Pet insurance is defined as a new form of insurance that can pay partly or fully for any type of illness or injuries that happened to the pet of the corresponding pet owners.The pet insurance policies are almost similar to the policies of human beinsg. The increasing veterinary medicines and the expensive drugs and medical treatments bound the owners to opt for an insurance for their pets. There are some insurance companies those who pays out even when the pet is lost or stolen or if they died. The growing consciousness towards the pets’ health care and their expectations towards the high standard of living is driving the pet insurance market’s growth.
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Market Dynamics
The trend of adopting a pet has been increasing significantly, this trend is fueling market expansion in numerous nations throughout the globe. For instance, according to data from the North American Pet Health Insurance Association, (NAPHIA), the first pet insurance has been received by the famous TV collie named Lassie. Pet insurance is still an obscure matter for the people of many developing countries. They are still unaware of pet insurance policies . Due to the less knowledge of animal healthcare facilities and having a low income, they are unable to avail these policies. Hence, due to the high cost associated with the pet care products, the high premium costs and the lack of awareness can decrease the growth in the sales of pet insurance market.
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Segment Analysis
It is predicted that the accident and illness category of policy will dominate the market in the forecast period. It provides the flexible coverages of the hospitalization cost, accident and injuries, illness, medications and several others. The specific segment of accident and illness provides both the coverage in a single premium which is the major selling factor of this segment. Also, it provides the premium for both accident and illness in low cost which enhances the segment’s growth. The accident and illness category of policies provides various types of benefits with several other claims, hence it is developing the market’s growth for this type of policy significantly.
Competitive Landscape
The major global players in the market include Anicom Holdings, Trupanion, 24PetWatch, Embrace Pet Insurance Ltd, Pets Best Insurance Services LLC, Agria Pet Insurance Ltd., ASPCA, Healthy Paws Pet Insurance & Foundation, Nationwide Mutual Insurance Company, and Figo Pet Insurance LLC.
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