Europe Pet Insurance Market

Europe Pet Insurance Market Size (2022 to 2027)

The size of the European Pet Insurance market is estimated to value at USD 830 million in 2022. It is expected to grow at a CAGR of 12.8% to reach USD 1709.75 million by 2027.

A few of the key insights from this report:

• The dog insurance segment dominated the pet insurance market in Europe in 2021.
• The UK pet insurance market is anticipated to grow at a CAGR of 13.1% from 2022 to 2027.
• The pet insurance market in Germany is expected to rise at a CAGR of 12.8% from 2022 to 2027.
• The Spain pet insurance market is estimated to progress well during the forecast period and is considered one of Europe's most loved countries for pets.

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.

MARKET DRIVERS:

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:

An increasing pet adoption for companionship in most houses is the primary factor that drives the pet insurance market in Europe. In Europe, nearly 35 percent of households have pets in their house. People who are living alone adopt pets for companionship and security purposes. Due to the increasing pet adoption rate, most owners seek pet insurance, which helps treat significant diseases and accidents. This pet adoption has increased in recent years due to the pandemic. In this region, most people are adopting dogs and cats as their pets. Most people during the pandemic stayed at home alone or with family. For some stress relief, they adopted pets, increasing the pet adoption rate in this region. In addition, the increasing cost of pet treatment in private hospitals propels the pet insurance market forward in the European region.

Additionally, the growing awareness of people in developing economies of various pet insurance plans will further stimulate Europe market growth. Rising awareness about pet insurance in this region also drives the market forward. The European government has kept some awareness programs on days about the healthcare of animals. This program also discusses the insurance that must be taken for their pet in their home. By taking this pet insurance to their pet, the cost they keep in treating diseases will be less.

An increasing number of veterinary centers in this region boost the market forward. The government has invested in building a veterinary center to care for animals in their region. Increasing more people in the veterinary-related study also helps increase veterinary centers with specialists. The Federation of Veterinarians in Europe has provided information on the need for veterinary care, practicing features, and employment circumstances, to drive the market forward. The private organization also increases in established veterinary centers due to the increasing adoption of pet rates among many people.

Furthermore, rising costs of veterinary services are another critical factor driving people to adopt pet insurance to limit these expenses to some extent and thereby increase market growth. Europe's 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 supporting the market competition. It encourages the leading players to offer various discounts and advantages to establish themselves in the Europe pet insurance market.

MARKET RESTRAINTS:

Nevertheless, the summary of innovative pet insurance plans, such as numerous pet insurance policies, permits pet owners to have a single insurance policy that covers multiple pets. Thus, these initiatives will actively support Europe's pet insurance market growth during the forecast period. Lack of awareness about insurance for pets and high premium costs are the primary factor that restrains the market growth. Increasing restrictions on the pet insurance policy also hamper the market growth. Increasing fraud in pet insurance providers also restrains the market growth.

This research report has been segmented and sub-segmented into the following categories:

Europe Pet Insurance Market – By Policy:

• Cat Insurance
• Dog Insurance
• Horse Insurance
• Rabbit Insurance
• Exotic Pet Insurance
• Others

Based on policy, dog insurance applications are ruling with the market's highest shares with the government's growing support through funds.

Europe Pet Insurance Market – By Policy Type:

• Lifetime Cover
  • Accidental Cover
  • Illness Cover
• Non-lifetime Cover
  • Accidental Cover
  • Illness Cover
• Others

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:

• United Kingdom
• France
• Spain
• Germany
• Italy
• Russia
• Sweden
• Denmark
• Switzerland
• Netherlands
• Rest of Europe

Regional Analysis:

Geographically, the European pet insurance market is one of the potential regions in the global market owing to the growing 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 also bolstered the market's growth. A rise in the number of death issues among pet animals is one of the factors boosting the demand of the market in this region. Furthermore, increasing customized policies in this area drives the market forward. Some pet insurance companies have started giving pet insurance based on the owner's interest. This increases the taking of pet insurance by most pet owners. Including some of the benefits for their pet in the insurance policies also raises the pet insurance for their pets. These benefits may include a check-up for their pet once a year with less amount in specialized hospitals and providing some advanced products for their dog's health.

The UK Pet insurance market is anticipated to project a healthy growth rate during the forecast period. This is because the UK has shown that most pet owners are taking insurance for their pets to reduce the risk that may happen. In addition, the insurance coverage in this region will increase due to younger rather than old pet owners.

The German pet insurance market is anticipated to hold a promising share in the European market during the forecast period. Insurance policies for pets and their owners have been developing in Germany recently. In 2022, Trupanion announced that it had purchased Smart Paws GmbH, a pet insurance provider in Germany and Switzerland. In this pet insurance, they provide products developed by veterinarians. In Germany, dog pet owner is taking insurance policies for their dogs which boost the market forward 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.