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Pet Insurance Market Size 2021 - Industry Forecasts Report 2027

Pet insurance market is expected to witness remunerative growth on account of a flourishing pet adoption trend and increasing consumer awareness regarding the benefits of pet insurance. As per a recent National Pet Owners Survey, which was conducted by the APPA (American Pet Products Association), around 70 million families own a dog as a pet. The survey further disclosed that the overall pet expenditure was roughly around $69.4 billion back in 2017. <br>Meanwhile, given the elevated demand, several industry players are focusing towards the expansion of their presence by launching offerings. Citing an instance, in February 2021, PetDesk reportedly announced the Pet Insurance Guide, a unique tool for pet parents to rapidly request as well as buy pet insurance policies from the PetDesk app. <br><br>Get sample copy of this research report @ https://www.gminsights.com/request-sample/detail/4284<br>

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Pet Insurance Market Size 2021 - Industry Forecasts Report 2027

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  1. Pet Insurance Market is Projected to grow at a CAGR 7.7% by 2027

  2. Key Insights from Pet Insurance Market: • In terms of animal, the overall market is classified into dog, cat, and others. Here, the dog segment is likely to showcase lucrative growth of 7.5% over the forecast time period. The growth is majorly ascribed to the high healthcare cost related to dogs in comparison to other pets. The cost of only one surgical visit, for instance, is usually somewhere around $426 for a dog. Consequently, various pet insurance firms offer policy coverage to a broader range of dog breeds such as cross breed, exotic dogs, sheep dogs that are pets. Owners often choose such policy coverages for their dogs in order to decrease the cost. • With respect to service provider, the market is divided into private and public. In 2020, the private segment held around 94.0% of the market share and is expected to showcase a promising growth over the study period. The segmental growth is attributed to the rising number of private pet insurance providers functioning in pet insurance sector. In order to retain its customers, private providers also offer numerous new pet schemes, which is majorly driving the segment outlook. Private providers also offer multi-pet insurance policies that over various pets within a single plan. The high demand for these policies attract more number of customers to the segment.

  3. Continued… • Companies have been actively involved in strategies, such as partnerships, launch of new policies, regional expansions, and M&A to capture a larger share of the market. For instance, in February 2021, Prudent Pet Insurance reportedly announced its partnership with Markel Insurance Company, a leading specialty insurance carrier with almost 90 years of experience in several niche insurance markets. This partnership provides a platform that incorporates a shared commitment of supreme service to their customers along with best coverage that is available for the customers' pets.

  4. Latest Research Report On Pet Insurance Market@ https://www.gminsights.com/segmentation/detail/pet-insurance-market Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/4284

  5. Regional Insights in Pet Insurance Market: • On the regional front, the APAC pet insurance market is anticipated to grow at a moderate pace of 8.1% over the forecast time period. This robust growth projection is ascribed to increasing awareness around the importance of animal health and rising pet adoption. Additionally, rising per capita animal health expenditure is actively increasing the number of pet insurance clients across developing nations such as India and China. Citing an instance, in 2015, it was noted that there were only 5,000 pet insurance clients in China, however in 2019, the number had jumped up to around 160,000 pet insurance clients throughout the country. • Pet insurance market is expected to witness remunerative growth on account of a flourishing pet adoption trend and increasing consumer awareness regarding the benefits of pet insurance. As per a recent National Pet Owners Survey, which was conducted by the APPA (American Pet Products Association), around 70 million families own a dog as a pet. The survey further disclosed that the overall pet expenditure was roughly around $69.4 billion back in 2017.

  6. Major Companies in Pet Insurance Market: • Anicom Holding Inc • Embrace Pet Insurance Agency LLC • Figo Pet Insurance LLC • Hartville Group • Health for Pet • Hollard • Nationwide • Oneplan • Petfirst Healthcare LLC • Pet Health • Petplan • ProtectaPet • Royal & Sun Alliance • The Oriental Insurance Company Ltd • Trupanion

  7. Industry Coverage

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