Pet Insurance Market Key Players, Trends, Growth Opportunities
and Industry Forecast till 2028
“Rising incidences of pet stealing and malpractices
positively push the consumers to buy a robust insurance
cover for pet safety and protection. However, significant
cost of pet insurance policies and lack of awareness
among consumers is more likely to hinder the market
growth.”
The global pet insurance market is expected to exhibit a higher CAGR during the forecast period. A pet insurance
is a novel product in the pet industry and these policies usually cover a specific and maximum amount of money
for paying out under different sections. For instance, veterinary fees, third party liability, advertising costs,
hospitalization, overseas vet fee and the purchase price of pet. In most cases, the pet insurance policies are
yearly contracts and to gain a full amount of cover, the policy needs an annual renewal every year.
Pet insurance market is driven by rise in awareness for pet safety and growing number of pet adoption cases in
the developing economies. Rising incidences of pet stealing and malpractices positively push the consumers to
buy a robust insurance cover for pet safety and protection. However, significant cost of pet insurance policies
and lack of awareness among consumers is more likely to hinder the market growth.
Get Sample Copy of this Report @
https://www.millioninsights.com/industry-reports/pet-insurance-market-study/request-sample
End-user segment for pet insurance market comprises dog, cat, horse and leisure pets. By policy type, the
market segmentation entails lifetime cover and non-lifetime cover. Geographical segmentation for the market
spans North America, South America, Europe, Asia-Pacific, Middle East and Africa. Asia-Pacific regions are more
likely to grow at a significant CAGR during the forecast period, particularly India and China.
North America leads the market growth; as there is a strong presence of regulations for animal safety and care.
Availability of pet insurance as a better product for pet safety is more likely to propel the market growth. Rise