As stated in our extensive report; providing insights on Coverage Type, Animal Type, Sales Channel and Region; the Global Pet Insurance Market accounted for USD 7.92 Billion in 2021.
Pet Insurance is a sort of insurance that protects the total health and well-being of numerous animals. Insurance for dogs has become a terrific method to provide for our pets if they require medical or other financial assistance, just like we buy health insurance for ourselves and our loved ones. Being a pet parent isn't inexpensive, especially with annual regular spending for animals on the rise. Vaccinations, tick treatments, grooming, and other services can cost extensively all over the world. If your pet requires medical or surgical treatment, the vet bills, and following medical and surgical charges are the most expensive. In the event of an emergency, a Pet Insurance coverage will provide the greatest medical and legal care for pets. The market is being driven by a growing pet population, the acceptance of Pet Insurance in underserved markets, rising veterinary care costs, major company activities, and the humanization of pets.
Work-from-home situations, a desire for companionship, and increased time spent at home due to lockdown, and movement restrictions were recognized as the top three reasons for acquiring a pet. One-fifth of pet owner respondents said they were more likely to get a policy for their animals. Overall, the pandemic boosted pet owners' need for risk prevention. Over the projected period, this, together with rising pet humanization and expenditure, is expected to move the market forward. Furthermore, considerable growth in network infrastructure that allows veterinarians to access real-time data on pets is anticipated to improve disease diagnosis accuracy at an early stage.
The COVID-19 pandemic posed a number of issues for pet owners, veterinarians, veterinary hospitals, and animal health organizations in the companion animal market. However, the sector quickly responded to the epidemic by putting in place supportive measures to ensure that veterinarian care and other services were available. The pandemic's issues also raised awareness among pet parents about the importance of having a Pet Insurance coverage to prevent financial risk. During the COVID-19 pandemic, around 47% of respondents adopted pets for the first time, while approximately 26% of pet owners in the United Kingdom purchased a pet.
Asia Pacific is expected to grow at a fastest Compound Annual Growth Rate (CAGR) and is likely to continue with the same trend during the forecast period. This is attributable to the increasing trend of pet adoption and the development of the economy across the region. Furthermore, the rising awareness regarding veterinary health along with improving veterinary healthcare infrastructure in the region is also expected to fuel the regional growth of the market.
Some of the prominent players operating in the Global Pet Insurance Market include Trupanion Inc., Deutsche Familienversicherung AG (DFV), Petplan (Allianz), Animal Friends Insurance Services Limited, Figo Pet Insurance, Direct Line, Nationwide Mutual Insurance Company, Embrace Pet Insurance Agency, AnicomInsurance, IPET Insurance Co. Ltd. and others.