Pet Insurance Market 2018, By Policy Type, Non-Lifetime Cover- Growing Number of Pet Ownership to Benefit Insurance Industry in Future by 2023

Pet Insurance
New Report on 2018 Market Research Report on Global Pet Insurance Industry, By Analysis, Size, Share, Growth, Trends, Added to Orbisresearch.com Store Which has 175 Pages.

What it’s all about:

Pet Insurance pays partly or in total for the treatment of the injured or ill pet of the insured person. Some pet insurance policies also pay out in cases of the death of the pet, and also when the pet is lost or stolen. Pet insurance coverage includes unexpected illnesses, accidents, and injuries for pet animals such as dogs, cats, rabbits, horses, exotic pets, and other pets, depending on the policy chosen.

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Coverage of some policies includes congenital, hereditary, and chronic conditions such as cancer, and costs associated with the diagnosis of the same such as CAT scan, ultrasound imaging, veterinary exam fees, prescription medication, MRI testing, and even non-routine dental treatment. However, there are pet insurance plans which do not cover routine dental cleaning, parasite or preventative flea treatments, and particular hereditary and congenital conditions.

Contrary to popular thinking, pet insurance is not a variation of human health insurance, and is actually a form of property insurance, wherein pet owners are reimbursed by the insurance firm in response to the claims filed by the owner.

Market Stats:

The Global Pet Insurance Market size was valued at USD 3.21 billion in 2018. It is expected to grow at a CAGR of 12.92 % to reach USD 5.89 billion by 2023.

What’s affecting market growth:

• In recent times, there has been a substantial increase in the number of people owning pets globally. Further, owing to increased availability of healthcare benefits, the numbers of pet owners are only set to increase in the near future. (+ve)

• Increasing concern of pet owners about the health of their pets, and a general increase in disposable income combined with decrease in healthcare costs which aid them in providing proper healthcare to pets, which accounts for the increase of more than 10 percent in healthcare spending in the past decade. (+ve)

• Growing acceptance of sophisticated and expensive treatments. (+ve)

• Increasing awareness of consumers about insurance policies and policy types. (+ve)

• Rising veterinary costs which dampen consumer demand. (-ve)

• Exclusions in pet insurance policies which do not provide necessary coverage and cover only basic insurance. (-ve)

• Lack of awareness about pet insurance policies in developing regions of the world. (-ve)

Market Segmentation:

The pet insurance market is categorised on the basis of policy, policy type, and region.

The policy segment of the market is categorised into

• Cat Insurance

• Dog Insurance

• Horse Insurance

• Rabbit Insurance

• Exotic Pet Insurance

• Others

The dog insurance segment accounts for the major share of the market, followed by the cat insurance segment. The major share of the dog insurance segment is owing to the increasing popularity of dog ownership not only for bonding purposes but also as a status symbol. The exotic pet insurance segment is expected to be the fastest growing segment justified by the growing number of premiums filed for exotic pets, fuelled by the increased availability and ease of buying of exotic pets, followed consequently by lucrative insurance plans from insurance firms.

On the basis of policy type, the market is categorised into:

• Lifetime Cover

o Accidental Cover

o Illness Cover

• Non-lifetime Cover

o Accidental Cover

o Illness Cover

• Others

The lifetime cover segment accounts for the major market share, followed by the non-lifetime cover segment. The major share of the lifetime cover segment is owing to the growing number of pet owners subscribing to insurance plans with very young pets in comparison to those pet owners having grownup or old pets and generally opt for non-lifetime cover plans.

On the basis of region, the global pet insurance market is categorised into :

• Europe (U.K., Germany, Italy, Spain, France, Belgium, Hungary, Netherlands, & Rest of Europe)

• North America (U.S., & Canada)

• Asia Pacific (India, China, Japan, South Korea, Singapore, Australia, & Rest of Asia Pacific)

• Latin America (Brazil, Mexico, Argentina, & Rest of Latin America)

• Middle East and Africa (Gulf Countries, North Africa. & Rest of Middle East and Africa)

The region of North America currently accounts for the majority share of the global pet insurance market, followed by Europe. The United States has been and continues to be the major contributor to the robust market share of North America in the global market, owing to the fact that US has the largest pet population in the world, exceeding 90 million dogs and 44 million cats in 2018.

The high rate of market growth and growing adoption of pets in the region of Europe, allows it to capture the second position in the global pet insurance market. UK, Germany, and France, are the largest markets in this region.

The region of Asia Pacific is expected to the highest growth during the forecast period owing to a rapid increase in the number of pets and growing awareness about pet insurance policies. China, Japan, and India are the biggest contributors to market growth in this region.

The regions of Latin America, and Middle East and Africa are expected to show decent growth during the forecast period. The market in these regions is hindered by the low penetration of pet insurance policies due to market remaining untapped by major market players and lower awareness about pet insurance policies.

Market Players:

Pet insurance companies around the world are increasingly offering pet owners the ability for customizing the coverage provided by allowing them for choosing their own levels of deductibles or co-insurances. This has resulted in the pet owner getting access to more control over the monthly premium and choosing the level of coverage that is best suited for their needs.

Overall, the global pet insurance market remains conducive for growth owing to the potential for offering previously untapped premiums and services to pet owners.

The key players operating in the global pet insurance market include

• Petplan Pet Insurance

• Embrace Pet Insurance Agency

• Royal & Sun Alliance (RSA)

• Pethealth Inc.

• Agria Pet Insurance

• Petfirst Healthcare

• Nationwide Pet Insurance

• PetSure Pty Ltd.

• Petsecure Pet Health Insurance

• Hartville Group

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Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
Segment-level analysis in terms of Policy Type, by Non-Lifetime Cover along with market size forecasts and estimations to detect key areas of industry growth in detail.

Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics

Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development.

A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment.

Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies.

An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions.

Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market.

Major Point from Table of Content:

1. Introduction

1.1 Market Definition

1.2 Study Deliverables

1.3 Base Currency, Base Year and Forecast Periods

1.4 General Study Assumptions

2. Research Methodology

2.1 Introduction

2.2 Research Phases

2.2.1 Secondary Research

2.2.2 Primary Research

2.2.3 Econometric Modelling

2.2.4 Expert Validation

2.3 Analysis Design

2.4 Study Timeline

3. Overview

3.1 Executive Summary

3.2 Key Inferences

3.3 Epidemology

4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)

5. Market Segmentation

5.1 Policy

6. Geographical Analysis

7. Strategic Analysis

7.1 PESTLE analysis

8. Market Leaders’ Analysis

8.1 Petplan Pet Insurance

9. Competitive Landscape

9.1 Market share analysis

6.1 Introduction

10. Market Outlook and Investment Opportunities

Appendix 

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