The global pet insurance market is experiencing significant growth, driven by increasing pet adoption rates, rising veterinary costs, and growing awareness about pet health. As pet owners seek comprehensive healthcare solutions for their companions, the demand for pet insurance policies is on the rise.

According to Fortune Business Insights, the global pet insurance market size was valued at USD 6.05 billion in 2018 and is projected to reach USD 18.11 billion by 2032, growing at a compound annual growth rate (CAGR) of 8.1% during the forecast period. In 2018, North America accounted for USD 1.42 billion of the market, representing a 23.47% share.

Top Companies in the Pet Insurance Market

Leading players in the pet insurance industry include:

• Trupanion
• Nationwide Mutual Insurance Company
• ASPCA
• Healthy Paws Pet Insurance, LLC.
• Embrace Pet Insurance Agency, LLC
• Figo Pet Insurance LLC.
• Anicom Holdings
• Agria Pet Insurance Ltd
• 24PetWatch
• Pets Best Insurance Services, LLC.

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Key Industry Developments

• In June 2021, Trupanion announced plans to expand its overseas growth by hiring Wheeler from Agria Pet Insurance Ltd. Wheeler will assist in Trupanion’s international expansion across new markets in Japan, the U.K., Brazil, and Western Europe.

Market Drivers:

• Increasing Pet Adoption: The rising number of pet adoptions globally is a significant factor propelling the pet insurance market growth.