European Pet Insurance Industry Outlook to 2026 - Rising Cost of Veterinary Services Promotes Adoption of Insurance
DUBLIN, Aug. 16, 2021 /PRNewswire/ -- The "Europe Pet Insurance Market Outlook, 2026" report has been added to ResearchAndMarkets.com's offering.
This research report categorizes the market to forecast the revenues and analyze the trends in each of the following segments:
- animal type (cat, dog, others)
- insurance type (accidental & illness, accident only endorsement)
- end-user (agency, broker, bancassurance, direct writing)
- countries
- major companies
Even though the rising pet adoption is the major market driver, the rising cost of veterinary services is also a severe reason for the market growth in the region.
The European market was at a value of USD 1.17 Billion in the year 2015. In 2018 there were around 80 Million pet-owning homes in Europe, which have been gradually inclining ever since. There has been a shift in trend from pet owners to pet parents which indicates that pets are considered as a part of the family these days. Thus, increasing social acceptance of pets has stimulated the demand across the region. This can be accounted to be the major push to the market, resulting in an anticipated CAGR of 12%. The majority of the companies in the European market offer a customized solution following the people's preferences. They focus on the packages as per the pet lifetime or incident base.
The accident & illness segment dominated the European market, which held more than 90% of the share even in 2020. This is due to the comprehensive nature of the policy, which covers all major illnesses along with accidents. Thus, the policy is the most favorable policy for young animals, stimulating the adoption rate. The accident-only segment is expected to grow with a CAGR of 20% in the coming years. However, the high veterinary diagnostic cost and the inclining theft rates are further to incline the market growth.
Cats remain the most popular pets in European households with a stable population, while dogs are growing in popularity. Yet in terms of revenue, the insurance for pet dogs accounted higher with more than half of the market share since 2015. In terms of other pets, small mammal and reptile ownership have increased slightly; while the pet birds have seen a decline. This is to allow the insurance for the other pet segment to grow with a CAGR of more than 24%. Also, the growing demand for insurance of exotic breeds of cats and dogs will play a significant role in stimulating the market expansion.
The Broker & Bancassurance segments together accounted for higher than 40% of the market share, owing to the adoption of competitive pricing of the monthly premiums. The private providers offer innovative insurance schemes such as maximum coverage plans and minimum premiums. Furthermore, growing demand for pet insurance policy coupled with increasing pet healthcare expenditure will boost the industry growth, with the Direct Writing segment expected to grow over a CAGR of 15%.
The UK covers the majority of the region, followed by Germany, France & Spain, making it to almost 30% of the market share. The high growth in the countries can be attributed to the early introduction of pet insurance coverage for companion animals. Also, the rising concerns pertaining to pet health and the growing adoption of exotic pets in the country is another major growth driving factor. Growing social acceptance of pets has stimulated adoption. Pet acceptance is also perceived to assist in low blood pressure, depression, and loneliness, thus creating a growth opportunity for the market during the forecast timeframe.
Even though the high cost of the pet plans & lack of awareness is projected as major market restraints, the presence of key players in the market is to push the market growth in the coming period. Companies undertake various strategies such as mergers, collaborations, acquisitions, and geographic expansions to strengthen their market share.
Study Coverage
- Base year: 2020
- Historical year: 2015
- Forecasted year: 2026
Key Topics Covered
1. Executive Summary
2. Report Methodology
3. Global Pet Insurance Market Outlook
3.1. Market Size by Value
3.2. Market Share
3.2.1. By Animal Type
3.2.2. By Insurance Type
3.2.3. By End-user
3.2.4. By Region
3.2.5. By Country
3.2.6. By Company
4. Europe Pet Insurance Market Outlook
4.1. Market Size by Value
4.2. Market Share
4.2.1. By Animal Type
4.2.2. By Insurance Type
4.2.3. By End-user
4.2.4. By Country
4.3. Germany Pet Insurance Market Outlook
4.4. UK Pet Insurance Market Outlook
4.5. France Pet Insurance Market Outlook
4.6. Spain Pet Insurance Market Outlook
4.7. Italy Pet Insurance Market Outlook
4.8. Russia Pet Insurance Market Outlook
5. Market Dynamics
5.1. Market Drivers
5.2. Market Challenges
6. Market Trends & Development
6.1. Improvement in Efficiency
6.2. Increasing Digitization
6.3. Shedding of Legacy
6.4. Utilizing the Power of Data
7. Company Profiles
7.1.1. Agria Pet Insurance Limited
7.1.2. Figo Pet Insurance, LLC (Figo)
7.1.3. Nationalwide
7.1.4. Petfirst Pet Insurance
7.1.5. Pethealth
7.1.6. Petplan Pet Insurance
7.1.7. Petsure
7.1.8. Trupanion
7.1.9. Company Overviews
7.1.9.1 24Petwatch
7.1.9.2 Crum & Forster Pet Insurance Group
7.1.6.3 Direct Line Group
7.1.6.4 Petsecure Pet Insurance
7.1.6.5 Trustedpals
7.1.6.6 RSA Group
7.1.6.7 USAA
8. Strategic Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/ux3ivc
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