Insurance primarily happens to be a protection from any sort of financial loss in return for any type of fee, a party agrees to assure another party monetary compensation in event of any type of loss, damage, or even an injury. Insurance is mainly used to hedge against any type of risk of a loss that is contingent or uncertain. Insurance is being widely used and it is not limited to the human beings only. The pet owners are opting for insurance services for their pets in wake of changing situations. The love of humans for their pets are not hidden and the prices of specific breeds of dogs and cats are insane. Pet insurance basically is a type of insurance where the insurance company pays, in part or fully, for veterinary treatment of the pet that was insured in case he is ill or injured. In specific policies, the owner of pet is being paid in case of the death of the pet or if he is stolen or lost. The global pet insurance market is aggressively growing owing to rising prices of veterinary medicine. The veterinary surgeons or doctors are rampantly using medical techniques that are inclusive of drugs and medicines. Along with this, the expectations in regards with the health of the pet and higher standards of living helps this market grow.
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The growth of the global pet insurance market went up during the coronavirus pandemic. Rising cases of infection was the reason why majority of pet owners rushed towards insurance companies to safeguard their pets from any type of threat during the period of pandemic. One of the major factor that is driving the growth of the global pet insurance market is rising prevalence of new infections like canine influenza, canine distemper, heartworms, and canine parvovirus.
Meanwhile, the growth of the global pet insurance market is likely to be hindered due to higher costs associated with the insurance related to pets. This is why not all the pet owners can afford to pay premium. On the other hand, the number of people adopting pets are constantly rising and hence number of people turning towards insurance policies is the reason why the global pet insurance market is forecasted to witness growth over the period of next few years.
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Global Pet Insurance Market Report Findings:
- The dogs segment accounts for major chunk of revenue for this market. This is because dogs are number one choice of all pet lovers. On the other hand, the number of cat owners are constantly rising, which is why this segment is forecasted to see growth at the fastest rate.
- Rising prevalence of illnesses due to various viruses especially post COVID, the pet owners are more concerned about health of their pets and turning towards insurance companies.
- The region of North America is forecasted to emerge at the top in terms of generating maximum revenue over the period of next few years for the global pet insurance market. The pet owners are rising in countries like the United States and Canada. Surge in the cases of depression is also the reason why people are adopting pets.
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Some of the major players operating in the global pet insurance market are listed below:
- American Modern Insurance
- Figo Pet Insurance LLC
- Healthy Paws Pet Insurance, LLC
- Lemonade Insurance Agency, LLC
- MetLife Services and Solutions, LLC
- Pet Assure Corp.
- Pets Best Insurance Services, LLC
- Tata Capital Financial Services Limited
- The Travelers Indemnity Company
- TK PETCARE SOLUTIONS PRIVATE LIMITED
- Other Market Participants
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Global Pet Insurance Market
By Animal Type
By Policy Type
- Accident only pet insurance
- Time limited pet insurance
- Maximum benefits pet insurance
- Lifetime pet insurance
- Hereditary Conditions
- Congenital Conditions
- Chronic Conditions
- Diagnostic Treatment
- X-Rays, Blood Tests, Ultrasounds
- Prescription Medications
- Emergency Care
- Specialty Care
- Alternative Treatment
By Sales Channel
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
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