Pet Insurance Market Analysis Report 2023-2027:
The Global Pet Insurance Market Size is estimated to grow at a CAGR of 31.41% between 2022 and 2027. The size of the market is forecast to increase by USD 19,852.9 million. The growth of the market depends on several factors, including the rising pet population, rising pet ownership and increased spending on pets, and rising concerns over the well-being of pets.
This report extensively covers market segmentation by type (dogs, cats, and others), insurance type (accidents and illness, accidents only, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
What will be the size of the Pet Insurance Market During the Forecast Period?

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Pet Insurance Market: Key Drivers, Trends, Challenges, and Customer Landscape
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Pet Insurance Market Driver
The increasing focus on pet welfare is a significant driver of market growth. Pets are experiencing a rise in health concerns such as arthritis, skin allergies, obesity, digestive issues, and mental ageing. Furthermore, pet thefts are on the rise globally, particularly in Europe, causing pet owners to be more vigilant and emphasizing the need to monitor their pets. Consequently, pet owners are increasingly concerned about their pets' health and well-being, which encompasses physical, emotional, and behavioral aspects and emphasizes prevention. To cover all monthly or yearly expenses for their pets, pet owners are opting for insurance coverage.
Due to the increase in pet thefts and illnesses or accidents, the demand for pet care services, including pet insurance, is also on the rise. This growing concern for the well-being of pets is expected to fuel the global pet insurance market during the forecast period.
Significant Pet Insurance Market Trends
The market trend in pet care services is increasingly focused on offering high-end, premium services. As more households have two incomes, consumers are willing to spend extra money on pet insurance, which they consider a luxury item because they treat their pets as family members. The trend of humanizing pets is also becoming more prevalent, especially among individuals who are childless or single parents. Consequently, many pet owners are seeking out niche services from pet insurance providers. Pet insurance typically covers the expenses associated with pet illnesses, accidents, and other forms of pet care. Thus, the growing preference for premium pet care services is expected to drive the growth of the global pet insurance market in the coming years.
Major Pet Insurance Market Challenge
Low adoption in developing countries is the major challenge impeding market growth. Regarding the security and health of pets, several nations have stringent laws. For instance, countries such as the US and the UK have strict regulations, which owners have to comply with, the failure of which can lead to serious punishments. But countries, especially in APAC, such as India, Srilanka, China, Indonesia, and the Philippines, do not have such strict regulations guiding the safety of pets. This is due to the lack of organizations and authorities to regulate these issues.
The safety of endangered species is a top priority for the governments of these nations. This disregard for pets' safety deters owners from keeping pets or implementing pet insurance. Thus, throughout the forecast period, low acceptance in emerging nations will restrain the growth of the worldwide pet insurance market.
Key Pet Insurance Market Customer Landscape
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Pet Insurance Market Customer Landscape
Who are the Major Pet Insurance Market Vendors?
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Anicom Holdings Inc. - This segment focuses on providing pet insurance for a wide range of animals such as Japanese flying squirrels, squirrels, hamsters, mice, guinea pigs, hedgehogs, turtles, and lizards. The company offers insurance for pets allowing policyholders to pay only uncovered amounts out of pocket simply by presenting their insurance card at the hospital (similar to the National Health Insurance system).
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
- Healthy Paws Pet Insurance LLC
- Hollard Insurance Group
- Independence Pet Group
- Intact Financial Corp.
- JAB Holding Co. Sarl
- Metlife Inc.
- Nationwide Mutual Insurance Co.
- NSM Insurance Group
- Oneplan
- Petofy
- Petplan Iberica S.L.
- Porto Seguro Companhia de Seguros Gerais
- The Oriental Insurance Company Ltd.
- The Progressive Corp.
- Trupanion Inc.
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
What is the Fastest-Growing Segment in the Pet Insurance Market?
The pet insurance market share growth of the dogs segment will be significant during the forecast period. Over the last few years, it has been observed that there has been a substantial rise in the adoption of animals, particularly dogs, as they are among the most preferred companions of human beings. Hence, with the increasing adoption rate, there is a corresponding rise in the number of insurance for dogs.

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The dogs segment was valued at USD 1,063.04 million in 2017 and continued to grow until 2021. The occurrence of various diseases among dogs and the high prices of treatments are the key contributors to the adoption of pet insurance. Furthermore, based on a report published by the Association of British Insurers in 2020, 4.8 million pets in the UK are insured, of which 2.8 million were dogs. This fact signifies a great adoption of pet insurance due to the huge burden of diseases among dogs. Thus, all the above-mentioned factors are expected to propel the growth of the segment during the forecast period.
Which are the Key Regions for the Pet Insurance Market?

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North America is estimated to contribute 61% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The adoption of pets is the highest in North America, with the US, Canada, and Mexico being the largest contributors to the growth of the market. North America has the highest number of pets as well as pet insurance services globally. Factors such as the high affordability limit and the availability of experienced service providers who offer security and safety to pets drive the market in the region to a great extent.
The growing awareness among pet owners about the availability of various types of pet insurance services, such as accidents only and accidents and illness, is one of the major factors driving the market in the region. Also, the rising adoption of such services by pet owners due to the convenience associated with pet insurance services contributes to the growth of the market in North America. The penetration of different pet insurance mainly depends on the spending capability and the average disposable income of the people in the region. As North America is a highly mature region, the pet insurance market has a huge prevalence in the region. Hence, the region is a global market leader for pet insurance.
The COVID-19 pandemic had a slightly negative impact on the pet insurance market in 2020. However, the regional pet insurance market is expected to stabilize during the forecast period, owing to various factors such as growth in the urbanization lifestyle to maintain pets, rising income, and technology upgrades. Furthermore, the initiation of large-scale vaccination drives in North America and a decline in the number of COVID-19 cases have led to the resumption of operations of veterinary clinics, which has resulted in a significant rise in diagnosis and treatment procedures for disease in pets. Such factors are expected to increase the demand for pet insurance in the region, which, in turn, will drive the growth of the regional market during the forecast period.
Segment Overview
The pet insurance market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
- Type Outlook (USD Million, 2017 - 2027)
- Insurance Type Outlook (USD Million, 2017 - 2027)
- Accidents and illness
- Accidents only
- Others
- Region Outlook (USD Million, 2017 - 2027)
- Europe
- The U.K.
- Germany
- France
- Rest of Europe
- South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
Pet Insurance Market Scope
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Report Coverage
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Details
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Page number
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164
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Base year
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2022
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Historic period
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2017-2021
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Forecast period
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2023-2027
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Growth momentum & CAGR
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Accelerate at a CAGR of 31.41%
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Market growth 2023-2027
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USD 19,852.9 million
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Market structure
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Fragmented
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YoY growth 2022-2023(%)
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29.94
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Regional analysis
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North America, Europe, APAC, South America, and Middle East and Africa
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Performing market contribution
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North America at 61%
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Key countries
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US, China, UK, France, and Germany
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Competitive landscape
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Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled
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Agria Pet Insurance Ltd., Allianz SE, Anicom Holdings Inc., Dotsure Ltd., Embrace Pet Insurance Agency LLC, Healthy Paws Pet Insurance LLC, Hollard Insurance Group, Independence Pet Group, Intact Financial Corp., JAB Holding Co. Sarl, Metlife Inc., Nationwide Mutual Insurance Co., NSM Insurance Group, Oneplan, Petofy, Petplan Iberica S.L., Porto Seguro Companhia de Seguros Gerais, The Oriental Insurance Company Ltd., The Progressive Corp., and Trupanion Inc.
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Market dynamics
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Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
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Customization purview
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If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
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What are the Key Data Covered in this Pet Insurance Market Report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the pet insurance market between 2023 and 2027
- Precise estimation of the pet insurance market size and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the industry across North America, Europe, APAC, South America, and Middle East and Africa
- Thorough pet insurance industry analysis of the competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of pet insurance market vendors
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