Pet Insurance Plan Services Market Report 2025

The pet insurance plan services market size has grown rapidly in recent years. It will grow from $5.31 billion in 2024 to $6.19 billion in 2025 at a compound annual growth rate (CAGR) of 16.6%. During the historic period, growth was driven by higher pet ownership, escalating veterinary expenses, greater awareness of insurance options, increased global disposable income, and a rising interest in pet wellness.

The pet insurance plan services market size is expected to see rapid growth in the next few years. It will grow to $11.29 billion in 2029 at a compound annual growth rate (CAGR) of 16.2%. In the forecast period, growth is expected due to a rising urban pet population, an increase in chronic pet illnesses, greater emphasis on pet health, the trend of pet humanization, and wider availability of insurance plans. Key trends during this period include improvements in digital claim processing, the integration of tele-veterinary services, technology-enabled wellness tracking tools, the emergence of customizable insurance plans, and advancements in AI-based risk assessment.

The growing emphasis on pet wellness is driving expansion in the pet insurance plan services market. Pet wellness involves proactively maintaining a pet’s health through preventive care, routine checkups, and healthier lifestyle practices. Awareness among pet owners about early disease detection and longevity benefits is increasing, which encourages regular veterinary visits and preventive treatments. Pet insurance plans support wellness by covering checkups, vaccinations, and preventive care, promoting early detection of health issues and overall well-being. For example, by the end of 2024, 6.4 million pets in the U.S. were insured, up from 5.7 million in 2023, with dogs representing 75.6% and cats 23.5% of the insured population, according to the American Veterinary Medical Association. This rising focus on pet wellness is a key factor fueling market growth.

Leading companies in the pet insurance plan services market are developing advanced care-focused insurance models to offer more personalized and preventive healthcare for pets. Pet-first wellness and insurance plans are integrated policies that emphasize preventive care, chronic illness management, and recovery services tailored to each pet’s needs. For example, in August 2022, Chewy Inc., a U.S.-based online platform for pet owners, launched CarePlus, a range of wellness and insurance plans available in 31 states. CarePlus provides 24/7 veterinary telehealth through its Connect with a Vet service, allows direct payments at clinics using Trupanion’s software, and offers full coverage for eligible medications and veterinary diet products. These features help reduce out-of-pocket costs for pet owners while ensuring more continuous, accessible, and affordable pet healthcare.

In April 2024, Chubb Limited, a U.S.-based insurance company, acquired Healthy Paws for an undisclosed amount. This acquisition is intended to strengthen Chubb’s position in the expanding pet insurance market, a sector with significant growth potential, while enabling Healthy Paws to help more pet owners cover rising veterinary costs. Healthy Paws offers comprehensive accident and illness insurance plans for dogs and cats.

Major players in the pet insurance plan services market are MetLife Inc., Nationwide Mutual Insurance Company, Trupanion Inc., Anicom Holdings Inc., Lemonade Inc., Embrace Pet Insurance Agency LLC, Fetch Inc., PetPartners Inc., ManyPets Inc., Petplan Pet Insurance, Oneplan Pet Insurance, ASPCA Pet Health Insurance, Healthy Paws Pet Insurance LLC, Figo Pet Insurance LLC, Pumpkin Insurance Services Inc., Prudent Pet Insurance Agency LLC, American Kennel Club Pet Insurance, Animalia Pet Insurance, Spot Pet Insurance Services LLC, and Hartville Pet Insurance.

North America was the largest region in the pet insurance plan services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in pet insurance plan services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the pet insurance plan services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The rapid escalation of U.S. tariffs and the resulting trade tensions in spring 2025 are significantly impacting the financial sector, particularly in investment strategies and risk management. Heightened tariffs have fueled market volatility, prompting cautious behavior among institutional investors and increasing demand for hedging instruments. Banks and asset managers are facing higher costs associated with cross-border transactions, as tariffs disrupt global supply chains and dampen corporate earnings, key drivers of equity market performance. Insurance companies, meanwhile, are grappling with increased claims risks tied to supply chain disruptions and trade-related business losses. Additionally, reduced consumer spending and weakened export demand are constraining credit growth and investment appetite. The sector must now prioritize diversification, digital transformation, and robust scenario planning to navigate the heightened economic uncertainty and protect profitability.

Pet insurance plan services are financial solutions that cover veterinary expenses for pet health and wellness. They help pet owners manage unexpected medical costs while ensuring pets receive timely and quality care. These plans reduce the financial burden of pet healthcare and promote responsible pet ownership.

The main types of coverage in pet insurance plans include accident-only coverage, accident and illness coverage, and comprehensive coverage. Accident-only coverage offers affordable protection against injuries, fractures, or poisoning, making it suitable for first-time pet owners seeking basic coverage. Plans are available in various formats, such as lifetime plans, maximum benefit plans, and time-limited plans, and cater to different pets, including dogs, cats, and others. Policies can be purchased through monthly, annual, or one-time payment options and are distributed via multiple channels, including agencies, brokers, bancassurance, and direct sales.

The pet insurance plan services market research report is one of a series of new reports that provides pet insurance plan services market statistics, including the pet insurance plan services industry global market size, regional shares, competitors with the pet insurance plan services market share, detailed pet insurance plan services market segments, market trends, opportunities, and any further data you may need to thrive in the pet insurance plan services industry. This pet insurance plan services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The pet insurance plan services market includes revenues earned by entities through routine and preventive care, chronic condition management, emergency and specialist care, and telehealth services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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