|Fastest Growing Market:||Europe|
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Pet insurance scheme covers veterinary expenses incurred for the treatment of a pet who has endured an injury or is sick. Pet insurance is usually opted by owners to minimize the burden of cost of availing veterinary services. The policies are offered by various european public and private providers for different animals such as dogs and cats, horses, others.
Pet Insurance company offers customised policies following teh people preferences. They focus on the packages as per pet lifetime and per incident. The owner needs to submit a claim to the company regarding treatment activities pet has received, and then teh company will reimburse according to the policy.
Increasing number of pet animals being adopted widely for companionship across the European region has increased significantly in the past decade. Pets are largely adopted by people for companionship and there has been shift in trend from pet owners to pet parents which indicates that pets are considered as a part of family these days.
Surging adoption of pets, soaring veterinary cost, availability of numerous insurance policy options for pets, and rising awareness about the same are expanding Europe pet insurance industry size. Moreover, innovative pet insurance offerings by companies coupled with introduction of beneficial rules and regulations through partnerships between insurance providers and veterinarians are also enhancing the market growth.
The Europe Pet Insurance Market was negatively impacted by COVID-19 in 2020. The coronavirus pandemic has shown an impact on the proper functioning of various industries in various regions. It affected Europe Pet Insurance Market, Pet Insurance Market, Insurance Market very badly. Many veterinary hospitals and clinics remained close due to lockdown and restriction on movement. Insurance companies are trying to innovate and modify the policy coverages and policies depending upon the incidences of health conditions. Companies are focussing on providing solutions to the pet owners and spreading awareness regarding the cost reimbursement available in the market. Also, Various companies are taking steps to ensure that pet gets extraordinary care during the COVID-19 outbreak. Also, the companies are innovating multiple solution for their pet owners to enhance their policy process.
Scope of the Report
The Europe Pet Insurance Market is one of the most widely demanded Europe Pet Insurance Market as the people are keen to adopt the pets. A complete background analysis of the Europe Pet Insurance Market, which includes an assessment of the economy, market overview, market size estimation for key segments, and emerging trends in the market, market dynamics, and key company profiles are covered in the report. The Europe Pet Insurance Market is Segmented by Policy (Illness and Accident, Chronic Condition, Others), Animal (Dog, Cat, Others), Provider (Private, Public), Geography (France, Germany, Italy and Rest of Europe). The market sizing and forecasts have been done on the basis of value (USD million).
|Illness and Accidents|
|Rest of Europe|
Key Market Trends
Increase in Adoption of Pets Witnessing the Strengthening of Europe Pet Insurance Market
Increasing number of pet animals being adopted widely for companionship across the European region has increased significantly in the past decade. Pets are largely adopted by people for companionship and there has been shift in trend from pet owners to pet parents which indicates that pets are considered as a part of family these days. According to the European Pet Food Industry statistics, there were around 80 million pet owning homes in Europe in 2018 accounting for 103.8 million cats and 85.2 million dogs throughout all of Europe. Also, this number increased yearly from 80 to 85 million households owning the pets and further raised to 88 million households in Europe owning at least one pet. Thus, increasing social acceptance of pets has stimulated the demand across the region.
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High Per Capita Spending on Pet Witnessing Rise in Pet care and Pet Insurance market
The change in the new pet food product launches in the European Union (EU), from 2015 to 2017, by country. During this period, the biggest change for new pet food product launches took place in Germany, at 19.2% followed by the Spain, netherlands, Italy and other countries in bringing out new prodcuts for the pet and hence there was raise in per capita spending in these different coiuntries on pets from Europe where the Netherlands is leading the per capita spending on their pets followed by France, Germany, Italy, Spain and others. This is witnessing the upward trend in Pet Insurance Market across the Europe.
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The Europe Pet Insurance Market is very competitive and growing across the different countries of Europe owing to increasing pet adoption among the populace and rising availability of lucrative insurance schemes in the countries like Italy, Sweden, France, Germany, Russia, Poland Households at higher pace. Based on provider, the market is bifurcated into public provider and private provider, among which, the public insurance providers offerings innovative medical plans as well as unique insurance schemes along with multi-pet insurance policies. Companies are involved in various strategies, such as launch of new policies, mergers & acquisitions, and regional expansion, to capture a larger share of the market. The Europe Pet Insurance Market is competitive and consists of a number of major national and international players like Petfirst, Royal and Sun Alliance, Anicom Holdings Inc, Embrace Pet Insurance, Hartville Group, PetSecure, and many more, hold the substantial market share in the Europe Pet insurance Market.
In 2021, Pethealth To Acquire Microchip Registry Operations of the Michelson Found Animals Foundation. Pethealth, under its 24PetWatch brand, launched its free microchip registry and now, Michelson Found Animals is proud to transition its microchip registry business to a new owner that will continue expanding the registry, serving pet parents and supporting the advancement of animal welfare.
In 2020, Royal and Sun Alliance (RSA) agrees EUR 7.2 billion takeover by two overseas insurersTryg will pay Euro 4.2 billion and take over RSA’s Swedish and Norwegian businesses, and Intact will pay EUR 3 billion to buy RSA’s Canadian, UK and Ireland, and international operations. The two companies will co-own RSA’s Danish business. RSA shareholders will also receive an interim dividend of 8% per share, worth about EUR 82 million in total.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of Study
2. RESEARCH METHODOLOGY
3. EXCEUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Number of Pet Adoption in Europe
4.2.2 Rising Awareness Regarding Pet Insurance
4.3 Market Restraints/ Challenges
4.3.1 Lack of Standardised Pet Health Codes for Reimbursement
4.3.2 Less Focus Towards the Pet Hygiene
4.4 Porters Five Forces Analysis
4.4.1 Threat of New Entrant
4.4.2 Bargaining Power of Buyer/ Consumer
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Product
4.4.5 Intensity of Competitive Rivalry
4.5 Impact of Covid-19 on the Market
5. MARKET SEGMENTATION AND ANALYSIS
5.1 By Policy
5.1.1 Illness and Accidents
5.1.2 Chronic Conditions
5.2 By Animal
5.3 By Provider
5.4 By Geography
5.4.4 Rest of Europe
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Concentration Overview (Market Shares and M&A Deals)
6.2 Company Profiles
6.2.1 PetPlan Insurance
6.2.2 Embrace Pet Insurance Agency, LLC
6.2.3 Royal & Sun Alliance
6.2.4 PetHealth Inc.
6.2.5 Pet First Healthcare
6.2.6 Nationwide Pet Insurance
6.2.9 Hartville Group*
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER & ABOUT US
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Frequently Asked Questions
What is the study period of this market?
The Europe Pet Insurance Market market is studied from 2018 - 2027.
What is the growth rate of Europe Pet Insurance Market ?
The Europe Pet Insurance Market is growing at a CAGR of <10% over the next 5 years.
Which region has highest growth rate in Europe Pet Insurance Market ?
Europe is growing at the highest CAGR over 2021- 2026.
Who are the key players in Europe Pet Insurance Market ?
Royal and Sun Alliance, Pet Secure, Pet First, Hartville, Embrace are the major companies operating in Europe Pet Insurance Market .