Pulished Date October, 2018
ID: 7906
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North America Pet Insurance Market By Policy Type (Lifetime Cover (Accident Cover, Illness Cover), Non-Lifetime Cover (Accident Cover, Illness Cover), Others), By Policy (Dog Insurance, Cat Insurance, Rabbit Insurance, Horse Insurance, Exotic Pet Insurance, Others), By Region - Industry Analysis, Size, Share, Growth, Trends, And Forecasts (2018-2023)

Pulished: October, 2018
ID: 7906
Pages: 145

What it’s all about:

Pet insurance pays wholly or partly for the treatment of the ill or injured pet of the insured person. There are some insurance policies which also pay in cases of death of the pet and as well as in cases where the pet is lost or stolen. Accidents, unexpected illnesses, and injuries for pet animals such as cats, dogs, horses, rabbits, exotic pets and other pets, varying with 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.

Pet insurance is not similar to human health insurance, and is in fact treated as a type of property insurance, which is done by reimbursing the pet owner upon submission of claims of costs incurred in the healthcare of the pet.

Market Stats:

North American Pet Insurance market size was valued at USD 1 billion in 2018. It is expected to grow at a CAGR of 13.3% to reach USD 1.86 billion by 2023.

What’s affecting market growth:

•             The United States accounts for the largest number of pet animals in the world, which provides ample opportunity for the pet insurance market in the region. (+ve)

•             High awareness among the populace about pet insurance policies and schemes. (+ve)

•             High disposable incomes and expenditure on healthcare. (+ve)

•             Increasing concern of pet owners about the health of their pets. (+ve)

•             Excessively costly insurance policies and exclusions in pet insurance policies which do not provide necessary coverage. (-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 North American pet insurance market is categorized into the countries of U.S. and Canada. The availability of a variety of pet insurance policies due to the presence of a number of market players, and the willingness to spend on pets of pet owners are the major factors responsible for the largest share of North America in the global pet insurance market.

  Year                                                                     Expenditure in US pet industry (USD Billion)



















The expenditure on pets has been on a continuous rise in recent times. The expenditure includes that on food, supplies, over the counter medicine, veterinarian care, live animal purchases and grooming and boarding. This has been a major driver for market growth in the region.

Pet         Numbers in US (millions,2017-18)

Freshwater fish                139.3

Cat         94.2

Dog        89.7

Bird        20.3

Saltwater fish    18.8

Small animal      14.0

Reptile 9.4

Horse    7.6


The pet population in the US has also been on a continuous rise, which has given ample scope for the pet insurance market in this region to grow in a robust manner. In fact, the US has the largest global population of pet animals, which has aided North America in becoming the largest market share holder of the global pet insurance market.

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 North America remains conducive for growth owing 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 North American 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


                1.1 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       

                                       Accident Cover

                                       Illness Cover

                                5.2.3 Non-lifetime Cover             

                                       Accident Cover

                                       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        

                                       By Geographical Area

                                       By Policy

                                       By Policy Type

                                6.1.4  Market Attractiveness Analysis     

                                       By Geographical Area

                                       By Policy

                                       By Policy Type

                                6.1.5  Market Share Analysis      

                                       By Geographical Area

                                       By Policy

                                       By Policy Type

                6.2 United States                            

                6.3 Canada                         

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                                         


                a) List of Tables                

                b) List of Figures                              

  • Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of Policy Type, by  Non-Lifetime Cover along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market


  1. North America Pet Insurance Market Market By Policy, From 2018-2023 ( USD Billion )
  2. North America Cat Insurance Market By Region, From 2018-2023 ( USD Billion )
  3. North America Dog Insurance Market By Region, From 2018-2023 ( USD Billion )
  4. North America Horse Insurance Market By Region, From 2018-2023 ( USD Billion )
  5. North America Rabbit Insurance Market By Region, From 2018-2023 ( USD Billion )
  6. North America Exotic Pet Insurance Market By Region, From 2018-2023 ( USD Billion )
  7. North America Others Market By Region, From 2018-2023 ( USD Billion )
  8. North America Pet Insurance Market Market By Policy Type, From 2018-2023 ( USD Billion )
  9. North America Lifetime Cover Market By Region, From 2018-2023 ( USD Billion )
  10. North America Non-lifetime Cover Market By Region, From 2018-2023 ( USD Billion )
  11. North America Others Market By Region, From 2018-2023 ( USD Billion )
  12. United States Pet Insurance Market Market By Policy, From 2018-2023 ( USD Billion )
  13. United States Pet Insurance Market Market By Policy Type, From 2018-2023 ( USD Billion )
  14. Canada Pet Insurance Market Market By Policy, From 2018-2023 ( USD Billion )
  15. Canada Pet Insurance Market Market By Policy Type, From 2018-2023 ( USD Billion )


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