Pet insurance coverage includes the partly or total reimbursement of veterinary treatment cost of the companion animal in case of accident or illness. Pet insurance cater to the insurance of many pets such as dog, cats, horse, rabbit, exotic and other animals. Rising pet adoption and growing prevalence of feline- & dog-related diseases are major drivers for this market.
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Moreover, rising demand for pet insurance to help limit out-of-pocket expenditure on critical medical conditions, such as cancer, and accidental injuries is anticipated to boost the growth in near future. These factors fuel the global pet insurance market.
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The anticipated rise in companion animal population would increase the demand of veterinary healthcare facilities. Veterinary services are capital intensive and require veterinary doctors, skilled technicians, and specially designed diagnostic equipment. According to The American Pet Products Association report 2018, the overall spending in U.S. pet industry increased by 4.1% from 2016 to 2017. Furthermore, veterinary care spending increased by 7% from USD 15.95 billion in 2016 to USD 17.07 billion in 2017.
Pet insurance is availed by owners with an intent to lower the overall cost of veterinary services and is similar to health insurance for humans. Certain policies provide coverage for all the veterinary bills while some policies cover only a certain portion of the overall bills. Policies also provide pet care for hereditary illnesses and after-death compensation. Insurance providers are also offering coverage for pet healthcare services availed in foreign countries to attract a larger customer base.
Social media and digital marketing will spread awareness regarding pet insurance
Pet insurance companies are making numerous and continued efforts to increase consumer awareness pertaining to various policies and the benefits associated with them. Companies are using social media and digital marketing as a tool to maximize the customer outreach by sharing information regarding various insurance policies of cat and dog breeds. Majority of the companies are targeting the untapped and poorly penetrated markets with primary objective of gaining a higher share, thus giving impetus to the overall pet insurance market growth.
High cost of veterinary services is the primary factor for adoption of pet medical insurance. Veterinary bills for serious health conditions or unexpected surgeries such as cancer and cruciate ligament tears may surge up to USD 10,000 to 20,000. As the policy usually covers 80% of the treatment cost, owners are increasingly opting for pet medical insurance plans. Also, various companies focus on wellness care that cover veterinary bills due to vaccination, spaying and neutering, thus reducing the overall pet healthcare costs
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North America will witness high adoption of insurance policies for pets in lieu of high cost of veterinary services and bills. North America Pet Health Insurance Association (NAPHIA) is the key government organization that works collectively with animal welfare organizations, veterinary professionals and insurance providers to the drive adoption of pet health insurance. The association have already undertaken various initiatives to organize and promote events that provide education, networking and professional development opportunities for its members. NAPHIA is also pursuing opportunities to improve, simplify, promote and advance insurance regulations and law in the various legal jurisdictions across Canada and the U.S.
Europe pet insurance market share is expected to show robust growth of 6.7% during the projected timeframe. The region dominated the overall industry due to early introduction coupled with high penetration of insurance coverage for companion animals. Countries such as UK and Sweden witnessed market penetration of more than 25% and 40%, respectively, in 2017 and play a major role in driving the regional growth.
Various industry players such as Petplan, Nationwide, Royal & Sun Alliance (RSA) and Direct Line Insurance Group are few of the companies that dominate the UK pet medical insurance business. High demand for insurance of exotic breeds of cats and dogs will play a major role in driving the growth of European pet insurance business.
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Product Innovation to Define the Market Competitiveness
Rising number of private insurance providers will significantly augment market growth. Private players tend to provide insurance policies with maximum coverage plans coupled with minimum premium offers. Leading insurance providers offer various novel pet schemes to retain consumers.
Some of the prominent market vendors are Nationwide Mutual Insurance Company, PetFirst Healthcare LLC., Embrace Pet Insurance Agency, LLC.,Hartville Group, Inc., Petplan Limited, and Anicom Holdings Inc.
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