Global Pet Insurance Market

Pet Insurance Market Size, Share, Growth Analysis, By Coverage Type, By Animal Type, By Sales Channel, By Region - Industry Forecast 2025-2032

Report ID: SQMIG40O2005 | Region: Global | Published Date: December, 2024
Pages: 157 | Tables: 86 | Figures: 79

Pet Insurance Market Competitive Landscape

The global pet insurance market is fragmented and highly competitive. Key industry players are focused on product developments, new product launches, and geographical expansions to gain a significant amount of market share.

For example, in June 2020, Trupanion and Vetter Software, a provider of technology solutions for animal healthcare, agreed to a partnership. The collaboration includes a connection between Trupanion software, which allows veterinarians to make direct payments at checkout, and the cloud-based veterinary practice management platform from Vetter Software.

In November 2021, AXIS Insurance, the specialty insurance business arm of AXIS Capital Holdings Limited, entered the market in collaboration with managing general underwriter Petplan. Through its accident and health division, the company entered into a strategic collaboration with Petplan to further its growth objectives.

Pet Insurance Market Top Player’s Company Profiles

  • 24PetWatch 
  • Anicom Holdings Inc. 
  • ASPCA Pet Health Insurance 
  • Dotsure.co.za 
  • Embrace Pet Insurance Agency, LLC 
  • Figo Pet Insurance LLC 
  • Hartville Group 
  • Healthy Paws Pet Insurance LLC 
  • Hollard Pet Insurance 
  • ManyPets 
  • Medibank Private Limited 
  • MetLife (PetFirst Healthcare LLC) 
  • Nationwide Building Society (Pet Insurance Division) 
  • OnePlan Health Insurance 
  • Oriental Insurance Company Ltd 
  • PetBest Insurance 
  • PetHealth Inc. 
  • Petplan Insurance 
  • Pumpkin Pet Insurance 
  • Trupanion Inc.

Pet Insurance Market Recent Developments

  • In June 2021, Trupanion announced plans to expand its overseas business by hiring Wheeler from Agria Pet Insurance Ltd. Wheeler is located in Western Europe, Brazil, Japan, and the UK. will support the expansion of Trupanion's global expansion into new markets.
  •  In March 2021, Waffle and Crum & Foster Pet Insurance Group announced a partnership with ASPCA Pet Health Insurance to provide pet owners in the United States with customizable, high-quality coverage.
  • In January 2021, Nationwide Mutual Insurance Company established a partnership with Walmart to assist families with pets in saving time and money when filling pet prescription prescriptions at all Walmart pharmacies.
$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Pet Insurance Market size was valued at USD 9.4 Billion in 2023 and is poised to grow from USD 11 Billion in 2024 to USD 38.74 Billion by 2032, growing at a CAGR of 17.04% during the forecast period (2025-2032).

The global pet insurance market is fragmented and highly competitive. Key industry players are focused on product developments, new product launches, and geographical expansions to gain a significant amount of market share. '24PetWatch ', 'Anicom Holdings Inc. ', 'ASPCA Pet Health Insurance ', 'Dotsure.co.za ', 'Embrace Pet Insurance Agency, LLC ', 'Figo Pet Insurance LLC ', 'Hartville Group ', 'Healthy Paws Pet Insurance LLC ', 'Hollard Pet Insurance ', 'ManyPets ', 'Medibank Private Limited ', 'MetLife (PetFirst Healthcare LLC) ', 'Nationwide Building Society (Pet Insurance Division) ', 'OnePlan Health Insurance ', 'Oriental Insurance Company Ltd ', 'PetBest Insurance ', 'PetHealth Inc. ', 'Petplan Insurance ', 'Pumpkin Pet Insurance ', 'Trupanion Inc.', 'In June 2021, Trupanion announced plans to expand its overseas business by hiring Wheeler from Agria Pet Insurance Ltd. Wheeler is located in Western Europe, Brazil, Japan, and the UK. will support the expansion of Trupanion's global expansion into new markets.', ' In March 2021, Waffle and Crum & Foster Pet Insurance Group announced a partnership with ASPCA Pet Health Insurance to provide pet owners in the United States with customizable, high-quality coverage.', 'In January 2021, Nationwide Mutual Insurance Company established a partnership with Walmart to assist families with pets in saving time and money when filling pet prescription prescriptions at all Walmart pharmacies.'

The market is expected to grow during the forecast period as a result of factors such as an increase in the number of companion animals, increasing health benefits of pet ownership, growing demand for creative pet insurance, and the rising cost of veterinary care. On the other hand, a low penetration rate will drive the market during the forecast period. 

The need for financial security in case of increasing uncertainty and increasing demand for pet insurance policies is driving the growth of the global market. Additionally, the expansion of veterinary clinics is beneficial for market expansion. However, a lack of knowledge about pet insurance coverage and high premium rates are hampering the market expansion. However, during the forecast period, integration of the technology into pre-existing product and service lines as well as government initiatives related to pet insurance schemes is estimated to provide market expansion potential.

Europe dominated the global market in 2021, accounting for over 43.0% revenue share. This is due to the increasing use of pet insurance, increase in pet ownership, and presence of important corporations. As of 2017, 23.0% of pets in the UK and 30.0% of pets in Sweden were covered by pet insurance policies, and according to the Department of Clinical Veterinary Science and the Pet Food Institute, this proportion is predicted to increase over time. Important market participants such as Petplane are headquartered in the United Kingdom, while DFV is headquartered in Germany. These businesses regularly take different strategic measures to increase their market share and thereby help regional development.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

Click here right-arrow
logo-images

Related Reports

Pet Care Market
Buy Now GET FREE SAMPLE
Pet Accessories Market
Buy Now GET FREE SAMPLE
Pet Tech Market
Buy Now GET FREE SAMPLE
Livestock Insurance Market
Buy Now GET FREE SAMPLE
Pet Supplements Market
Buy Now GET FREE SAMPLE
Pet Clothing Market
Buy Now GET FREE SAMPLE
Pet Grooming Services Market
Buy Now GET FREE SAMPLE
Direct To Consumer Pet Food Market
Buy Now GET FREE SAMPLE

Feedback From Our Clients

Global Pet Insurance Market

Report ID: SQMIG40O2005

$5,300
BUY NOW GET FREE SAMPLE