Pet Insurance Market Segmented By Type, Application and by Geography-Trends and Forecast 2023

Pet Insurance Market

Pet insurance includes the total or partial reimbursement of the treatment cost of a pet in the event of an illness or accident. Pet insurance covers the insurance of pets such as cats, dogs, rabbits, horses, and other animals. Pet insurance falls under the casualty and property insurance category.

Pet insurance companies are looking to forge partnerships with animal breeders and shelters, veterinarians and others, thereby triggering the growth of the market. Moreover, increasing efforts of insurance companies to educate customers about veterinary costs and insurance plans are changing customer preferences and hence, leading the growth of the market.

Nowadays, increasing incidences of illnesses in dogs such as arthritis and diabetes demand for long-term and regular treatments, which in turn, create opportunities for the market during the forecast period. However, the high cost of pet insurance policies, coupled with the lack of awareness about pet insurance, is obstructing the growth of the market in the coming years.
Based on the policy type, the market is segmented into non-lifetime and lifetime coverage.

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The lifetime and non-lifetime coverage includes policies such as 12 months coverage, guaranteed lifetime coverage, and others. Further, the lifetime coverage provides benefits such as complementary and behavioral treatments for pets, which is propelling the demand for insurance in recent years.

At the same time, the 12 month insurance coverage is for the owners of older pets, as the policy does not have any upper age limit. Owing to the benefits of this policies, customers are now investing their money in this policy, thereby propelling the growth of the market.

North America dominated the market in 2018 and is expected to show similar trends during the forecast period. The increasing efforts of the companies to create awareness about pet insurance plans are driving the market in the region. The U.S. is leading North America market owing to the increasing number of pet owners in the region.

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