The pet insurance market offers policies aimed at covering veterinary costs for pets, most commonly dogs and cats, with coverage typically including accidents, illnesses, and sometimes routine preventive care. The market is growing steadily as pet ownership rises and veterinary expenses become more significant. This growth is further fueled by the trend of pet humanization, where pets are increasingly treated as family members deserving of quality healthcare. In mature markets such as North America and Europe, pet insurance has gained traction due to higher awareness, availability of various policy options, and competitive provider ecosystems. Asia-Pacific, particularly dynamic markets like India, is emerging rapidly with increased uptake driven by shifting consumer attitudes and expanding insurance infrastructure. Insurers are differentiating offerings through coverage bonuses, wellness packages, and user-friendly digital platforms for enrollment and claims, making pet insurance more accessible and appealing to modern pet owners.
According to Fortune Business Insights, the global pet insurance market size stood at USD 6.05 billion in 2018 and is projected to reach USD 18.11 billion by 2032, exhibiting a CAGR of 8.1% during the forecast period. North America dominated the pet insurance market with a market share of 23.47% in 2018.
In June 2021, Trupanion announced a strategic initiative to bolster its international presence by recruiting Wheeler from Agria Pet Insurance Ltd. This notable hire is poised to advance Trupanion’s global expansion, particularly targeting markets in Japan, the U.K., Brazil, and Western Europe. This move reflects the intensifying global aspirations of key market players in the pet insurance sector.
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