Sweden Pet Insurance Market is expected to attain a Market size of SEK 8900 Mn growing at a CAGR of ~8% (2022P-2027F) owing to increasing pet adoption, rising awareness and high veterinary costs: Ken Research
GURUGRAM, India, Feb. 8, 2023 /PRNewswire/ --
- Veterinary care insurance, life insurance, rehabilitation insurance and breeding insurance are the most common insurances for pets in Sweden.
- Owing to low penetration rates of insurance for cats and other animals currently, it is expected that the demand for their insurance is going to grow in the coming years.
- Better data collection technologies, cloud-based, low-code configurable core systems are a few upcoming technological developments in Sweden Pet Insurance Market.
Pet humanization: People all over the globe have a soft spot for pets, specifically dogs & cats, but the love for pets is growing now more than ever. Moreover, having a pet also represents a good lifestyle. The higher the cost of pet, the wealthier a person is considered. Some people prefer pets also because they don't want the responsibility of having a child but at the same time want to feel that soft bond with another being. Furthermore, people who are sporty by nature love to train their pets & prefer intelligent breeds like Border collie which is expensive as compared to a usual dog.
High Insurance Penetration Rates: Sweden has one of the highest insurance covers for pets in world. 90% of the dogs in the country are covered. The rate is roughly 60% for horses and 50% for cats. According to VIN News reports, high penetration of pet insurance is not due to public policy but because many Swedish pet owners voluntarily pay for pet insurance. Animals have always been treated as family members and they still prioritize animal welfare today which makes people ensure that their pets are taken care of properly.
Sophisticated Product Offerings: Pet insurance companies in Sweden offer sophisticated products with broad coverage. Adjusting pricing based on breed, age, gender, weight and location has enabled them to offer more attractive premium rates for younger, healthier animals and build up their coverage reserves. Some companies like Agria also provides full time life insurance policy for older pets which automatically attracts more customers.
Technological Advancements: Pet insurance policyholders in Sweden are increasingly using tracking and monitoring devices for their pets. Vets are able to conduct more treatments including advanced surgeries for things like hip dysplasia, elbow dysplasia and brachycephalic obstructive airway syndrome (BOAS). Swedish start-up FirstVet, an on-demand video veterinary appointments platform has seen a tremendous rise in its operations and has partnered with over 20 insurance companies.
Inclination towards dogs & cats: People in Sweden have shown an inclination towards adopting a dog or a cat as compared to other animals. Dogs account for the highest proportion in Sweden Pet Insurance Market. The number of dog pets registered in Sweden as increased from 9.94 lakhs in 2021 to 10.41 lakhs in 2022P. Thus, demand for dogs as pets is high and is further fueled by a rise in the number of dog rescue facilities and rehabilitation for sick dogs. Cats are the second most popular pets in Sweden because they are low-maintenance. They don't require formal training and are able to take care of basic self-cleaning. They account for 41.1% of the total premiums collected.
Analysts at Ken Research in their latest publication, "Sweden Pet Insurance Market Outlook 2027F- driven by an increasing pet adoption, high veterinary costs, rising pet health issues and awareness among pet owners" By Ken Research observed that the Sweden Pet Insurance is in a growing stage. Increasing pet adoption, high veterinary costs, rising pet health issues and awareness among pet owners are some of the factors that will contribute to the growth of Sweden Pet Insurance Market in the upcoming years. It is expected that Sweden Pet Insurance market will grow at a CAGR of 8.6% in the upcoming years.
Key Segments Covered in the report
Sweden Pet Insurance Market
By Type of Animals
- Dogs
- Cats
- Others
By Mode of Distribution
- Agency
- Broker
- Bancassurance
- Direct
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Key Target Audience
- Millennials
- Young Individuals
- Senior Citizens
- Unmarried Individuals
Time Period Captured in the Report:-
- Historical Period: 2017-2022P
- Base Period: 2022P
- Forecast Period: 2023-2027F
Companies Covered:-
- Agria
- Svedea
- Sveland
- Moderna
- Folksam
- Furry Champ
- If
- ManyPets
- Trygg Hansa
- Dina Forsakringer
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Key Topics Covered:-
- How is Pet Insurance Market Positioned in Sweden?
- Country Overview (Sweden) of Pet Insurance Market
- Sweden Pet Market Overview
- Overview of Pet Dogs and Cats in Sweden
- Overview of Other Animals in Sweden
- Overview of Veterinary Clinics and Regulations in Sweden
- Ecosystem of Sweden Pet Insurance Market
- Business Cycle of Sweden Pet Insurance Market
- Common Types of Pet Insurance in Sweden
- Business Model in Sweden Pet Insurance Market
- Timeline of Major Players in Sweden Pet Insurance Market
- Recent collaborations in Sweden Pet Insurance Market
- Sweden Pet Insurance Market Size & Segmentation, 2017-2022P
- End User Analysis of Sweden Pet Insurance Market
- Decision Making Parameters for Pet Owners in Sweden Pet Insurance Market
- Pet Insurance Compensation Calculation Method
- Key AI enabled use cases across pet insurance value chain
- Porter's Five Forces Analysis on Sweden Pet Insurance Market
- Growth Enablers in Sweden Pet Insurance Market
- Bottlenecks and Challenges in the Sweden Pet Insurance Market
- Trends and Developments in Sweden Pet Insurance Market
- SWOT Analysis of Sweden Pet Insurance Market
- Overview of how the COVID-19 Pandemic impacted the Sweden Pet Insurance Industry
- Competition Framework for Sweden Pet Insurance Market
- Market shares for Major Players present in Sweden Pet Insurance Market
- Cross Comparison of Major Players in Sweden Pet Insurance Market
- Business Strategies of Major Players in Sweden Pet Insurance Market
- Sweden Pet Insurance Market Size Future Outlook, 2022P-2027F
- Sweden Pet Insurance Market Segmentation based on the mode of distribution, 2027F
- Sweden Pet Insurance Market Segmentation based on the type of animals, 2027F
- Upcoming Technologies in Sweden Pet Insurance Market
- Recommendation for Pet Insurance Players- Operational Strategies
- Recommendation for Pet Insurance Players- Marketing Strategies
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According to Ken Research estimates, the Spain Pet Insurance Market – which grew from approximately EUR ~24 Mn in 2017 to approximately EUR ~88 Mn in 2022 – is forecasted to grow further into EUR ~150 Mn opportunity by 2027F in terms of gross written premium, owing to the New Government Policies, Growth in Adoption of Pets and Entry of New Players in the Market. In 2019, Spanish households spent 3,721 million euros on products and services for pets. The number of dogs and cats living in Spain already exceeds 20 million. Spaniards spend an average of 1,260 euros a year on their pets in 2019, 7.3% more than 2 years ago. That is, €823 in food, €353 in veterinary expenses and €83 in accessories and toys.
According to Ken Research estimates, the UK Pet insurance market expanded at a CAGR of ~5.3% between 2017 – 2022P on the basis of premium collected. The market saw rapid growth owning to increasing companion animal population, adoption of advance technology, rising animal health concerns, high veterinary cost and growing At-home diagnostic. UK Pet insurance market is estimated to grow at a positive CAGR of ~4.8% between 2022P and 2027F.
In Europe, the UK exhibit highest pet insurance penetration. Key drivers in the region are high cost of veterinary services and willingness of pet owners to buy pet insurance. Pet insurance companies using artificial intelligence and machine learning to predict a pet's health trajectory, as well as providing tools that will improve pet wellness and decrease vet care costs.
GWP collection stood at $12Bn, majorly led by growth in non-life insurance products of Health and Motor. Insurance of Persons and Fund Accumulation contributed 28% to total GWP collection. While UAE is ahead among the peer GCC countries in terms of insurance penetration of 2.9%, it still lags behind the average insurance penetration of emerging countries which stands at 3.2% and Global average of 6.1%. Mandatory insurance requirements of Motor across UAE coupled with Health Insurance in Abu Dhabi and Dubai has contributed to raising awareness among people to protect their risks.
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