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The US Pet Insurance Market: Size, Trends & Forecasts (2020-2024 Edition)

  • ID: 4995523
  • Report
  • February 2020
  • Region: United States
  • 58 Pages
  • Daedal Research
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FEATURED COMPANIES

  • ASPCA Pet Insurance
  • FigoPet Insurance
  • Pet Plan Insurance
  • Trupanion Inc.
  • MORE

The report entitled "The US Pet Insurance Market: Size, Trends & Forecasts (2020-2024 Edition)”, provides an analysis of the US pet insurance market, with detailed analysis of the market in terms of value, volume and the average annual premium.

Moreover, the report also assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall the US pet insurance market has also been forecasted for the years 2020-2024, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.

Trupanion Inc., FigoPet Insurance, ASPCA Pet Insurance, and Pet Plan Insurance are some of the key players operating in the US pet insurance market, whose company profiling has been done in the report. In this segment of the report, a business overview, financial overview and business strategies of the companies are provided.

Company Coverage

1. Trupanion Inc.
2. FigoPet Insurance
3. ASPCA Pet Insurance
4. Pet Plan Insurance  

Executive Summary

Pets are becoming an important family member of many people in the US. For safeguard of their pets, many people are purchasing pet insurance policies. Pet insurance is similar to human insurance. In pet insurance, insurer delivers many healthcare policies for a different breed of pets and reimburses the pet owners for certain medical expenses. In layman terms, pet insurance is a service through which pet owners save on veterinary costs when pets get sick or are injured. Most pet health insurance plans are paid on a monthly schedule and cost a few hundred dollars a year.

There are many types of pet insurance policies from which people can select the best and appropriate policy which meet their requirements. These are deductible, co-pay, premium, pre-existing conditions, maximum payouts and waiting period. In maximum payout, there are five sub-types for special cases like maximum payout per incident, maximum annual payout, maximum lifetime payout, maximum payout per body system, and maximum payout based on a predetermined benefit schedule.

In premium pet policies, there are many factors which impact the premium insurance. Such as breed of the pet, species from which pets belong, age of the pet, and the location where the services are to be provided. Keeping these factors apart, pet insurance is very beneficial for pet owners as they are able to save more money, they can save their pets without hesitation, increases the accessibility to different treatment options, saves on additional treatment costs, etc.

The US pet insurance market is expected to increase at high growth rates during the forecasted period (2020-2024). The US pet insurance market is supported by various growth drivers, such as increasing love for dogs and cats, growing interest of millennials for pets, etc. yet, the market faces certain challenges, such as barrier to entry, risks for a pet insurance company, etc. few new market trends are also provided such as expanding distribution channels options, association with competing for payment options, etc.

Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • ASPCA Pet Insurance
  • FigoPet Insurance
  • Pet Plan Insurance
  • Trupanion Inc.
  • MORE

1. Executive Summary

2. Introduction
2.1 Pet Insurance: An Overview
2.1.1 Pet Insurance: Meaning
2.1.2 Types of Pet Insurance
2.1.3 Factors Affecting Premium Pet Insurance
2.1.4 Benefits of Pet Insurance

3. The US Market Analysis
3.1 The US Pet Expenditure: An Analysis
3.1.1 The US Pet Expenditure by Value
3.1.2 The US Pet Expenditure by Category (Live animal purchase, Pet services, Food, Supplies/OTC medicines and Vet care)
3.1.3 The US Pet Expenditure by Basic Annual Expenses For Dogs And Cats
3.2 The US Pet Insurance Market: An Analysis
3.2.1 The US Pet Insurance Market by Value
3.2.2 The US Pet Insurance Market by Volume
3.2.3 The US Pet Insurance Market Volume by Coverage Type (Accident and Illness/ Insurance with Embedded Wellness and Accident Only)
3.2.4 The US Pet Insurance Market by Average Annual Premium
3.2.5 The US Pet Insurance Market by Top Encouraging Reasons

4. Market Dynamics
4.1 Growth Drivers
4.1.1 Increasing Love for Dogs and Cats
4.1.2 Growing Interest of Millennials for Pets
4.1.3 Rapid Growth in Consumer Acceptance of Pet Insurance
4.1.4 Growing Disposable Income of a Household
4.1.5 Increasing Transparency Regarding Coverage
4.1.6 Growing Industry
4.2 Challenges
4.2.1 Barrier to Entry
4.2.2 Risks for a Pet Insurance Company
4.2.3 High Competition
4.3 Market Trends
4.3.1 Expanding Distribution Channels Options
4.3.2 Association With Competing Payment Options
4.3.3 Technological and Efficiency Improvements
4.3.4 Expansion of Exotic Pet Insurance

5. Competitive Landscape
5.1 The US Pet Insurance Market: Player Analysis
5.1.1 The US Pet Insurance Market Player by Share
5.2 The US Pet Insurance Market Player: Price Comparison

6. Company Profiling
6.1 Trupanion Inc.
6.1.1 Business Overview
6.1.2 Financial Overview
6.1.3 Business Strategy
6.2 FigoPet Insurance
6.2.1 Business Overview
6.2.2 Business Strategy
6.3 ASPCA Pet Insurance
6.3.1 Business Overview
6.3.2 Financial Overview
6.3.3 Business Strategy
6.4 Pet Plan Insurance
6.4.1 Business Overview
6.4.2 Financial Overview
6.4.3 Business Strategy

List of Figures
Figure 1: Pet Insurance vs Without Pet Insurance
Figure 2: Types of Pet Insurance
Figure 3: Benefits of Pet Insurance
Figure 4: The US Pet Expenditure by Value; 2015-2019 (US$ Billion)
Figure 5: The US Pet Expenditure by Value; 2020-2024 (US$ Billion)
Figure 6: The US Pet Expenditure by Category; 2018
Figure 7: The US Pet Expenditure by Basic Annual Expenses For Dogs And Cats; 2019 (US$)
Figure 8: The US Pet Insurance Market by Value; 2015-2019 (US$ Million)
Figure 9: The US Pet Insurance Market by Value; 2020-2024 (US$ Billion)
Figure 10: The US Pet Insurance Market by Number of Pets Insured (Million)
Figure 11: The US Pet Insurance Market Volume by Coverage Type; 2018 (Percentage,%)
Figure 12: The US Pet Insurance Market by Top Encouraging Reasons; 2017
Figure 13: Number of US Households with Pets (Cats & Dogs); 2017 (Million)
Figure 14: The US Pet Ownership Share; 2017 (Percentage, %)
Figure 15: The US Pet Ownership Share by Age; 2017 (Percentage, %)
Figure 16: The US Insured Pet Share by Generation; 2017
Figure 17: The US GNI Per Capita; 2013-2018 (US$)
Figure 18: Different Distribution Channels for Pet Insurance; 2017
Figure 19: The US Pet Insurance Market Player by Share; 2017 (Percentage, %)
Figure 20: Trupanion Inc. Revenue; 2014-2018 (US$ Million)
Figure 21: Trupanion Inc. Revenue by Segment; 2018 (Percentage, %)
Figure 22: ASPCA Pet Insurance Revenue; 2014-2018 (US$ Million)
Figure 23: ASPCA Pet Insurance Revenue by Segment; 2018 (Percentage, %)
Figure 24: Pet Plan Insurance Revenue; 2013-2017 (US$ Million)

List of Tables
Table 1: The US Pet Insurance Market Average Annual Premium Per Dog Per Cat, by Product; 2014-2018 (US$)
Table 2: Barriers to the New Entrants
Table 3: The US Pet Insurance Market Players by Pet Insurance Offerings; 2017-2018
Table 4: The US Pet Insurance Players by Pet Insurance Price Comparison; 2017

Note: Product cover images may vary from those shown
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  • ASPCA Pet Insurance
  • FigoPet Insurance
  • Pet Plan Insurance  
  • Trupanion Inc.
Note: Product cover images may vary from those shown
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The author's core strengths include a seasoned management team, a highly demonstrable track record of seamless process integration and consistent delivery position. The research team uses its extensive knowledge of the various industries to analyze the market trends from both a vendor and an end-user perspective.

The research strategy is focused on high-quality secondary data combined with elaborate use of primary data. The team of research analysts provides a 360-degree overview of available data.

The analysts begin by searching industry reports, surveys, trade publications, company reports and press releases. They also include information gained by extensive interviews with major players and industry participants.

The background information, related to industry statistics, is provided by the author's proprietary databases.

The information is then analyzed and synthesized into a report - with market forecast, industry trends, and competitive strategies. The team of research analysts use both qualitative tools and quantitative techniques to get an insight into the industry.

The author's core expertise lies in researching, compiling and analyzing vast amounts of publicly available information and premier databases, into widely read reports.

 

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