The global?pet insurance market?size is anticipated to reach US$ 38.8 Bn. By the end of 2030, A report by Future Industry Insights (FMI) predicts that the market will grow steadily between 2022 and 2030 at a CAGR of 11%.
The global?pet insurance market?size is anticipated to reach US$ 38.8 Bn. By the end of 2030, A report by Future Industry Insights (FMI) predicts that the market will grow steadily between 2022 and 2030 at a CAGR of 11%. The paper claims that the growing number of pet owners, more knowledge of pet insurance, and related health advantages of pet ownership will fuel market expansion.
The research provides a thorough analysis of the industry, highlighting the major trends, opportunities, and development drivers. It offers the most precise analysis of the market via the use of original research techniques.
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It includes in-depth insights into the pet insurance market.
Some of these are:
Growth in Pet ownership and Selling Techniques of Companies to Create Opportunity for Expansion
Rise in number of companion animals, increase in awareness about pet insurance, growth in pet ownership propels the growth of the pet insurance market. The Pet health insurers offer different plan options or tiers with varying policy limits which also attracts pet owners towards pet insurance.
However, high cost of pet insurance policies, lack of awareness among consumers, and government regulation limits the growth of the market. Marketing strategies adopted the insurance companies include online marketing, veterinary clinics, pet stores, shelters and animal support and rescue organizations or word of mouth referrals which also fuel the pet insurance market for further growth. Furthermore, largely untapped market with extremely low penetration rates is expected to provide numerous opportunities for the pet insurance market.
Accident & Illness Policy Coverage Fuels Demand for Pet Insurance
Pet insurance which is becoming a norm of most of the developed countries. Pet insurance market is gaining traction by the accident & illness insurance policy as it provides both accident and illness coverage. Rapidly increasing consumer’s awareness on pet’s diseases, rising veterinary costs and marketing efforts of industry operators have caused consumer acceptance in the pet insurance market.
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Who is winning?
Some of the leading players operating in the pet insurance market are Figo Pet Insurance LLC., Embrace Pet Insurance Agency LLC, Hartville Group, Health for Pet, Hollard, Oneplan, Petfirst Healthcare LLC, Protectaplan, Petplan Limited, Trupanion, Inc., Nationwide Mutual Insurance Company., Anicom Holdings Inc, Pethealth Inc., Royal & Sun Alliance Insurance Company of Canada, Inc., Direct Line Insurance Group plc, Pet secure, Healthy Paws, 24PetWatch etc.
As a result of increasing competition, companies are focusing on expanding their product portfolio. In addition to this, mergers and acquisition remains a popular strategy among market players. Companies intend to expand their regional footprint through strategic collaborations.
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Key Segments of Pet Insurance Industry Survey
Pet Insurance Market by Policy Type:
Pet Insurance Market by End User:
Pet Insurance Market by Region:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Nov 11, 2022
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