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North American Pet Insurance Market revenue to hit $3.8 Bn by 2027
Published Date: 2021-04-27
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North American Pet Insurance Market size is projected to reach USD 3.8 billion by 2027, according to a latest forecast report by Graphical Research.
Certain factors that are driving the market growth include increasing number of pet adoption and rising awareness regarding pet insurance. For instance, according to the American Society for the Prevention of Cruelty to Animals (ASPCA), approximately 6.5 million companion animals enter animal shelters in the U.S. every year. Among those, around 3.3 million are dogs. Similarly, according to the National Pet Owners Survey conducted by the American Pet Products Association (APPA), nearly 70 million families own a dog as a pet. The survey also revealed that the total expenditure on pets was approximately USD 69.4 billion in 2017. However, there is a lack of standardized pet health codes. Most of the veterinary records are free text and do not have a standard diagnosis coding. This is one of the major barriers in using the veterinary records for claiming the pet insurance, hampering the North American pet insurance market growth.
The accident only segment held USD 61 million revenue in 2020. Accident only policy insure pets in case of accidental injury in a electrocution, fight wounds, burns, snake bite toxicity, bone fractures, motor vehicle incident and other accidents. Furthermore, accident policies are also referred as basic pet insurance, as they provide budget-friendly cover for pet against accidental injury. Also, the policy offers around 80% reimbursement of the total veterinary bill.
The cat segment is estimated to witness over 10.5% CAGR through 2027. Cats are increasingly being adopted in countries such as U.S., and Canada. For instance, according to the American Pet Products Association survey report, in U.S., there were 94.2 million cats in 2018. Thus, increasing adoption of cats in such countries will increase the demand and boost the market revenue.
Browse detailed statistical insights from the report, “North America Pet Insurance Market Size By Policy Coverage (Accident Only, Accident & Illness), By Animal (Cat, Dog), By Provider (Public, Private), Research Report, Country Outlook (U.S., Canada), Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 - 2027” along with the table of contents (ToC) @
The public provider segment revenue is expected to exceed USD 149.1 million by 2027. Moreover, most of the private companies offer pet insurance for cats and dogs only due to higher demand. Thus, pet owners that are looking to insure other animal species turn up to public insurance companies. Furthermore, public insurance companies usually have a high claim settlement ratio and are trusted by majority of the population, thus leading to advancement in the future.
The Canada pet insurance market is set to observe around 7.4% growth rate between 2021 and 2027 due to increasing adoption of pets in the country. Companies offering various policies for pets is greatly influencing the demand and attracting the pet owners to opt for policy coverage, fostering the local market expansion. Furthermore, launch of innovative policies by companies and creating awareness of these policies through the digital platform are promoting the market demand.
Major companies operating in the North America pet insurance industry are Nationwide, Crum & Forster, Embrace Pet Insurance Agency and Pet for Health among others. These companies focusing on various business strategies such as collaboration, geographic expansion to strengthen their market position. For instance, in February 2019, Petsecure announced agreement with the Winnipeg Humane Society to exclusively run six-week complimentary trial insurance for the Winnipeg Humane Society’s pet adopters. This partnership enabled company to attract a larger customer base in the market and strengthen its business.
The North American 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:
North America Market, By Policy Coverage
- Accident only
- Accident & illness
North America Market, By Animal
North America Market, By Provider
- Private provider
- Public provider
The above information has been provided for the following countries:
- North America