Introduction

Pet Insurance Statistics: Pet insurance is a type of insurance coverage designed to help pet owners manage the costs associated with veterinary care for their pets.

It provides financial protection in case of unexpected accidents, illnesses, or injuries to pets. Just like health insurance for humans, pet insurance policies come with various coverage options, deductibles, and premium rates.

A survey conducted in the United States in 2023 found that only 24 percent of all pet owners have pet insurance for their dogs or cats. The pet owners belonging to Generation Z were more likely to have insurance for their pets compared to any other generation.

The Europe Pet Insurance Market Report is Segmented by Policy Type (Pet Health Insurance, Pet Liability Insurance), Animal Type (Dogs, Cats), Sales Channel (Direct To Consumer, Broker/Agent, Bancassurance, Online Aggregators & Insurtech Platforms), and Geography (UK, Germany, France, Spain, Italy, BENELUX, NORDICS, Rest of Europe). The Market Forecasts are Provided in Terms of Value (USD).

Pet insurance premiums written in the United States amounted to **** billion U.S. dollars in 2024, up from *** million U.S. dollars in 2013. Pet insurance covers health care costs for pets, so that their owners don't face large bills every time their pet needs to visit the veterinarian.

The Global Pet Insurance Market is Segmented by Policy Type (Accident and Illness, Accident-Only, Wellness/ Preventive-Care Add-Ons, and More), Animal Type (Dog, Cat, Other Pets), Provider Type (Private Insurers, Mutual/Cooperative Insurers and More), Sales Channel (Agency/Brokers, Bancassurance, Direct and More), and Region. The Market Forecasts are Provided in Terms of Value (USD).

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Pet Insurance Market Size 2025-2029

The pet insurance market size is valued to increase by USD 57.51 billion, at a CAGR of 42.9% from 2024 to 2029. Rising pet population will drive the pet insurance market.

Major Market Trends & Insights

North America dominated the market and accounted for a 65% growth during the forecast period.
By Type - Dogs segment was valued at USD 1.73 billion in 2023
By Application - Accidents and illness segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 1.00 million
Market Future Opportunities: USD 57507.20 million
CAGR from 2024 to 2029 : 42.9%

Market Summary

The market is experiencing significant growth due to the rising pet population and increasing adoption of business development strategies among insurers. According to recent studies, the number of pet owners worldwide is projected to reach 2.2 billion by 2025, creating a vast opportunity for the pet insurance industry. This trend is driven by the growing awareness of pet health and wellness, as well as the increasing affordability of pet insurance. However, pet insurance policies come with several exclusions and limits. Common exclusions include pre-existing conditions, certain breeds, and age-related issues. These limitations can pose challenges for pet owners and insurers alike.
For instance, a pet insurer may need to optimize its underwriting process to accurately assess risk and price policies accordingly. This could involve implementing advanced data analytics tools or partnering with veterinary clinics to gather more accurate health data. One real-world scenario illustrates the importance of operational efficiency in the market. A leading pet insurer implemented a predictive analytics solution to analyze claims data and identify potential fraud. This resulted in a 25% reduction in fraudulent claims, leading to significant cost savings and improved compliance with regulatory requirements. By leveraging data-driven insights, this insurer was able to maintain a competitive edge in the market while ensuring the financial security of its policyholders.

What will be the Size of the Pet Insurance Market during the forecast period?

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How is the Pet Insurance Market Segmented ?

The pet insurance industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Dogs
  Cats
  Others


Application

  Accidents and illness
  Accidents only
  Others


Channel

  Direct sales
  Broker or agency
  Bancassurance


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  Middle East and Africa

    Egypt
    KSA
    Oman
    UAE


  APAC

    China
    India
    Japan


  South America

    Argentina
    Brazil


  Rest of World (ROW)

By Type Insights

The dogs segment is estimated to witness significant growth during the forecast period.

In recent years, the market has experienced significant growth, fueled by the increasing number of pet owners seeking financial protection against escalating veterinary costs. Comprehensive coverage options now include preventive care plans, breed-specific policies, and various forms of illness and accident insurance for pets. According to the North American Pet Health Insurance Association, cancer treatment is a leading cause of pet medical expenses, affecting nearly half of dogs over the age of 10, as stated by the Veterinary Cancer Society. This statistic underscores the importance of pet insurance, especially for older animals. Policies may offer coverage for routine vaccinations, end-of-life care, pre-existing conditions, and even alternative medicine.

Customer service, policy deductibles, and claims processing times are crucial factors in pet insurance comparisons. Additionally, coverage limits, surgery cost reimbursement, and prescription medication coverage are essential considerations. Pet hospitalization insurance, behavioral health coverage, and chronic condition coverage are also available. Waiting periods and routine wellness exams are common policy features. Pet insurance premiums may vary based on age, breed, and location. Provider network access, claims submission process, and reimbursement limits are other essential factors to evaluate.

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The Dogs segment was valued at USD 1.73 billion in 2019 and showed a gradual increase during the forecast period.

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Regional Analysis

North America is estimated to contribute 65% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the

In 2023, the U.S. state with the highest share of pets and gross written pet insurance premiums was California. California residents owned **** percent of pets in the United States that year, and the state recorded **** percent of all gross written pet insurance premiums. This was followed by New York, with *** percent of pets owned by residents of this state in 2023, and with *** percent of all gross written pet insurance premiums.

Market Size statistics on the Pet Insurance industry in the US

In the fiscal year 2024, direct premiums written for pet insurance by non-life insurance companies in Japan amounted to almost *** billion Japanese yen. The value of direct premiums written increased by *** percent year on year.

U.S. pet insurance market was valued at USD 4,000 million in 2023 and is estimated to reach a value of USD 10,587 million by 2030 with a CAGR of 13.1% during the forecast period.

According to Cognitive Market Research, the global Pet Insurance market size was USD 12542.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 15.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 5016.8 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 3762.6 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 2884.7 million in 2024 and will grow at a compound annual growth rate (CAGR) of 17.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 627.1 million in 2024 and will grow at a compound annual growth rate (CAGR) of 14.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 250.8 million in 2024 and will grow at a compound annual growth rate (CAGR) of 14.7% from 2024 to 2031.
The Accident and Illness Policy Coverage category is the fastest growing segment of the Pet Insurance industry

Market Dynamics of Pet Insurance Market

Key Drivers for Pet Insurance Market

Increasing Pet Ownership and Humanization of Pets to Boost Market Growth: More households globally are adopting pets, leading to a growing demand for pet insurance. As pets become cherished members of families, the willingness to invest in their care increases. According to NAPHIA's?2024 State of the Industry Report, the U.S. pet insurance market reached a total premium volume of $3.9 billion in 2023. By the end of 2023, nearly 5.7 million pets in the U.S. were insured, marking a 17% increase from 2022. The average annual premium for accident and illness coverage was $676 for dogs ($56 per month) and $383 for cats ($32 per month). The majority of insured pets were located in California, New York, and Florida, with dogs comprising 80% of insured pets, compared to 20% for cats. The growing trend of treating pets as family members is driving owners to seek better healthcare and insurance options, with many willing to invest in advanced treatments, surgeries, and long-term care, which are made more affordable through insurance coverage.

Rising Veterinary Costs to Drive Market Growth: Modern veterinary medicine offers a variety of advanced treatments, including surgeries and cancer therapies, which can be costly. According to the U.S. Bureau of Labor Statistics, the cost of veterinary services increased by 7.6% between May 2023 and May 2024, following a 10% rise in 2022, the largest increase in two decades. With the rising global costs of routine and emergency veterinary care, pet insurance provides a financial safety net, allowing owners to afford these treatments while minimizing high out-of-pocket expenses. This makes pet insurance an appealing option for many pet owners.

Key Restraints for Pet Insurance Market

High Cost of Pet Insurance Services Will Limit Market Growth: One of the most common reasons for low uptake is the high cost of pet insurance premiums. For some pet owners, particularly those with multiple pets, the cost of insuring their animals can be prohibitively expensive, discouraging them from purchasing a policy. In many developing regions, pet insurance is seen as a luxury product. Due to lower disposable incomes, pet owners in these areas may prioritize basic pet care needs over the additional insurance cost, limiting the market’s potential in such areas. The pet insurance market lacks a standardized structure for policy coverage. Policies vary widely between providers in terms of what is covered, reimbursement rates, and claim limits. This inconsistency makes it difficult for consumers to compare policies and choose the most suitable option, which can discourage adoption.

Key Trends for Pet Insurance Market

Expansion of Tailored and Health-Oriented Plans: Insurance providers are launching adaptable policies that enable pet owners to select coverage according to their pet's requirements, featuring additional options for dental care, vaccinations, and preventive measures. Wellness plans are becoming increasingly favored as they promote routine veterinary visits, enhancing overall pet health and lowering long-term expenses.

Imp...

Another swing at pet filing data.

The global pet insurance market is expected to grow at a CAGR of 8.5% and is anticipated to reach over USD 10 billion by 2026.

Financial overview and grant giving statistics of North American Pet Insurance Association

Germany Pet Insurance Market is Segmented by Policy Type (Pet Health and Pet Liability Insurance), Animal Type (Dogs and Cats), Sales Channel (Direct To Consumer, Broker/Agent, Bancassurance, and More), Coverage Level (Basic (≤ €1, 000 Annual Cap), Standard (≤ €5, 000 Annual Cap), and More), and Region (North, West, and More). The Market Forecasts are Provided in Value (USD).

The global pet insurance market is booming, projected to reach $6226.7 million by 2025 with a 13.5% CAGR. Discover key drivers, trends, and regional insights into this rapidly expanding sector, including leading companies and coverage types. Learn more about pet insurance market analysis and future growth projections.

Sweden Non Life Insurnace: Premium: Other Property incl. Pet Insurance data was reported at 878.367 SEK mn in Mar 2018. This records a decrease from the previous number of 3,800.673 SEK mn for Dec 2017. Sweden Non Life Insurnace: Premium: Other Property incl. Pet Insurance data is updated quarterly, averaging 1,058.000 SEK mn from Dec 1996 (Median) to Mar 2018, with 73 observations. The data reached an all-time high of 3,800.673 SEK mn in Dec 2017 and a record low of 201.000 SEK mn in Mar 2001. Sweden Non Life Insurnace: Premium: Other Property incl. Pet Insurance data remains active status in CEIC and is reported by Statistics Sweden. The data is categorized under Global Database’s Sweden – Table SE.RG005: Non Life Insurance: Premium.

The U.S. Pet Insurance market is projected to be valued at $2.3 billion in 2024, driven by factors such as increasing consumer awareness and the rising prevalence of industry-specific trends. The market is expected to grow at a CAGR of 12.5%, reaching approximately $6.2 billion by 2034.

This statistic shows the earned insurance premiums for pets in Sweden in 2016, by insurance company. Insurance premiums are defined as the amount of money to be paid for contracts of insurance and the considered income by the insurance companies. During the period under consideration, Länsförsäkringar AB ranked highest, with a total earned insurance premiums for pets of more than * billion Swedish kronor.

In 2024, there was a significant spread in the premiums charged by different pet insurance providers in the United States for dogs. The average monthly cost to insure a dog was ** U.S. dollars, while the cheapest coverage was ** dollars lower and the most expensive coverage was around ** dollars higher than the average.