The pet insurance market is a rapidly growing segment of the insurance industry, driven by increasing pet ownership and greater awareness of pet healthcare. It involves providing insurance policies that help cover veterinary expenses related to accidents, illnesses, and, in some cases, routine care. As veterinary treatments become more advanced and costly, more pet owners are turning to insurance for financial protection. The market's growth is also fueled by the humanization of pets, with owners viewing them as family members and prioritizing their well-being. While North America and Europe currently dominate the pet insurance market, the Asia-Pacific region is experiencing significant expansion. Insurance providers are also offering more flexible and digital policy options, making pet insurance more accessible and appealing to a wider audience.
According to Fortune Business Insights, the global pet insurance market was valued at USD 6.05 billion in 2018 and is projected to reach USD 18.11 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.1% during the forecast period. In 2018, North America led the market, accounting for a 23.47% share.
Leading players in the pet insurance industry include: