Pet Insurance Industry News Update

The report "Pet Insurance Market by Policy Coverage (Accident Only, Illness Only, Comprehensive Plans, Preventive Care), Animal Type (Dog, Cat), Provider Type (Public, Private), Sales Channel (Broker, Direct, Agency, Bancassurance) & Region - Global Forecast to 2030", is projected to reach USD 29.80 billion by 2030 from USD 14.35 billion in 2025, growing at a CAGR of 15.7%.

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The pet insurance market is experiencing strong growth, fueled by demographic, economic, and technological factors. A major factor is the steady increase in pet ownership, especially in urban and developed areas, where pets are more often seen as family members. This trend has resulted in pet owners being more willing to spend on comprehensive healthcare, including insurance coverage to help cover unexpected veterinary expenses.

Furthermore, the increasing cost of veterinary care, driven by the adoption of advanced diagnostic and treatment technologies, has made pet insurance a desirable financial safety net. Pet owners are looking for policies that cover surgeries, chronic conditions, and long-term medications, making accident and illness plans the most popular segment.

Furthermore, technological advancements and digitalization are streamlining the insurance process, from enrollment to claims settlement, improving customer experience and expanding access. The introduction of customizable plans, wellness add-ons, and embedded insurance models through partnerships with pet retailers and veterinary networks is also enhancing product accessibility and appeal. Collectively, these factors are significantly contributing to the ongoing expansion of the pet insurance market.

"By provider type, the private segment accounted for the largest market share in 2024."

In the pet insurance market, the private segment held the largest share in 2024. This dominance is mainly driven by their wide reach, flexible policy options, and strong brand recognition. Unlike public or government-backed programs, private insurers can quickly innovate and customize plans to meet different consumer needs, including accident and illness coverage, wellness add-ons, and customizable deductibles. These companies also invest heavily in digital platforms, marketing, and partnerships with veterinary clinics, pet retailers, and tech startups, boosting customer acquisition and engagement. Additionally, private insurers often provide faster claims processing and more responsive customer service, resulting in higher satisfaction and retention rates among policyholders.

"By animal type, the market for cats is expected to grow at the highest CAGR during the forecast period."

Cats are the fastest-growing segment in the pet insurance market due to increasing cat ownership, especially in urban households where limited space makes cats a more practical pet choice. Growing awareness among cat owners about the benefits of preventive healthcare and the rising costs of veterinary treatments for common chronic conditions like kidney disease and diabetes are boosting demand for insurance coverage. Additionally, insurers are expanding their product options with cat-specific plans that include wellness add-ons and lower premiums, making coverage more affordable and attractive to cat owners.

“By region, Europe accounted for the largest market share in 2024.”

In 2024, Europe held the largest market share for pet insurance due to high pet ownership rates, a strong cultural focus on animal welfare, and widespread acceptance of pet insurance, especially in countries like Sweden, the United Kingdom, and Germany. The region benefits from a mature insurance infrastructure and supportive regulatory frameworks that promote the development and adoption of pet insurance products. Furthermore, increasing veterinary care costs and a growing tendency among Europeans to treat pets as family members have boosted demand for financial protection through insurance. The presence of established insurers, along with ongoing innovation in policy offerings and digital distribution channels, continues to bolster Europe’s leadership in the global pet insurance market.

Key Market Players

The leading players in the pet insurance industry include Trupanion (US), Nationwide (US), Pet Plan Limited (UK), Anicom Holdings, Inc. (Japan), Healthy Paws (US), Pets Best Insurance Services, LLC (US), Pumpkin Insurance Services Inc. (US), Spot Pet Insurance Services, LLC (US), Figo Pet Insurance LLC (US), Agria Pet Insurance Ltd. (Sweden), PetPartners, Inc. (US), ASPCA (US), Pet Protect Limited (UK), Embrace Pet Insurance Agency, LLC (US), and Getsafe (Germany).

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