What it’s all about:
Contrary to popular thinking, pet insurance is not a variation of human health insurance, and is actually a form of property insurance, wherein pet owners are reimbursed by the insurance firm in response to the claims filed by the owner.
Pet Insurance pays partly or in total for the treatment of the injured or ill pet of the insured person. Some pet insurance policies also pay out in cases of the death of the pet, and also when the pet is lost or stolen. Pet insurance coverage includes unexpected illnesses, accidents, and injuries for pet animals such as dogs, cats, rabbits, horses, exotic pets, and other pets, depending on the policy chosen.
There are pet insurance plans which do not cover routine dental cleaning, parasite or preventative flea treatments, and particular hereditary and congenital conditions. However, there are policies which include the coverage of congenital, hereditary, and chronic conditions such as cancer, and costs associated with the diagnosis of the same such as CAT scan, ultrasound imaging, veterinary exam fees, prescription medication, MRI testing, and non-routine dental treatment.
Market Stats:
The Europe Pet Insurance market size was valued at USD 830 million in 2018. It is expected to grow at a CAGR of 12.8% to reach USD 1.52 billion by 2023.
What’s affecting market growth:
• Increasing concern of pet owners about the health of their pets, and a general increase in disposable income combined with decrease in healthcare costs which aid them in providing proper healthcare to pets. (+ve)
• Increasing awareness of consumers about insurance policies and policy types. (+ve)
• Growing acceptance of sophisticated and expensive treatments. (+ve)
• Substantial increase in the number of people owning pets. (+ve)
• Exclusions in pet insurance policies which do not provide necessary coverage and cover only basic insurance. (-ve)
• Rising veterinary costs which dampen consumer demand. (-ve)
Market Segmentation:
The pet insurance market is categorised on the basis of policy, policy type, and region.
The policy segment of the market is categorised into
• Cat Insurance
• Dog Insurance
• Horse Insurance
• Rabbit Insurance
• Exotic Pet Insurance
• Others
The dog insurance segment accounts for the major share of the market, followed by the cat insurance segment. The major share of the dog insurance segment is owing to the increasing popularity of dog ownership not only for bonding purposes but also as a status symbol. The exotic pet insurance segment is expected to be the fastest growing segment justified by the growing number of premiums filed for exotic pets, fuelled by the increased availability and ease of buying of exotic pets, followed consequently by lucrative insurance plans from insurance firms.
On the basis of policy type, the market is categorised into:
• Lifetime Cover
o Accidental Cover
o Illness Cover
• Non-lifetime Cover
o Accidental Cover
o Illness Cover
• Others
The lifetime cover segment accounts for the major market share, followed by the non-lifetime cover segment. The major share of the lifetime cover segment is owing to the growing number of pet owners subscribing to insurance plans with very young pets in comparison to those pet owners having grownup or old pets and generally opt for non-lifetime cover plans.
On the basis of region, the pet insurance market in Europe in analysed under the countries of U.K., Germany, Italy, Spain, France, Belgium, Hungary, Netherlands, and the Rest of Europe. The high rate of growth experienced in the pet insurance market in this region, and the increasing penetration of pet insurance policies in the region are the major drivers of market growth.
|
Pet |
Numbers in Europe (millions, 2018) |
|
Cat |
102.6 |
|
Dog |
84.9 |
|
Bird |
49.8 |
|
Small mammal |
28.7 |
|
Reptile |
7.8 |
The high numbers of pet populace in the region of Europe are a major driver of growth of the pet insurance market, providing ample opportunity for insurance providers to target a wide customer base.
Market Players:
Pet insurance companies around are increasingly offering pet owners the ability for customizing the coverage provided by allowing them for choosing their own levels of deductibles or co-insurances. This has resulted in the pet owner getting access to more control over the monthly premium and choosing the level of coverage that is best suited for their needs.
Overall, the pet insurance market in Europe remains conducive for growth owing to increasing trend of owning companion animals in the region and due to the potential for offering previously untapped premiums and services to pet owners, who are highly aware and are willing to spend on pet care. The key players operating in the European pet insurance market include
• Petplan Pet Insurance
• Embrace Pet Insurance Agency
• Royal & Sun Alliance (RSA)
• Pethealth Inc.
• Agria Pet Insurance
• Petfirst Healthcare
• Nationwide Pet Insurance
• PetSure Pty Ltd.
• Petsecure Pet Health Insurance
• Hartville Group
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Policy
5.1.1 Introduction
5.1.2 Dog Insurace
5.1.3 Cat Insurance
5.1.4 Rabbit Insurance
5.1.5 Horse Insurance
5.1.6 Exotic Pet Insurance
5.1.7 Others
5.1.8 Y-o-Y Growth Analysis, By Policy
5.1.9 Market Attractiveness Analysis, By Policy
5.1.10 Market Share Analysis, By Policy
5.2 Policy Type
5.2.1 Introduction
5.2.2 Lifetime Cover
5.2.2.1 Accident Cover
5.2.2.2 Illness Cover
5.2.3 Non-lifetime Cover
5.2.3.1 Accident Cover
5.2.3.2 Illness Cover
5.2.4 Others
5.2.5 Y-o-Y Growth Analysis, By Policy Type
5.2.6 Market Attractiveness Analysis, By Policy Type
5.2.7 Market Share Analysis, By Policy Type
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Policy
6.1.3.3 By Policy Type
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Policy
6.1.4.3 By Policy Type
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Policy
6.1.5.3 By Policy Type
6.2 U.K
6.3 Spain
6.4 Germany
6.5 Italy
6.6 France
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Petplan Pet Insurance
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Embrace Pet Insurance Agency
8.3 Royal & Sun Alliance (RSA)
8.4 Pethealth Inc.
8.5 Agria Pet Insurance
8.6 Petfirst Healthcare
8.7 Nationwide Pet Insurance
8.8 PetSure Pty Ltd.
8.9 Petsecure Pet Health Insurance
8.10 Hartville Group
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
