The size of the pet insurance market in the United States is set at more than

New Delhi, Sept. 16, 2022 (GLOBE NEWSWIRE) — The US pet insurance market is booming at a significant growth rate primarily driven by rising veterinary medical costs, growing consumer awareness, and widespread use of medical procedures and expensive drugs in the country. https://www.blueweaveconsulting.com/report/united-states-pet-insurance-market

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the size of the US pet insurance market at USD 1.94 billion in 2021 Additionally, BlueWeave forecasts the US pet insurance market to grow at a double-digit CAGR. by 10.6% between 2022 and 2028 to reach a size of USD 3.85 billion by 2028. Key drivers for the growth of the US pet insurance market include an increase in the number of pet owners pets, a growing need to reduce the financial risks and the high cost of veterinary treatments. According to the American Society for the Prevention of Cruelty to Animals, up to 6.5 million pets enter animal shelters in the United States each year. Most of them are dogs, numbering over 3.3 million.

United States Pet Insurance Market – Technological Advancements

Insurance plans with the highest coverage levels and lowest costs are usually available from private carriers. Many innovative animal retention programs are made possible by the best insurance companies. Consequently, the US pet insurance market will grow. During the projected period, the U.S. pet insurance market is expected to rise owing to growing demand for pet insurance policies and growing need for financial security amid rising uncertainties. Moreover, the growth of the pet insurance market is positively influenced by the increase in the number of veterinary clinics throughout the forecast period. In addition, the increase in government pet insurance-related activities as well as the integration of technology into current service lines and product lines is expected to present substantial prospects for expanding market growth over the projection period.

Warburg Pincus Company completed the acquisition of the pet insurance company in 2019. With this acquisition, Warburg’s assets and finances are now available to the pet plan. The investment titan has invested a considerable sum in the pet plan, which is expected to help expand the business, create new products and improve customer support. In order to give policyholders access to pet professionals in real time, Embrace Pet Insurance Company partnered with the paw support company in October 2021. Veterinary specialists advise pet owners on the best ways to use available resources for veterinary treatment. Paw Support provides email, video chat and online chat services that are available around the clock to help pet owners with a range of pet-related questions. The increasing adoption of pets is expected to drive the growth of the market. Because animal health is of growing concern, the pet insurance market is growing. Pets are increasingly purchased for companionship and are generally seen as members of the family, with the trend shifting from pet owner to pet parent.

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Segmental coverage

US pet insurance market

Based on the type of animal, the US pet insurance market is divided into three categories: dogs, cats and other animals. Due to their popularity across the country, higher care costs and higher accident risk, the dog segment accounts for the majority of the pet insurance market share. Companies offer dog insurance plans that can cover a variety of dog breeds. The cat segment is likely to grow significantly in the coming years. By policy coverage, the market is segmented into accident only, accident and sickness, and others. The accident and health insurance segment is expected to hold the highest market share during the forecast period, mainly due to the factors that enable the insurance to cover the greatest number of diseases and accidents.

Impact of COVID-19 on the US pet insurance market

During the Covid-19 pandemic, the majority of sectors around the world, including the United States, experienced significant losses. This can be attributed to the huge disruptions that various precautionary lockdowns and other limitations imposed by governments across the country have caused to their respective production and supply chain operations. The US pet insurance industry has also been impacted by the Covid-19 pandemic and subsequent lockdowns. Additionally, consumer demand has now diminished as people have been more determined to cut non-essential expenses from their individual budgets as the general economic situation of the majority of people has been affected by the Covid outbreak. During the forecast period, the above-mentioned factors are also expected to negatively impact the profits of pet insurance companies in the United States. However, the US pet insurance market is expected to recover from the era of the Covid-19 pandemic.

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Competitive landscape

Pet insurance is not as well known as other forms of insurance, as it is a relatively new form of insurance, with the first policy issued in 1982. With a focus on demand and some of the major players, such as ASPCA Pet Insurance, FigoPet Insurance, Pet Plan Insurance, Trupanion Inc., Progressive Casualty Insurance Company, Embrace Pet Insurance, EnviroServ Waste Management Ltd., Healthy Paws Pet Insurance and PetFirst. For cats and dogs, the American Society for the Prevention of Cruelty to Creatures (ASPCA) provides accident-only, accident-and-illness, and preventative care. Leading pet insurance companies in the United States offer innovative insurance plans to expand their product line and market reach.

RECENT DEVELOPMENTS

More than 20 million Chewy consumers will be able to choose from an exclusive line of pet health and wellness products through a partnership between Trupanion and Chewy in December 2021. Through this strategic alliance, customers will be able to choose between wellness programs, preventative care, and all-inclusive health, accident, and chronic disease insurance policies. This collaboration has improved the supply of health services and goods. Petplan was purchased by Warburg Pincus in October 2019. Through this acquisition, funds and resources from Warburg Pincus were made available to Petplan. Through this transaction, Warburg Pincus was able to significantly increase its investment in the pet insurance industry and therefore the operations of PetPlan.

Report scope

Attributes Details
Years considered Historical data – 2018–2021
Base year – 2021
Estimated year – 2022
Forecast Period – 2022–2028
Facts Covered Revenue in millions of dollars
Market coverage United States
Product Service/Segmentation By policy coverage, by animal type, by sales channel
Key players Agria Pet Insurance, Anicom Holdings Inc., Dotsure Ltd., Fairfax Financial Holdings Ltd., Hollard Insurance Co. Ltd., JAB Holding Co Sarl, Oneplan Underwriting Managers Ltd., Petplan Iberica SL and Proto Seguro Companhia de Seguros Gerais

By policy coverage

  • Accident only
  • Accident and illness
  • Others

By type of animal

By sales channel

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