The size of the European Pet Insurance market is estimated to value USD 830 million in 2021. It is expected to grow at a CAGR of 12.8% to reach USD 1709.75 million by 2026.
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 anticipated to experience significant development through the forecast period due to the increasing rate of pet adoption worldwide. Additionally, the growing awareness of people in developing economies of various pet insurance plans will further stimulate Europe market growth.
Furthermore, rising costs of veterinary services is another critical factor driving people to adopt pet insurance to limit these expenses to some extent and thereby increase the market growth. Europe Pet Insurance is rising quickly due to strict regulations for pet insurance in countries like Sweden. The increasing number of companies entering the pet insurance sector is another crucial factor that supports competition in the market. It encourages the leading players to offer various discounts and advantages to establish themselves in the Europe pet insurance market.
Nevertheless, the summary of innovative pet insurance plans, such as numerous pet insurance policies that permit pet owners to have a single insurance policy that covers multiple pets. Thus, these initiatives will actively support Europe pet insurance market growth during the forecast period.
Pet Population in Europe:
|
Pet |
Numbers in Europe (millions, 2018) |
|
Cat |
102.6 |
|
Dog |
84.9 |
|
Bird |
49.8 |
|
Small mammal |
28.7 |
|
Reptile |
7.8 |
This research report has been segmented and sub-segmented into the following categories:
Europe Pet Insurance Market – By Policy:
Based on policy, dog insurance applications are ruling with the highest shares of the market with the growing support from the government through funds.
Europe Pet Insurance Market – By Policy Type:
Based on the policy type, the Lifetime cover segment is leading with the highest shares of the market. Increasing disposable income in urban areas is accelerating the market shares in this segment.
Europe Pet Insurance Market – By Region:
Regional Analysis:
Geographically, the European pet insurance market is currently holding a significant share in the global market due to the adoption of the latest techniques and the introduction of various schemes in favor of the end-users. Additionally, an increasing number of pet animals is prompting the demand for the market. Good terms between the hospitals and insurance companies are also bolstering the growth of the market. A rise in the number of death issues among pet animals is one of the factors boosting up the demand of the market in this region.
Key Market Players:
Some of the key players in the European pet insurance market are Pet plan UK (Allianz), Nationwide, Troponin, Hartville Group, Pet health, Pet first, Embrace, Royal & Sun Alliance (RSA), Direct Line Group, Angria, Pet secure, Pet Sure, Unicom Holding and pet Insurance among others.
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
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