+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)

Asia-Pacific Pet Insurance Market Outlook, 2027

  • PDF Icon

    Report

  • 58 Pages
  • September 2022
  • Region: Asia Pacific
  • Bonafide Research
  • ID: 5401703
10% Free customization
1h Free Analyst Time
10% Free customization

This report comes with 10% free customization, enabling you to add data that meets your specific business needs.

1h Free Analyst Time

Speak directly to the analyst to clarify any post sales queries you may have.

Pet insurance will cover, either entirely or in part, the often-expensive veterinary procedures. Pet insurance refers to an insurance policy bought by a pet owner that helps to lessen the overall costs of expensive veterinary bills. Such coverage is more or less similar to health insurance policies for humans. Pet insurance usually covers the often-expensive veterinary procedures, either entirely or partly.

The research report titled, Asia Pacific Pet Insurance Market Outlook, 2027 categorizes the market to forecast the revenues and analyze the trends in each of the following segments: based animal type (Cat, Dog & others), by insurance type (Accidental and Illness & Accident only endorsement) by the end-user (Agency, Broker, Bancassurance, Direct writing) based on countries & major companies. The Asia Pacific Pet Insurance market was at a value of USD 0.38 Billion in the year 2016 with factors like an increasing number of pet adoption and rising awareness regarding pet insurance in the region. The past few years have observed a significant rise in the adoption of animals, including dogs and cats as not only the most preferred pets but are also known to improve the physical and mental health of humans. However, low adoption in emerging countries is a significant restraining factor in the region for the pet insurance market growth, resulting in the market growth anticipated at CAGR of around 14% till the year of 2027. Furthermore, rising number of pet insurance clients and rising per capita animal health expenditure will support the country growth. Over the past years, there has been a significant rise in the prevalence of chronic diseases in pets. Hence, the major factor driving the growth is the emergence of chronic condition in pet animal which helps the accident and illness segment to grow. However, the market dynamics are expected to take a turn and the accident-only segment is expected to grow over with a CGAR of above 20% in the forecasted years. The region being highly price-sensitive, the lifetime coverage segment is expected to be the most lucrative option for the region. Moreover, the adoption of pet health insurance is exploding in popularity because of a strong economy, improved consumer awareness, high disposable income, and easier claims processing across the world. The pet health insurance coverage is expected to reimburse the diagnostic testing and imaging (e.g., X-rays, ultrasound, and MRI), and it covers every accident and illness under one policy. Some of the most common diagnostic tests covered by pet insurance are radiographs, ultrasounds, CT scans, and MRIs.

The dog insurance segment accounted for the highest share in the region, holding more than 80% of the share in 2016. It can be attributed to the high healthcare cost associated with dogs as compared to other pets. Also, insurance companies offer policy coverage to a wider range of dog breeds including crossbreed, sheepdogs, exotic dogs that are pets. This is to allow the other animal insurance segment to grow with an optimal CAGR in the coming period. With the increasing number of private agencies, the segments of agency & brokers together rule the market with a share of more than 80%. Also, the private providers offer various novel pet schemes to retain consumers that will boost the segment growth. Furthermore, multi-pet insurance policies that include multiple pets in a single plan attract a large number of customers.

The region leading country China pet insurance market is set to observe around 11% through the forecasted period. The growth of all the regional markets can be owed to the growing pet adoption coupled with increasing awareness about their health. Furthermore, the rising number of pet insurance clients and rising per capita animal health expenditure will support the country's growth. Pet insurance is a relatively untapped market in the region which provides a substantial opportunity for market growth due to the increasing disposable income & willingness to spend more on pet care. The factors that are driving the market growth in China include an increasing number of pet adoption and rising awareness regarding pet insurance. Dogs have always been the preferred pets globally and account for a large chunk of the Chinese pet food revenue. China ranks third in terms of dog ownership. According to the State Council of China 2020, around 73.55 million households own a pet, of which 46.1% own dogs and 30.7% have cats.

Increasing pet adoption is also a major reason for the increasing pet dog population. In the total pet population, dogs accounted for 34.0%, and cats accounted for 20.0% in 2019. The increasing adoption of dogs by millennials as an asset has boosted pet insurance over the recent period. Furthermore, there is also an increase in the entry of new players, including China Continent Insurance and Taikang Insurance group. Thus, the rise in the adoption of pet animals and increasing awareness of pet insurance is expected to boost the growth of the Pet Insurance market over the forecast period. Furthermore, increasing spending capacity of people, rising knowledge about pet care, supportive initiatives by the government, and rising per capita animal health expenditure in developing countries such as India and China will support regional industry expansion. However, lack of awareness about various zoonotic diseases in developing countries, that can cause great harm, restricting the market growth to some extent. Along with this the high cost of the pet plans & lack of awareness is projected as major market restraints, the presence of key players in the market is to push the market growth in the coming period. Companies undertake various strategies such as mergers, collaborations, acquisitions, and geographic expansions to strengthen their market share.

Recent Developments

  • In December 2021, Chewy Inc., a leading online destination for pet parents and partners, and Trupanion, Inc. Japan, an industry leader in medical insurance for pets, announced a partnership to offer an exclusive suite of pet health insurance and wellness plans to more than 20 million Chewy customers.
  • In September 2021, Lemonade, the insurance company powered by AI and driven by social good, announced a new addition to Lemonade Pet, its pet health insurance product with super-fast everything.
  • in August 2020, Bajaj Allianz General Insurance launched a pet dog insurance policy in India. The policy covers pet dogs over their lifetime from age 3 months to 10 years. This strategy is expected to enhance their service offering and expand its customer base in Indian market.

COVID-19 Impact

In a pandemic, telemedicine is being used to increase the number of veterinary practices, and precautionary lockdown measures are being implemented, with only critical cases being attended to. COVID-19, on the other hand, is having a slight negative impact on the pet insurance market, as the rates of diagnosis and treatment procedures are decreasing. This decreasing cost of the practice is steering the people away from opting for insurance in recent times.

Major Companies Present in the Market

PetFirst Pet Insurance, Pet Plan Limited, PetSure (Australia) Pty Ltd, Trupanion, RSA groups, Oriental Insurance, Anicom Holdings, Inc., Tokio Marine & Nichido Fire Insurance Co.Ltd.

Considered in this report

  • Geography: Asia-Pacific
  • Base year: 2021
  • Historical year: 2016
  • Forecasted year: 2027

Countries Covered

  • China
  • Japan
  • India
  • Australia

Aspects Covered in this Reports

  • Market Size by Value for the period (2016-2027F)
  • Market Share by Animal Type (Cat, Dog & others)
  • Market Share by Insurance Type (Accidental and Illness & Accident only endorsement)
  • Market Share by End User (Agency, Broker, Bancassurance, Direct writing)
  • Market Share by Region
  • Market Share by Country
  • Market Share by Company

Intended Audience

This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Finance & Insurance Service industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

Table of Contents

1. Executive Summary2. Report Methodology
3. Market Structure
3.1. Market Considerate
3.2. Market Definition
4. Economic / Demographic Snapshot
5. Global Pet Insurance Market Outlook
5.1. Market Size by Value
5.2. Market Share
5.2.1. By Animal Type
5.2.2. By Insurance Type
5.2.3. By End User
5.2.4. By Region
5.2.5. By Country
5.2.6. By Company
6. 6. Asia-Pacific Pet Insurance Market Outlook
6.1. Market Size By Value
6.2. Market Share
6.2.1. By Animal Type
6.2.2. By Insurance Type
6.2.3. By End Use
6.2.4. By Country
6.3. China Pet Insurance Market Outlook
6.3.1. Market Size By Value
6.3.2. Market Share
6.3.2.1. By Animal Type
6.3.2.2. By Insurance Type
6.4. Japan Pet Insurance Market Outlook
6.4.1. Market Size By Value
6.4.2. Market Share
6.4.2.1. By Animal Type
6.4.2.2. By Insurance Type
6.5. India Pet Insurance Market Outlook
6.5.1. Market Size By Value
6.5.2. Market Share
6.5.2.1. By Animal Type
6.5.2.2. By Insurance Type
6.6. Australia Pet Insurance Market Outlook
6.6.1. Market Size By Value
6.6.2. Market Share
6.6.2.1. By Animal Type
6.6.2.2. By Insurance Type
7. Market Dynamics
7.1. Market Drivers
7.2. Market Challenges
8. Market Trends & Development
9. Company Profiles
9.1. PETFIRST pet insurance
9.2. PETPLAN PET INSURANCE
9.3. PetSure
9.4. Trupanion
10. Company Overviews
10.1. RSA Group
10.2. Oriental Insurance
10.3. Anicom Holdings, Inc.
10.4. Tokio Marine & Nichido Fire Insurance Co.Ltd
11. Strategic Recommendations12. Disclaimer
List of Figures
Figure 1: Global Pet Insurance Market Size by Value 2016 to 2027F (In USD Billion)
Figure 2: Asia-Pacific Pet Insurance Market Size - By Value 2016 to 2027F (In USD Billion) 30
Figure 3: China Pet Insurance Market Size - By Value 2016 to 2027F (In USD Billion)
Figure 4: Japan Pet Insurance Market Size - By Value 2016 to 2027F (In USD Billion)
Figure 5: India Pet Insurance Market Size - By Value 2016 to 2027F (In USD Billion)
Figure 6: Australia Pet Insurance Market Size - By Value 2016 to 2027F (In USD Billion)
List of Tables
Table 1: Top 10 Counties Economic Snapshot 2020
Table 2: Economic Snapshot of Other Prominent Countries 2020
Table 3: Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
Table 4: Global Pet Insurance Market Share by Animal Type (2016, 2021 & 2027F)
Table 5: Global Pet Insurance Market Share by Insurance Type (2016, 2021 & 2027F)
Table 6: Global Pet Insurance Market Share by End User (2016, 2021 & 2027F)
Table 7: Global Pet Insurance Market Share by Region (2016, 2021 & 2027F)
Table 8: Global Pet Insurance Market Share by Country (2016, 2021 & 2027F)
Table 9: Global Pet Insurance Market Share by Company (2021)
Table 10: Asia-Pacific Pet Insurance Market Share by Animal Type (2016, 2021 & 2027F)
Table 11: Asia-Pacific Pet Insurance Market Share by Insurance Type (2016, 2021 & 2027F)
Table 12: Asia-Pacific Pet Insurance Market Share by End User (2016, 2021 & 2027F)
Table 13: Asia-Pacific Pet Insurance Market Share by Country (2016, 2021 & 2027F)
Table 14: China Pet Insurance Market Value by Animal Type (In USD Billion) (2016, 2021 & 2027F)
Table 15: China Pet Insurance Market Share by Animal Type (2016, 2021 & 2027F)
Table 16: China Pet Insurance Market Growth By Animal Type (2016, 2021 & 2027F)
Table 17: China Pet Insurance Market Value by Insurance Type (In USD Billion) (2016, 2021 & 2027F)
Table 18: China Pet Insurance Market Share by Insurance Type (2016, 2021 & 2027F)
Table 19: China Pet Insurance Market Growth By Insurance Type (2016, 2021 & 2027F)
Table 20: Japan Pet Insurance Market Value by Animal Type (In USD Billion) (2016, 2021 & 2027F)
Table 21: Japan Pet Insurance Market Share by Animal Type (2016, 2021 & 2027F)
Table 22: Japan Pet Insurance Market Growth By Animal Type (2016, 2021 & 2027F)
Table 23: Japan Pet Insurance Market Value by Insurance Type (In USD Billion) (2016, 2021 & 2027F)
Table 24: Japan Pet Insurance Market Share by Insurance Type (2016, 2021 & 2027F)
Table 25: Japan Pet Insurance Market Growth By Insurance Type (2016, 2021 & 2027F)
Table 26: India Pet Insurance Market Value by Animal Type (In USD Billion) (2016, 2021 & 2027F) 42
Table 27: India Pet Insurance Market Share by Animal Type (2016, 2021 & 2027F)
Table 28: India Pet Insurance Market Growth By Animal Type (2016, 2021 & 2027F)
Table 29: India Pet Insurance Market Value by Insurance Type (In USD Billion) (2016, 2021 & 2027F)
Table 30: India Pet Insurance Market Share by Insurance Type (2016, 2021 & 2027F)
Table 31: India Pet Insurance Market Growth By Insurance Type (2016, 2021 & 2027F)
Table 32: Australia Pet Insurance Market Value by Animal Type (In USD Billion) (2016, 2021 & 2027F)
Table 33: Australia Pet Insurance Market Share by Animal Type (2016, 2021 & 2027F)
Table 34: Australia Pet Insurance Market Growth By Animal Type (2016, 2021 & 2027F)
Table 35: Australia Pet Insurance Market Value by Insurance Type (In USD Billion) (2016, 2021 & 2027F)
Table 36: Australia Pet Insurance Market Share by Insurance Type (2016, 2021 & 2027F)
Table 38: Key Facts of PetFirst Pet Insurance
Table 39: Key Facts of Petplan Pet Insurance
Table 40: Key Facts of PetSure
Table 41: Key Facts of Trupanion

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Agria Pet Insurance
  • Figo Pet Insurance, LLC
  • Veterinary Pet Insurance (Nationwide)
  • PetFirst Pet Insurance
  • PetHealth
  • Petplan Pet Insurance
  • PetSure (Australia) Pty Ltd
  • TRUPANION, INC.