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Top 3 reasons why 2022 is the best time to invest in Europe pet insurance market
Published Date: May 25, 2022
Europe pet insurance market is an active ecosystem with numerous transitions spurred by the COVID-19 pandemic. One of the key factors driving market expansion is the global trend toward pet adoption and humanization. Since the COVID-induced health concerns have been growing, people are becoming increasingly aware of insurance policies that cover the costs of medical treatment for accidents and diseases.
Increasing incidence of cancer in dogs, alongside the growing risk of a several feline infections, is driving the demand for pet insurance. According to a Health Pocket survey, 62% of millennials would put their dog’s health before their own. Have a look at the three major factors bosting pet insurance in Europe:
#1 Pandemic-led spike in companion animal adoption:
The onset of the COVID-19 pandemic has disrupted the daily lifestyles of many across the globe. As an attempt to find solace locked indoors, a vast number of Europeans adopted furry friends. The American Pet Products Association (APPA) issued its annual National Pet Owners Survey in June 2021. Since the survey's last publication, pet ownership has climbed from 67% to 70%. Over a quarter of new pet owners claimed the pandemic had a direct effect on their choice to get a new pet.
Unfortunately, the abrupt change in pets' schedules during stay-at-home orders created a great deal of stress for many of these animals. Pet insurance policies that cover the veterinarian costs of identifying behavioral disorders in pets were seen as an appealing answer to pandemic-related mental health concerns.
#2 Insurance for accidents and illnesses on the rise:
Through increased exposure to pet healthcare, pet parents are investing in healthier food options for their furry pals. As a result, the average lifespan of dogs and cats has increased. However, with longer lives, chronic diseases such as diabetes and cancer have become more prevalent. To cover preventative care as well as coverage alternatives such as acute and chronic sickness and emergency medical care expenditures, pet owners are resorting to pet insurance.
According to the North American Pet Health Insurance Association (NAPHIA), 98% of pet policyholders in the United States have accident and illness plans or embedded wellness programs. Because accident and illness coverage is all-inclusive, it is popular with pet owners who are looking to include a wide range of disorders and injuries associated to accidents.
Tractive, an Austria-based business, discovered that the pet obesity problem is widespread throughout Europe. According to their findings, 40% of dogs and cats in European countries are overweight. Addressing this issue, the company has launched a GPS tracker gadget in the market for tracking pet activity.
#3 Rise in web-based applications for pets:
Pet insurers are increasingly relying on cutting-edge technologies to provide more competitive pricing for pet owners. According to the Association of British Insurers, the average insurance claim has increased by 75% in the previous 10 years, one of the major reasons being the expanding variety of treatment choices available for dogs.
To cater to the growing tech-savvy needs of pet parents, several industry leaders are launching pet-smart apps to the market. Recently, PetDesk introduced its Pet Insurance Guide, which offers pet owners insurance policies directly through the app.
Another recent collaboration between the insurance business Pet Protect and the dog wellness brand PitPat seeks to cut expenses for insurers & pet owners by promoting a healthy lifestyle. Dog owners receive a PitPat activity monitor as part of their insurance coverage, which tracks their dog's exercise levels, rest, and weight.
In turn, insurers may use this information to decide what kind of insurance coverage the animal would require, suited to their breed and some of the more frequent health issues linked with them.