Pulished Date August, 2019
ID: 7906
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North America Pet Insurance Market Research Report - By Policy Type, By Policy, By Country (United States, Canada, Mexico & Rest of North America) - Industry Analysis, Size, Share, Growth, Trends & Forecast | 2019 - 2024

Pulished: August, 2019
ID: 7906
Pages: 145

North American Pet Insurance Market Size & Growth (2019 - 2024)

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 2024.

Growth Drivers and Restraints

  • 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)

This research report on North American Pet Insurance Market segmented and sub-segmented into the following categories and analysed market size and forecast for each segment until 2024.

Pet Insurance Market – By Policy

  • 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.

Pet Insurance Market – By Policy Type

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

Pet Insurance Market – By Country

  • United States
  • Canada
  • Mexico
  • Rest of North America

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)

2009

45.5

2010

48.4

2011

51.0

2012

53.3

2013

55.7

2014

58.0

2015

60.3

2016

66.8

2017

69.4

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 the 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.

Few of the companies leading the North American Pet Insurance Market profiled in this report are:

  • 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 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                                         

Appendix                                           

                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 2019 - 2024 ( USD Billion )
  2. North America Cat Insurance Market By Region, From 2019 - 2024 ( USD Billion )
  3. North America Dog Insurance Market By Region, From 2019 - 2024 ( USD Billion )
  4. North America Horse Insurance Market By Region, From 2019 - 2024 ( USD Billion )
  5. North America Rabbit Insurance Market By Region, From 2019 - 2024 ( USD Billion )
  6. North America Exotic Pet Insurance Market By Region, From 2019 - 2024 ( USD Billion )
  7. North America Others Market By Region, From 2019 - 2024 ( USD Billion )
  8. North America Pet Insurance Market Market By Policy Type, From 2019 - 2024 ( USD Billion )
  9. North America Lifetime Cover Market By Region, From 2019 - 2024 ( USD Billion )
  10. North America Non-lifetime Cover Market By Region, From 2019 - 2024 ( USD Billion )
  11. North America Others Market By Region, From 2019 - 2024 ( USD Billion )
  12. United States Pet Insurance Market Market By Policy, From 2019 - 2024 ( USD Billion )
  13. United States Pet Insurance Market Market By Policy Type, From 2019 - 2024 ( USD Billion )
  14. Canada Pet Insurance Market Market By Policy, From 2019 - 2024 ( USD Billion )
  15. Canada Pet Insurance Market Market By Policy Type, From 2019 - 2024 ( USD Billion )

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