Pet insurance is a type of specialty property and casualty insurance policy, which pet owners purchase to cover the unintended costs, such as veterinary services, surgical procedures, injuries from accidents, and prescribed pet medicines. It is a form of property and casualty insurance, which provides reimbursement to the owner after the pet has received required care and the owner submits a claim to the insurance company.
Increase in awareness about pet insurance, rise in number of companion animals, and growth in pet ownership and associated health benefits of pet ownership propels the growth of the market. However, high cost of pet insurance policies, lack of awareness among consumers, and government regulation limits the growth of the market. Furthermore, largely untapped market with extremely low penetration rates is expected to provide numerous opportunities for the pet insurance market.
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The pet insurance market is segmented on the basis of end user, policy type, and region. End user segment covered in this study include dog, cat, horse, exotic pet, and others. Based on policy type, the market is classified into Lifetime Cover and Non-Lifetime Cover. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The pet insurance market is dominated by key players such as Petplan Limited, Trupanion, Inc., Nationwide Mutual Insurance Company., Hartville Group Inc., Pethealth Inc., PetFirst Healthcare LLC, Royal & Sun Alliance Insurance Company of Canada, Inc., Embrace Pet Insurance Agency, LLC, Direct Line Insurance Group plc, and Petsecure.
- The study provides an in-depth analysis of the global pet insurance market and current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities is provided.
- Porters Five Forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global market from 2016 to 2023 is provided to determine the pet insurance market potential.
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Pet Insurance Market Key Segments:
By End User
- Exotic Pet
By Policy Type
- Lifetime Cover
- Illness Cover
- Accident Cover
- Non-Lifetime Cover
- Illness Cover
- Accident Cover
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players Profiled In The Report
- Petplan Limited
- Trupanion, Inc.
- Nationwide Mutual Insurance Company.
- Hartville Group Inc.
- Pethealth Inc.
- PetFirst Healthcare LLC
- Royal & Sun Alliance Insurance Company of Canada, Inc.
- Embrace Pet Insurance Agency, LLC
- Direct Line Insurance Group plc
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