European Pet Insurance Market size is estimated to surpass USD 5.1 billion by 2027, according to a latest forecast report by Graphical Research.
Various companies operating in the European pet insurance industry are focusing on expanding their customer base and gain larger market share by offering innovative pet insurance schemes and coverage policies. Some companies are offering multi-pet insurance schemes for owners with more than one pets. The pet owners can avail all the benefits of healthcare services for multiple pets within a single pet insurance scheme, thereby fostering the market growth. Furthermore, pet adoption is also perceived to assist in low blood pressure, depression, and loneliness, fueling the number of pet adoption.
There is a lack of standardized pet health codes that often leads to complications in availing insurance coverage. However, various companies and government associations are working with veterinary professionals to create a framework for standard pet health codes. This will ensure simplicity in claiming process and help the insurance companies to improve pre-authorization procedure, hence enhancing the overall claiming process.
The accident only segment revenue was around USD 65.3 million in 2020 and is estimated to expand at over3.4% CAGR through 2027. High growth rate is owing to growing adoption of this type of policy coverage. It is one of the most basic level of policy coverage but plays a significant role in case of accident. Furthermore, rising adoption of pets in various countries of Europe will tend to opt for accidental policies, as they cover insurance for accidental acts, supplementing the segment demand.
The cat segment is predicted to register a growth of 6.7% from 2021 to 2027. Cats are increasingly being adopted in various countries of European region such as Germany, UK, Russia, Poland, and Italy among others. For instance, according to the data from European Pet Food Industry (FEDIAF) report, Germany and France have the highest number of cats in European Union accounting for 14.5 million and 13.5 million cats respectively in 2019.
Browse detailed statistical insights from the report, “Europe Pet Insurance Market Size By Provider (Public, Private), By Policy Coverage (Accident Only, Accident & Illness), By Animal (Cat, Dog), Research Report, Country Outlook (Germany, UK, France, Italy, Spain, Denmark, Norway, Sweden, The Netherlands, Russia, Poland, Romania, Portugal), Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 - 2027” along with the table of contents (ToC) @
The public provider segment size is expected to cross USD 269.8 million by 2027. Public insurance providers offer novel medical plans such as schemes that cover pets irrespective of their ages and multi-pet insurance policies that include multiple pets in a single plan to retain customers. Furthermore, growing adoption of pets has stimulated the insurance companies to offer several coverage policies to the pet owners to receive reimbursement for their pet’s health.
The Italy pet insurance market is projected to observe exponential growth of 10.3% till 2027 due to increasing adoption of pets in the country. Companies that are offering best policies for pets is greatly influencing the demand and attracting the pet owners, thereby augmenting the market revenue. Furthermore, launch of innovative policies by companies and creating awareness of these policies through the digital platform are promoting the market demand across the country.
Major players operating in European pet insurance market are Royal & Sun Alliance, petplan, Protectapet, Hollard and Petfirst Healthcare LLC among others. These companies focusing on various business strategies such as collaboration, geographic expansion to strengthen their market position. For instance, February 2020, RSA Insurance Group and Audatex partnered to develop the UK’s first online claims system for pet insurance. The platform allows customers to self-authenticate and submit claims to be paid directly for their pet’s medication in a matter of minutes, rather than days or weeks. This strategy enabled companies to maintain long term business relation and expand customer base.
The European pet insurance market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027, for the following segments:
Europe Market, By Policy Coverage
- Accident only
- Accident & illness
Europe Market, By Animal
Europe Market, By Provider
- Private provider
- Public provider
The above information has been provided for the following countries:
- The Netherlands