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According to the survey 2019 North American Pet Health Insurance Association (NAPHIA), the average cost for pet insurance in the U.S. in 2019 was USD 585.40 per year for dogs and USD 349.93 for cats. The market for pet insurance in the United States was valued at USD 1.56 billion. Furthermore, this will directly create a chance for players to capture untapped customers and offer various items to enhance sales and customer satisfaction. It also helps to mitigate the financial risk of unforeseen veterinary bills by covering accidents and illnesses such as cancer, hip dysplasia, glaucoma, parvovirus, and others and medicine and surgery.
Key Growth Drivers:
- Increasing Pet Ownership and Human-Animal Bond:
The growing number of pet owners and the strengthening human-animal bond drive the demand for pet insurance. Pet owners consider their pets as family members and are willing to invest in their healthcare. This increased awareness and emotional attachment fuel the growth of the pet insurance market.
- Technological Advancements in Pet Healthcare:
Technological advancements in veterinary medicine, such as advanced surgeries, imaging techniques, and specialized treatments, have improved the quality of pet healthcare. Pet insurance enables pet owners to access these advanced treatments without the worry of exorbitant costs, driving the adoption of insurance plans.
- Increasing Awareness of Pet Insurance
There has been a significant increase in the awareness of pet insurance among pet owners. Insurance companies, veterinary clinics, and pet-related organizations have played a crucial role in educating pet owners about the benefits of insurance coverage, leading to increased demand and market growth.
The report outlines the involvement of key players, including:
Nationwide Building Society (U.S), Trupanion (U.S), Pethealth Inc. (U.S), Embrace Pet Insurance Agency LLC (U.S), United States Fire Insurance Company (U.S), Petplan Ltd. (U.K), Hartville Group, Inc. (U.S), Petfirst Healthcare LLC (U.S), Anicom Holdings Inc. (Japan), RSA (U.K), ipet Insurance (Japan), The Oriental Insurance Company Ltd. (India), Figo Pet Insurance, LLC (U.S), Direct Line (U.K), Animal Friends Insurance Services Limited (U.K), among others
Key Market Segmentation
Product Type (Non-lifetime Cover Pet Insurance, Lifetime Cover Pet Insurance, Accident-only Pet Insurance), Animal Type (Dogs, Cats, Horses, Others), End-User (Agency, Broker, Bancassurance, Direct Writing)
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