The size of the europe pet insurance market is estimated to value at USD 936.24 million in 2023. It is expected to grow at a CAGR of 12.8% to reach USD 1709.75 million by 2028.
A few of the key insights from this report:
Pet insurance company offers customized policies following 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 the pet has received, and then the company will reimburse according to the policy.
The Europe pet insurance market is anticipated to experience significant development through the forecast period due to the increasing rate of pet adoption worldwide.
Pet Population in Europe:
Numbers in Europe (millions, 2018)
An increase in preventative care and a rising prevalence of animal diseases are enhancing the market share. To save animals from transmissible diseases, the European Parliament and the council adopted the regulation on transmissible animal diseases, which came into effect on 21 April 2021. Also, the Department for Agriculture, Food and the Marine of Ireland announced the Animal Health Surveillance Strategy (2023-2028). Also, the growing rate of pet adoption across Europe is boosting the market value. Compared to the previous decade, pets have been preferred more as companions, which has resulted in a sharp rise in the adoption of pets registered across Europe. All these attributes are inclined to propel the demand for the European pet insurance market.
A rise in the per capita spending on pet care is ascribed to boost the demand for the market. Pet parents in Europe bought 10.5 million tonnes of pet food products from 150 pet food companies that employed 118,000 people and ran 200 facilities. Furthermore, compared to previous generations, Gen Z is three times more likely to be interested in pet insurance, and as they get older, the market is predicted to expand rapidly. With advancements in technology, the metaverse is experiencing a significant increase in pet insurance adoption due to data enrichment. As a result, these developments in the market will further expand the market share.
Because of busy lifestyles and a lack of awareness about pet health, the Europe pet insurance market growth is restricted. Lack of awareness over the availability of customized insurance policies in remote areas is limiting the market value.
Limited cover by pet insurance due to exclusions and pre-existing conditions are challenging aspects for the European pet insurance market. For the market to grow, it is necessary that policy terms be clarified, exclusions be addressed, and solutions for pets with pre-existing conditions be provided.
COVID-19 Impact on the Europe Pet Insurance Market:
In 2020, when the COVID-19 pandemic spread around the world, the demand for the Europe pet insurance market reduced eventually. The pandemic's impact on veterinary services led to rescheduled or canceled procedures, impacting pet owners' claims and the general use of pet insurance benefits. But there was also a more than 60 percent increase in ownership of cats and close to 40 percent in dogs in the United Kingdom.
This research report has been segmented and sub-segmented into the following categories:
Europe Pet Insurance Market - By-Policy:
The dog insurance segment is leading with the largest shares of the Europe pet insurance market. In Europe, dogs are among the most favored and extensively owned pets. The cat insurance segment is anticipated to be the leading market after the dog insurance segment.
Europe Pet Insurance Market - By-Policy Type:
The Lifetime cover segment is gaining traction over the market shares. The average lifetime cost of raising a dog is more than $27,000; due to the high expense of pet ownership, the demand for pet insurance has grown in recent years. Non-lifetime policies may be preferred by pet owners for affordable options, particularly those opting for coverage for acute or transient medical issues over chronic or long-term illnesses. Therefore, high cost is boosting the demand for the lifetime insurance segment.
Europe Pet Insurance Market – By Region:
UK Pet Insurance Market held a prominent share in the market due to the high premium and cost of veterinary care. The UK's pet market is largely unexplored, with 70 percent of dogs and more than 80 percent of cats lacking health insurance.
Germany's Pet Insurance Market holds a dominant share next to the UK due to encouraging laws and regulations towards pets.
Italy's Pet Insurance Market is growing at a faster rate during the forecast period due to the growing adoption of pets in the country. Over 22 percent growth in online searches for pet insurance was noticed in January 2023, according to a recent survey report.
France's Pet Insurance Market is likely to have significant growth opportunities during the forecast period.
Spain's Pet Insurance Market is anticipated to expand further in the coming years due to the latest progress in the schemes and initiatives for pet insurance and services. As of now, the spending on pets' health has exceeded the expenditure on children.
Key Market Developments:
In October 2023, A real-time pet insurance service was announced by the CRIF in the United Kingdom with aggressive prices and faster claim settlements.
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