Global Pet Insurance Market Report 2022: Increasing Prices of Veterinary Services & Increasing Adoption and Purchase of Pets Driving Growth – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–It is “Global Pet Insurance Market – Forecast from 2022 to 2027” report added ResearchAndMarkets.com’s to give.

The pet insurance market has a CAGR of 5.66% during the forecast period to reach $84.996 billion by 2027, from $57.811 billion in 2020.

Introduction

Pet insurance is an insurance policy that usually covers medical care for a sick person or an injured pet. Insurance companies may cover part or all of the cost of a pet’s medical treatment, depending on the policy. Some laws also pay a price if the animal is stolen or lost, even death.

Market:

The global pet insurance market is expected to grow in the coming years, due to rising medical costs. The increase in pet adoptions and pet purchases during the COVID-19 pandemic may also take a large part in the pet insurance market. Europe currently holds the largest market share in the pet insurance market. Sweden currently has the largest market share in Europe, with nearly 90% of pet insurance claims.

However, North America is known to be the fastest growing market in recent years, with rapid progress in the pet insurance market. NAPHIA has recently revealed industry successes in North America, including $2.174 billion in pet health insurance sold in 2020 (up 26% from $1.717 billion in 2019) and more than 3.45 million pets housed across the region (up 22.5) %. from over 2.81 million animals protected in 2019).

Growth Factors

Increased funding for animal welfare

Due to the increasing adoption and purchase of pets, the medical industry has also become more expensive. Knee replacements, professional allergy testing, cancer treatment, and chiropractic, once available to humans, are now available to dogs and cats. According to the annual report of the American Pet Products Association (APPA), pet waste in the United States reached $103.6 billion in 2020, an increase of 6.7% over the previous year. Of that amount, US$31.4 billion was spent on veterinary medicine, an increase of about 7.2% from last year. With the rising cost of veterinary care, people are beginning to understand the importance of pet insurance. This is expected to increase the demand for pet insurance.

Also, pet owners have seen a significant increase in dog theft. According to data released under the Freedom of Information Act by Direct Line Pet Insurance, thefts have increased by 13%, reaching 2,670 in 2021 in the UK. This is recorded as the highest number of thefts in the last seven years. Government agencies have tried to issue guidelines to protect pets, but to no avail. The best way pet owners can protect their pets is to get stolen or lost pet insurance that will cover the cost of the pet’s death. Such an increase in pet theft is also expected to boost the pet insurance market.

Stop yourself

Increasing legal costs

Pet insurance rates have been on the rise over the past few years. Veterinary medicine has advanced so much that doctors can now diagnose and treat diseases in pets more accurately than ever before. However, this treatment comes at a cost, and will inevitably affect pet insurance premiums. Also, some insurance providers are very conservative in their financial decisions and want to make as much money as possible. Some of them are more busy raising their prices than others, and they are willing to lose customers as a result.

Additionally, even if the pet is healthy and has never filed a claim, pet insurance premiums can go up. As animals get older, the chance of them getting sick increases, which increases the cost of insurance. Since pets have a shorter life span than humans, they may appear to be more susceptible to disease and succumb to it more quickly.

Market Segment:

It’s a kind of animal

By type of Policy

  • Lifetime Cover

  • Disease Cover

  • Accident Cover

  • A Lifeless Veil

  • Disease Cover

  • Accident Cover

It is Geography

Key Topics Covered:

1. INTRODUCTION

2. TEACHING METHOD

3. GOOD HANDLING

4. PROPERTIES OF WORK

5. PET INSURANCE MARKET, BY TYPE OF ANIMAL

6. PET INSURANCE MARKET, AND APPLICATION

7. PET INSURANCE MARKET, BY COUNTRY

8. COMPETITIVE CULTURE AND ENTERTAINMENT

9. COMPANY PROFILE

Listed Companies

  • Nationwide Mutual Insurance Company

  • Opinions of the company Metlife Inc.

  • Healthy Paws Pet Insurance, LLC.

  • Crum & Foster

  • Trupanion

  • Opinions of the company Petplan Limited

  • Embrace Pet Insurance Agency, LLC

  • Animal Friends Insurance

  • Petsecure Pet Health Insurance

  • 24PetWatch

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