Market Size of Europe Pet Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 3.39 Billion |
| Market Size (2029) | USD 5.30 Billion |
| CAGR (2024 - 2029) | 9.36 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Pet Insurance Market Analysis
The Europe Pet Insurance Market size in terms of premium value is expected to grow from USD 3.39 billion in 2024 to USD 5.30 billion by 2029, at a CAGR of 9.36% during the forecast period (2024-2029).
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 the 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, and others. The Pet Insurance company offers customized policies following tech people's 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 the pet has received, and then the tech company will reimburse according to the policy.
An 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 a shift in trend from pet owners to pet parents which indicates that pets are considered a part of the 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 . The coronavirus pandemic impacted the proper functioning of various industries in various regions. It affected Europe Pet 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 were focussing on providing solutions to the pet owners and spreading awareness regarding the cost reimbursement available in the market. Also, Various companies were 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.
