DUBLIN–(BUSINESS WIRE)–The “Europe Pet Insurance Market Outlook, 2027” report has been added to ResearchAndMarkets.com’s offering.
The research report titled, Europe Pet Insurance Market Outlook, 2027, categorizes the market to forecast the revenues and analyze the trends in each of the following segments: based animal type (Cat, Dog & others), by insurance type (Accidental and Illness & Accident only endorsement) by the end-user (Agency, Broker, Bancassurance, Direct writing) based on countries & major companies.
Considered in this report
- Geography: Europe
- Base year: 2021
- Historical year: 2016
- Forecasted year: 2027
Pet insurance scheme covers veterinary expenses incurred for the treatment of a pet who has endured an injury or is sick. Pet insurance is usually opted by owners to minimize the burden of cost of availing veterinary services. The policies are offered by various European public and private providers for different animals such as dogs and cats, horses, others.
Pet Insurance company offers customized policies following the people preferences. They focus on the packages as per pet lifetime and per incident. The owner needs to submit a claim to the company regarding treatment activities pet has received, and then the company will reimburse according to the policy.
The Europe Pet Insurance Market is one of the most widely demanded Europe Pet Insurance Market as the people are keen to adopt the pets. Certain factors that are driving the market growth include an increasing number of pet adoption and rising awareness regarding pet insurance in the region. In recent years, there has been a significant increase in the adoption of animals as companion animals, particularly dogs and cats. Dogs and cats are not only the most popular pets, but they are also known to improve human physical and mental health.
Even though the rising pet adoption is the major market driver, the rising cost of veterinary services is also a severe reason for the market growth in the region. The European market was at a value of USD 1.41 Billion in the year 2016. In 2018 there were around 80 Million pet-owning homes in Europe, which have been gradually inclining ever since. Europe pet insurance market is seeing promising progress currently, because of rise in the number of people adopting pets in the region. Pets have become an integral part of families in Europe and there is a sharp rise in the number of companies specializing in providing pet insurance.
The insurance scheme covers a wide variety of veterinary expenses which are usually incurred when a pet receives any medical treatment for injuries or illnesses. Thus, increasing social acceptance of pets has stimulated the demand across the region. This can be accounted to be the major push to the market, resulting in an anticipated CAGR of a little over 12%. Most of the companies in the European market offer a customized solution following the people’s preferences. They focus on the packages as per the pet lifetime or incident base.
The accident & illness segment dominated the European market, which held more than 90% of the share even in 2020. This is due to the comprehensive nature of the policy, which covers all major illnesses along with accidents. Thus, the policy is the most favorable policy for young animals, stimulating the adoption rate. The accident-only segment is expected to grow with a significant CAGR in the coming years. However, the high veterinary diagnostic cost and the inclining theft rates are further to incline the market growth.
The UK covers up to the majority of the, followed by Germany, France & Spain making to almost 30% of the market share. The high growth in the countries can be attributed to the early introduction of pet insurance coverage for companion animals. Also, the rising concerns pertaining to pet health and the growing adoption of exotic pets in the country is another major growth driving factor. Growing social acceptance of pets has stimulated adoption.
Pet acceptance is also perceived to assist in low blood pressure, depression, and loneliness, thus creating a growth opportunity for the market during the forecast timeframe. There are many companies that are coming out with high-end web-based applications that will help connect vets with the pet owners and will assist the latter understand the benefits and importance of having a pet insurance.
The other factor that will play a vital role in the development of industry in Europe is the growing awareness among pet owners about the illness and accident policy. People are looking for ways to reduce the overall cost incurred in getting veterinary treatments, thereby increasing the demand for pet insurance in Europe.
Companies Included
Pethealth, Petfirst Healthcare Llc, Agria Pet Insurance Limited, Petplan Limited, Direct Line, RSA Groups, USAA, Tokio Marine & Nichido Fire insurance Co.Ltd
Considered in this report
- Geography: Europe
- Base year: 2021
- Historical year: 2016
- Forecasted year: 2027
For more information about this report visit https://www.researchandmarkets.com/r/gaym6k
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