from 2021-2027.
Pets are also known as Companion animals. The primary purpose of having pet animals is to provide company to the person or for the purpose of entertainment. These animals are different than animals used for working purpose, livestock, or laboratory animal. The most common pets are cats and dogs and technically cat lovers are known as Ailurophile and dog lovers are known as Cynophile. Other than these animals, fishes, parrots, rabbits, some birds are used as pets.
Pets provide huge emotional support to the people who live alone and act as mood enhancer for elderly people, as good quality time can be spent with them. According to researchers, pets are proved to be medically beneficial to the patients such as cats and dogs are brought to the hospital to meet patients. This is known as a pet therapy. These pets are well trained and handled by their owners in order to achieve physical, emotional, cognitive, and social goals with patients. Pets are also owned to get companionship, to look after at home and protect or because of beauty or attractiveness of the animals.
According to research, globally, about 57% of population own pets. Dogs are the popular owned pet about 33% of respondents, 23% of cats, 12% Fish, 6% birds and other pet's types about 6%. Amongst all countries, Argentina, Mexico and Brazil have highest rate of overall pet ownership. The U.S ranked fifth for pet ownership and third when it comes to cats.
Over the time, pet develop unconditional love towards their owners and becomes one of the members of the family. So, in order to protect them in their illness, is the duty of the owners and provide best medical attention. Hence, it is important to have pet insurance. Pet insurance policy which covers veterinary expenses incurred required for the treatment of a pet who is sick. This provides benefits to the pet owners and helps to provide expensive treatments to the pet and save their lives.
Pet insurances provides customized insurance plans, IRDA approved plans and their schemes (dog insurance, cat insurance, etc.), add-on-cover for the base policy such as loss of show entry fees, third party liability include the events when pet tend to bite or attack or causes any other damage to third party. Pet insurance policy include pet’s accidents, injuries, and illness. With increase in pet expenditure the market is expected to boost during the forecast period. Increase in awareness regarding pet insurance, rising number of companion animals, and adoption rate helps to stimulated the growth of the pet insurance industry. However, certain factors like high pet insurance policy costs, lack of awareness among consumers in underdeveloped countries, and government rules and regulations tends to hinder the growth of pet insurance market.
Pet Insurance Market Major players operating in the industry are Petplan limited, Trupanion, Inc., Nationwide Mutual Insurance Company, Hartville Group Inc., Pethealth Inc., Petfirst healthcare LLC, and Royal & Sun Alliance Insurance Company of Canada, Inc.
By Policy Coverage Type
By Animal Type
By Geographical Region