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Pet insurance company offers customized policies following 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 the pet's treatment activities, and then the company will reimburse according to the policy.
The German pet insurance market is anticipated to experience significant development through the forecast period due to the increasing rate of pet adoption worldwide. Additionally, the growing awareness of people in developing economies of various pet insurance plans will further stimulate Germany's market growth.
Furthermore, rising costs of veterinary services are another critical factor driving people to adopt pet insurance to limit these expenses to some extent and increase the market growth. Germany's pet insurance is rising quickly due to strict regulations for the pet owner to pay for any damages caused by their pets. The increasing number of companies entering the pet insurance sector is another crucial factor supporting the market competition.
Scope of the Report
Pet insurance is one of the most widely demanded products as people adopt urbanization. A complete background analysis of the German Pet Insurance Market includes an assessment of the economy, market overview, market size estimation for key segments, emerging trends in the market, market dynamics, and key company profiles covered in the report. The German Pet Insurance Market is segmented by Policy (Pet Health Insurance, Pet Liability Insurance), By Animals (Cat, Dog, Others), and By Provider (Private and Public). The market sizing and forecasts are based on each segment's value (USD million).
Key Market Trends
About 34.9 million pets (excluding fish and reptiles) live in households in Germany. About 47 percent of all households own at least one pet. The COVID-19 crisis in 2020 and early 2021 has generated rising interest among German households in owning pets because of home seclusion and the shift towards working from home, which has benefitted the dog and cat populations and the other pet populations (small mammals). Furthermore, 26% of all households having pets are cats, 21% are dogs, etc.
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Revenue from Pet Supplies and Food
The increasing pet industry in Germany also can be seen in the increased revenue from pet supplies and foods. In 2020, pet food sales generated roughly EUR 3.4 billion, an increase from the previous year, amounting to around EUR 3.3 billion.
Companies across the world have huge investments in this segment of the market. In Germany, the Pet Insurance market has many companies fragmented over minor shares. GetSafe, Adam Riese, Bavaria Direkt, Helden, DFV, Coya are amongst the Pet Insurance Companies.
Adoption of Pet and technology leads to increased competition among the company. Innovation and technological advancement are taking place as COVID-19 and urbanization strike general people to adopt the new ease in payment and contactless payment gateways for pet insurance.
Selfie Biometrics for Online Pet Sales and Financial Services Among Latest Remote Onboarding Launches:
German-language online pet marketplace DeineTierwelt has selected Onfido to provide biometric identity verification as a means of fighting identity fraud and illegal puppy trading, which has increased during the pandemic, according to a company announcement.
Pet Liability Insurance:
When it comes to Hundehaftpflichtversicherung, this insurance is required in some states. Other states require it for specific dog breeds classified as dangerous, and others do not require dog liability insurance. For small pets like cats, separate insurance is not required. In most cases, private liability insurance will cover the damage your small animal causes to anything that is not yours.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain Analysis
4.5 Market Opportunities
4.6 Porter's Five Forces Model
4.7 Technology Snapshot
4.8 Consumer Behaviour Analysis
4.9 Government Regulation In Market
4.10 Impact of COVID-19
5. MARKET SEGMENTATION
5.1 By Policy
5.1.1 Pet Health Insurance
5.1.2 Pet Liability Insurance
5.2 By Animal
5.3 By Provider
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.2 Adam Riese
6.2.3 Bavaria Direkt
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Germany Pet Insurance Market market is studied from 2018 - 2027.
What is the growth rate of Germany Pet Insurance Market?
The Germany Pet Insurance Market is growing at a CAGR of 12% over the next 5 years.
Who are the key players in Germany Pet Insurance Market?
GetSafe, Adam Riese, Bavaria Direkt, Helden, DFV are the major companies operating in Germany Pet Insurance Market.