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North America Pet Insurance Market Outlook, 2026

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    Report

  • 81 Pages
  • June 2021
  • Region: North America
  • Bonafide Research
  • ID: 5401712
OFF until Sep 30th 2022
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FEATURED COMPANIES

  • Agria Pet Insurance
  • Figo Pet Insurance, LLC
  • PetFirst Pet Insurance
  • PetHealth
  • Petplan Pet Insurance
  • TRUPANION, INC.
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 is an insurance policy bought by a pet owner which helps to lessen the overall costs of expensive veterinary bills, with coverage similar to health insurance policies for humans. Pet insurance will cover, either entirely or in part, the often expensive veterinary procedures. The research report titled North America Pet Insurance Market Outlook, 2026 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 end-user (Agency, Broker, Bancassurance, Direct writing) based on countries & major companies.

The increasing expenditure on the pet has been a major driver for the pet insurance market in North American countries. Along with this, there has been a visible incline in the pet population, which gave ample scope for the market. The pet insurance industry in the year 2015 was valued at USD 1.11 Billion. The market is expected to expand owing to the opportunities such as the presence of major players who are aiming to bridge the gap of the prevailing insufficient coverage. Apart from this, the fact that the pet adoption rate is increasing with every passing year and also an evident hike in the health-related issues among which leads to expensive health care are to push the market to a CAGR of over 8% in the forecasted period.

The majority of the pet owners show a strong preference towards the accident & illness policies which covers treatment costs of common mishaps like broken bones, poison ingestion, surgeries, urinary tract infections, burns, and X-rays, among others. This segment of the region covered almost the entire revenue, contributing to over 97% in 2015. Accident-only policy coverage is now gaining much popularity due to an upsurge in electrocution, motor vehicle accidents, snake bite, and bone fractures. Such policies have become massively popular for their budget-friendly nature and high reimbursements. The accident-only segment is expected to grow over a CAGR of 22% in the forecasted period.

The average pet insurance cost is higher for dogs compared to cats for accident and illness policies. Yet, with the high number of dog pet adoption, the dog insurance segment accounted for more than 3/4th of the market share in 2020. However, with the increasing health issues resulting in deadly disorders like cancer, diabetes, FIV, Heartworm, etc. in cats the cat parents are inclined towards insurance which is to allow the segment to grow with a CGAR of over 10%. The North America pet Health Insurance Association is the primary government organization that works collectively with veterinary professionals, animal welfare organizations, and insurance providers to drive the adoption of pet health insurance. The market is dominated by the agency segment which accounted for a market share of 41% in the year 2020. Leading insurance permits various novel pet schemes to retain consumers. Various insurance policies such as schemes that cover pets of different ages, multi-pet insurance policies that include multiple pets during a single plan attract a sizable number of consumers.

The US has the most significant pet population which has aided it to become an extensive market shareholder not only in the regional market but also in the global market. Currently, the US market has more than 12 key market players. Private players tend to supply insurance policies with maximum coverage plans and minimum premium offers.

The pet insurance in the region comprises at least 20 companies, several of whom underwrite multiple white labels or other co-branded products and all together forming an additional 20 other pet insurance product brands. Private players tend to supply insurance policies with maximum coverage plans and minimum premium offers. Leading insurance agencies permit various novel pet schemes to retain consumers, which will further foster market growth in the region. The major market players are Trupanion, Pethealth Inc, Ipet Insurance Co. Limited, Petsure (Australia) Pty Limited, Petfirst Healthcare Llc, Anicom Holding, Agria Pet Insurance Limited, Veterinary Pet Insurance Services, Inc, Crum Forster Pet Ins Group, Petplan Limited.

CONSIDERED IN THE REPORT

  • Geography: North America
  • Base year: 2020
  • Historical year: 2015
  • Forecasted year: 2026

REGIONS COVERED:

  • North America
  • USA
  • Canada
  • Mexico

ASPECTS COVERED IN THE REPORT

  • Market Size by Value for the period (2015-2026F)
  • 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

FEATURED COMPANIES

  • Agria Pet Insurance
  • Figo Pet Insurance, LLC
  • PetFirst Pet Insurance
  • PetHealth
  • Petplan Pet Insurance
  • TRUPANION, INC.

1. Executive Summary2. Report Methodology
3. Global Pet Insurance Market Outlook
3.1. Market Size by Value
3.2. Market Share
3.2.1. By Animal Type
3.2.2. By Insurance Type
3.2.3. By End User
3.2.4. By Region
3.2.5. By Country
3.2.6. By Company
4. North America Pet Insurance Market Outlook
4.1. Market Size by Value
4.2. Market Share
4.2.1. By Animal Type
4.2.2. By Insurance Type
4.2.3. By End User
4.2.4. By Country
4.3. USA Pet Insurance Market Outlook
4.3.1. Market Size by Value
4.3.2. Market Share by Animal Type
4.3.3. Market Share by Insurance Type
4.4. Canada Pet Insurance Market Outlook
4.4.1. Market Size by Value
4.4.2. Market Share by Animal Type
4.4.3. Market Share by Insurance Type
4.5. Mexico Pet Insurance Market Outlook
4.5.1. Market Size by Value
4.5.2. Market Share by Animal Type
4.5.3. Market Share by Insurance Type
5. Market Dynamics
5.1. Market Drivers
5.2. Market Challenges
6. Market Trends & Development
6.1. Improvement in Efficiency
6.2. Increasing Digitization
6.3. Shedding of Legacy
6.4. Utilizing the Power of Data
7. Company Profiles
7.1.1. Agria Pet Insurance Limited
7.1.2. FIGO PET INSURANCE, LLC (figo)
7.1.3. Nationalwide
7.1.4. PETFIRST pet insurance
7.1.5. PETHEALTH
7.1.6. PETPLAN PET INSURANCE
7.1.7. PetSure
7.1.8. Trupanion
7.1.9. Company Overviews
7.1.9.1 24PETWATCH
7.1.9.2 Crum & Forster Pet Insurance Group
7.1.6.3 Direct Line Group
7.1.6.4 PetSecure Pet Insurance
7.1.6.5 TRUSTEDPALS
7.1.6.6 RSA Group
7.1.6.7 USAA
8. Strategic Recommendations9. Disclaimer

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.