Europe Pet Insurance Market Growth, Size, Trends, Demand, Share, Revenue and Future Outlook
Europe Pet Insurance Market Size- By Insurance Type, By Policy Type, By Animal Type, By Provider, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: May-2024 | Report ID: BFSI2417 | Pages: 1 - 153 | Formats*: |
| Category : BFSI | |||
Europe Pet Insurance Market Introduction and Overview
According to SPER Market Research, the Europe Pet Insurance Market is estimated to reach USD 7.66 billion by 2033 with a CAGR 9.64%.
The report includes an in-depth analysis of the Europe Pet Insurance Market, including market size and trends, product mix, distribution channels, and supplier analysis. The expense of veterinarian care for pets in the event of illness or accident is partially covered by pet insurance. Pet insurance usually pays back a percentage of the vet expense after treatment, much like human health insurance does. In some cases, even preventive care like annual physicals and vaccines may be covered, along with diseases, surgeries, prescription drugs, and accidents. With the help of pet insurance, pet owners can afford to give their animals the best care possible while also feeling secure and protected financially.
- November 2022: Royal Blue s.r.o., the parent company of PetExpert, has agreed to be acquired by pet insurance provider Trupanion. After acquiring Smart Paws, this will be Trupanion's second acquisition in Europe.
- February 2023: Agria Petinsure, a new brand that was formerly known as Petinsure, is making a determined entry into the Irish market. In the Irish market, insurance rates for dogs range from 10% to 15% at the moment, while rates for cats are closer to 5%. In Sweden, it's believed that 50% of cats and 90% of dogs have pet insurance.
Market Opportunities and Challenges
Opportunities: Throughout the past decade, there has been a notable growth in the number of companion animals adopted as pets throughout the European region. The main reason individuals adopt pets is to provide them with company. The trend from pet owners to pet parents has changed, indicating that pets are now seen as members of the family. The European pet insurance market is also growing as a result of the increasing pet adoption rate, skyrocketing veterinary expenses, a wide range of pet insurance solutions, and growing public awareness of these issues. Additionally, creative pet insurance products from businesses and the implementation of advantageous laws and regulations as a result of alliances between insurance companies and veterinarians are spurring market expansion.
Challenges: Market saturation and competition. With numerous insurance companies providing a broad range of coverage options, the pet insurance market is getting more and more competitive. It may be difficult for insurers to differentiate their offerings and draw in new business as a result of this market saturation. Price wars and margin pressure could arise as more companies enter the market, which could have an adverse effect on profitability and present challenges for the industry. Insufficient Knowledge and comprehension. The poor acceptance of insurance coverage may be due to the fact that many pet owners are unaware that pet insurance exists or may not completely grasp how it works. The low marketing efforts of insurers and the typical ignorance of pet owners regarding pet insurance are to blame for this lack of awareness.
Market Competitive Landscape
The European pet insurance market is highly competitive and expanding throughout the continent as a result of rising pet adoption rates and the faster availability of profitable insurance plans in households in Italy, Sweden, France, Germany, Russia, and Poland. In addition, a number of significant domestic and foreign companies, including PetPlan Insurance, Embrace Pet Insurance Agency, LLC, Royal & Sun Alliance, PetHealth Inc., and PetFirst Healthcare, compete in the European pet insurance industry.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Insurance Type, By Policy Type, By Animal Type, By Provider, By Distribution Channel |
| Regions covered | UK, France, Germany, Italy, Spain, Rest of Europe |
| Companies Covered | AGILA, Embrace, Hartville Group, NSM Insurance Group, Petfirst Healthcare, Pethealth Inc, Petplan, Petsecure, Protectapet, RSA Insurance, Others |
COVID-19 Impact on Europe Pet Insurance Market
COVID-19 had a detrimental effect on the pet insurance market in Europe. The coronavirus pandemic affected how well a number of sectors in different places operated. The pet insurance market in Europe was severely impacted. Due to transportation restrictions and lockdown, many veterinary clinics and hospitals stayed closed. Insurance firms are attempting to adapt and innovate, changing policy coverages and policies in response to the prevalence of various health disorders. Businesses concentrated on giving pet owners answers and raising consumer awareness of the expense reimbursement options on the market. A number of businesses were also making efforts to guarantee that pets received exceptional care throughout the COVID-19 pandemic. Additionally, the businesses are improving their policy process by developing a variety of innovative solutions for pet owners.
Key Target Audience:
- Pet Owners
- Insurance Providers
- Veterinary Clinics
- Pet Industry Stakeholders
Our in-depth analysis of the Europe Pet Insurance Market includes the following segments:
| By Insurance Type: |
|
| By Policy Type: |
|
| By Animal Type: |
|
| By Provider: |
|
| By Distribution Channel: |
|
Key Topics Covered in the Report:
- Europe Pet Insurance Market Size (FY’2024-FY’2033)
- Overview of Europe Pet Insurance Market
- Segmentation of Europe Pet Insurance Market By Insurance Type (Accident & Illness, Accident Only)
- Segmentation of Europe Pet Insurance Market By Policy Type (Lifetime Coverage, Non-Lifetime Coverage)
- Segmentation of Europe Pet Insurance Market By Animal Type (Dogs, Cats, Others)
- Segmentation of Europe Pet Insurance Market By Provider (Public, Private)
- Segmentation of Europe Pet Insurance Market By Distribution Channel (Insurance Agency, Bancassurance, Brokers, Direct Sales)
- Expansion Analysis of Europe Pet Insurance Market
- Problems and Obstacles in Europe Pet Insurance Market
- Competitive Landscape in the Europe Pet Insurance Market
- Impact of COVID-19 and Demonetization on Europe Pet Insurance Market
- Details on Current Investment in Europe Pet Insurance Market
- Competitive Analysis of Europe Pet Insurance Market
- Prominent Players in the Europe Pet Insurance Market
- SWOT Analysis of Europe Pet Insurance Market
- Europe Pet Insurance Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s2.2. Market size estimation2.2.1. Top-down and Bottom-up approach2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges4.2. COVID-19 Impacts of the Europe Pet Insurance Market
5. Market variable and outlook
5.1. SWOT Analysis5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats5.2. PESTEL Analysis5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape5.3. PORTER’s Five Forces5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Europe Pet Insurance Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Europe Pet Insurance Market
7. Europe Pet Insurance Market, By Insurance Type (USD Million) 2020-2033
7.1. Europe Pet Insurance Market Size, Share and Forecast, By Insurance Type, 2020-20267.2. Europe Pet Insurance Market Size, Share and Forecast, By Insurance Type, 2027-20337.3. Accident & Illness7.4. Accident Only
8. Europe Pet Insurance Market, By Policy Type (USD Million) 2020-2033
8.1. Europe Pet Insurance Market Size, Share and Forecast, By Policy Type, 2020-20268.2. Europe Pet Insurance Market Size, Share and Forecast, By Policy Type, 2027-20338.3. Lifetime Coverage8.4. Non-Lifetime Coverage
9. Europe Pet Insurance Market, By Animal Type (USD Million) 2020-2033
9.1. Europe Pet Insurance Market Size, Share and Forecast, By Animal Type, 2020-20269.2. Europe Pet Insurance Market Size, Share and Forecast, By Animal Type, 2027-20339.3. Dogs9.4. Cats9.5. Others
10. Europe Pet Insurance Market, By Provider (USD Million) 2020-2033
10.1. Europe Pet Insurance Market Size, Share and Forecast, By Provider, 2020-202610.2. Europe Pet Insurance Market Size, Share and Forecast, By Provider, 2027-203310.3. Public10.4. Private
11. Europe Pet Insurance Market, By Distribution Channel (USD Million) 2020-2033
11.1. Europe Pet Insurance Market Size, Share and Forecast, By Distribution Channel, 2020-202611.2. Europe Pet Insurance Market Size, Share and Forecast, By Distribution Channel, 2027-203311.3. Insurance Agency11.4. Bancassurance11.5. Brokers11.6. Direct Sales
12. Europe Pet Insurance Market Forecast, 2020-2033 (USD Million)
12.1. Europe Pet Insurance Market Size and Market Share
13. Europe Pet Insurance Market, By Region, 2020-2033 (USD Million)
13.1. Europe Pet Insurance Market Size and Market Share By Region (2020-2026)13.2. Europe Pet Insurance Market Size and Market Share By Region (2027-2033)13.3. France13.4. Germany13.5. Italy13.6. United Kingdom13.7. Rest of Europe
14. Company Profile
14.1. AGILA14.1.1. Company details14.1.2. Financial outlook14.1.3. Product summary14.1.4. Recent developments14.2. Embrace14.2.1. Company details14.2.2. Financial outlook14.2.3. Product summary14.2.4. Recent developments14.3. Hartville Group14.3.1. Company details14.3.2. Financial outlook14.3.3. Product summary14.3.4. Recent developments14.4. NSM Insurance Group14.4.1. Company details14.4.2. Financial outlook14.4.3. Product summary14.4.4. Recent developments14.5. Petfirst Healthcare14.5.1. Company details14.5.2. Financial outlook14.5.3. Product summary14.5.4. Recent developments14.6. Pethealth Inc14.6.1. Company details14.6.2. Financial outlook14.6.3. Product summary14.6.4. Recent developments14.7. Petplan14.7.1. Company details14.7.2. Financial outlook14.7.3. Product summary14.7.4. Recent developments14.8. Petsecure14.8.1. Company details14.8.2. Financial outlook14.8.3. Product summary14.8.4. Recent developments14.9. Protectapet14.9.1. Company details14.9.2. Financial outlook14.9.3. Product summary14.9.4. Recent developments14.10. RSA Insurance14.10.1. Company details14.10.2. Financial outlook14.10.3. Product summary14.10.4. Recent developments14.11. Others
17. Conclusion
15. List of Abbreviations
16. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Europe Pet Insurance Market is projected to reach USD 7.66 billion by 2033, growing at a CAGR of 9.64% during the forecast period.
Europe Pet Insurance Market size from 2022. The Market is expected to reach USD 7.66 billion by 2033, at a CAGR of 9.64% during the forecast period.
Europe Pet Insurance Market CAGR of 9.64% during the forecast period.
You can get the sample pages by clicking the link - Click Here
Europe Pet Insurance Market size is 7.66 billion from 2024 to 2033.
Europe Pet Insurance Market Segment is covered By Insurance Type, By Policy Type, By Animal Type, By Provider, By Distribution Channel.
The Europe anticipated to have the highest market share in the Europe Pet Insurance Market.
The key players in the market include Companies Covered AGILA, Embrace, Hartville Group, NSM Insurance Group, Petfirst Healthcare, Pethealth Inc, Petplan, Petsecure, Protectapet, RSA Insurance, Others.
The low marketing efforts of insurers and the typical ignorance of pet owners regarding pet insurance are to blame for this lack of awareness.
PLACE AN ORDER
Year End Discount
Sample Report
Pre-Purchase Inquiry
NEED CUSTOMIZATION?
Request CustomizationCALL OR EMAIL US
100% Secure Payment
Related Reports
Have a glance of the Report
Our Global Clients
Our data-driven insights have influenced the strategy of 200+ reputed companies across the globe.
