Traditional insurers and new entrants in this industry include New-age pet insurers with creative and customer-centric business models, such as Waggel (UK), Figo Pet (US), and Petplan (Australia); Established insurtechs that have expanded into pet insurance; Combinations through mergers and acquisitions, such as NSM Insurance Group purchasing Embrace Pet Insurance, Warburg Pincus acquiring Petplan, Synchrony acquiring Pets Best, and MetLife acquiring the PetFirst program.
Pet Insurance Market size was valued at US$ 5.26 Bn. in 2021 and the total revenue is expected to grow at 16.5 % through 2022 to 2029, reaching nearly US$ 17.86 Bn.
Pet Insurance Market overview:
The Pet Insurance market’s competitive landscape comprises information about rivals. A firm overview, financials, revenue produced, market potential, R&D investment, new market efforts, geographical presence, business strengths and weaknesses, product launch, and application domination are among the topics covered. The following information is only relevant to the organization’s focus on the Pet Insurance market.
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Pet Insurance Market scope:
To validate the market size and estimate the market size by different segments, top-down and bottom-up methodologies are utilized. The research’s market estimates are based on the sale price (excluding any discounts provided by the manufacturer, distributor, wholesaler, or traders). To create percentage splits, market shares, and segment breakdowns, weights based on usage rate and average sale price are applied to each location. The percentage acceptance or usage of the given market Size in the relevant area or nation determines the country-wise segmentation of the main market and its sub-segments.
Segmentation:
Based on the Service Provider, the global Pet Insurance market is sub-segmented into Private and Public. The private segment is expected to grow the highest growth at CAGR of xx% during the forecast period due to emerging private insurance companies. Preference of pet owners to buy insurance from private companies has been increasing as the public sector insurers offer only protection against death, while the private players are covering both death and disease. Moreover, strategies such as digital marketing, competitive pricing on the premium, and innovative schemes adopted by the private companies are expected to create major growth opportunity in the private segment.
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Key Players: Market leaders are identified by primary and secondary research, and market revenue is calculated using primary and secondary research. The core study included in-depth interviews with key thought leaders and industry experts such as experienced front-line personnel, CEOs, and marketing executives. In-depth interviews with important thought leaders and industry experts, such as experienced front-line personnel, CEOs, and marketing executives, were conducted as part of primary research, while secondary research included a review of the major manufacturers’ annual and financial reports. Secondary data is utilized to calculate percentage splits, market shares, growth rates, and global market breakdowns, which are then verified against primary data. The following are the key players of the Pet Insurance market-
- Nationwide
• Trupanion
• Hartville Group
• Embrace
• Royal &Sun Alliance (RSA)
• Direct Line Group
• Agria
• Anicom Holding
• ipet Insurance
• Japan Animal Club
• Floracopeia Inc.
• UniKode S.A.
• Robertet Groupe
Regional Analysis:
Individual market influencing components and changes in market rules that affect current and future market trends are also investigated in the geographical component of the research. Some of the factors used to forecast market scenarios for various countries include downstream and upstream value chain analysis, technological trends, Porter’s five forces analysis, and case studies.
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COVID-19 Impact Analysis on Pet Insurance Market: Furthermore, the research assesses the impact of COVID-19 on the Pet Insurance market. The fundamental purpose of this research is to help users understand the market in terms of definition, segmentation, market potential, key trends, and difficulties that the industry confronts across major regions. The paper provides a microeconomic and macroeconomic analysis of the overall impact of COVID-19 on the Pet Insurance Market. The report focuses on market share and size, clearly demonstrating the pandemic’s influence on the worldwide Pet Insurance Market in the next years.
Key Questions Answered in the Pet Insurance Market Report are:
- What will be the Pet Insurance market’s CAGR throughout the projected period (2021-2027)?
- Which market category emerged as the market leader in the Pet Insurance industry?
- Who are the key players in the Pet Insurance market?
- What important trends in the Pet Insurance industry are anticipated to develop throughout the forecast period?
- How big will the Pet Insurance market be in 2027?
- In 2020, which business segment had the highest proportion of the Pet Insurance market?
