Seoul, South Korea, Aug. 22, 2022 (GLOBE NEWSWIRE) — The global insurance market is expected to grow at an impressive CAGR of 16.5% during the forecast period from 2022 to 2032, according to the recently published Fact.MR. learning. According to the report, the market is expected to reach a value of $ 45.6 Bn by 2032. The increase in pet ownership among the growing society is increasing the need for pet insurance.
From 2015 to 2021, the demand for pet insurance increased by 15% CAGR, to be valued at $ 8.5 Bn. Due to the COVID-19 pandemic, pet owners, doctors, veterinary clinics, and the animal health industry have faced several challenges. However, the industry has responded quickly to the outbreak by offering support measures to access veterinary care and other services. The outbreak also made pet parents realize the importance of getting pet insurance to reduce financial risk.
The decision to get a pet was sparked by working from home, wanting to have a companion, and wanting to spend more time at home due to lockdown and travel restrictions. About one in five of those surveyed said they could buy pet insurance. Epidemic concerns have prompted pet parents to seek more protection than ever before.
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Basic Principles of Stock Market Study
- Global insurance market revenue to reach $9.9 Bn by end of 2022
- Europe to account for more than 44% of the pet insurance market by 2022
- The Asia Pacific region is expected to grow at the fastest rate of more than 18% during the forecast period, 2022-2032.
- It is estimated that the accident and disease sector will have the largest share in 2022 at 85%.
- In 2022, the dog segment will account for more than 50% of the market.
- Direct sales dominated the market in 2021, expected to account for 34% of market revenue by 2022.
Players use a variety of strategies, such as establishing new policies, forming alliances and partnerships, and regional expansion, to increase their market share.
- In June 2020, Veter Software, a provider of veterinary solutions, signed an agreement with Trupanion. In the deal, Vetter Software’s cloud-based vet management platform was integrated with Trupanion’s software, enabling direct payments to veterinarians.
- AXIS Capital Holdings Limited entered the specialty insurance market in November 2021 by joining Managing General Underwriter Petplan. In order to grow in the market, its Accident and Health division partnered with Petplan.
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COVID-19 Impact on the Pet Insurance Market
Due to the COVID-19 pandemic, pet owners, veterinarians, animal clinics, and veterinary companies have faced several challenges, as the closure of doors prevents regular visits by brick-and-mortar insurance providers. However, the industry has responded quickly to the outbreak by offering support measures to access veterinary care and other services. The outbreak also made pet parents realize the importance of getting pet insurance to reduce financial risk.
Research by Petplan, the UK market leader, found that pet ownership increased in 2020. The most popular pet was the dog, followed by the cat. Around 47% of respondents bought a pet for the first time, and only around 26% of UK pet owners bought a pet during the COVID-19 pandemic. Getting a pet was motivated by working from home, the desire to be with friends, and more time spent at home due to lockdowns and travel restrictions. From 2022 to 2032, the demand for pet insurance is expected to increase nearly 5x.
Key Sectors Included in the Insurance Industry Survey
- By Cover Type
- Personal Accident Pet Insurance
- Pet Accident & Disease Insurance
- Pet Insurance for Other Types of Assistance
- It’s a kind of animal
- Pet Insurance for Cats
- Pet Insurance for Dogs
- Pet Insurance for Certain Species of Animals
- It is a Sales Channel Type
- Pet Insurance through Bancassurance
- Direct Pet Insurance
- Pet Insurance through a Broker
- Pet Insurance through an Agency
- Pet Insurance through Alternative Marketing
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Most Valuable Information
Fact.MR, in its latest offering, presents an unbiased analysis of the Pet insurance market, showing market history (2015-2021) and statistics for the period 2022-2032.
The study reveals important information on the basis of the type of coverage (accident & disease, only accident and others), the type of animal (dogs, cats and others) and the method of sale (agency, broker, direct, bancassurance and others) in five main areas ( North America, Latin America, Europe, Asia Pacific and the Middle East & Africa).
See Fact. MR’s Importance of Buyer– Goods District-
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