Industry Background:
Horse insurance facilitates horse owners to mitigate financial costs against accidents, diseases, or any illness to horses. The horse has been a most adopted animal since ancient times for various purposes like horse riding, racing, gaming, etc. However, in recent years, the horse is gaining more popularity as a pet for hobby or business purposes. Illness or accidental injuries in the horses are common and sometimes it may be expensive for owners to treat horses. The horse insurance provides coverage against death, accidents, or diseases according to the age of the horse and different activities.
According to AMA Research, the market for Horse Insurance is expected to register a CAGR of 6.6% during the forecast period to 2030. This growth is primarily driven by Increasing Adoption of Horses for Racing and Other Games
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | K Units |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Financials sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as The Oriental Insurance Company (India), Axa XL (United States), NFU Mutual (United Kingdom), KBIS British Equestrian Insurance (United Kingdom), E&L Insurance (United States), Philip Baker Insurance (United States), Broadstone Equine Insurance (United States), The Insurance Emporium (United Kingdom) and Harry Hall (United Kingdom), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In August 2023,DUAL, the London-based managing general agent, announced the acquisition of David Ashby Underwriting Ltd. (DAU), an MGA that specializes in bloodstock and high value sports horse insurance.
In October 2023,SEIB Insurance Brokers, part of the Benefact Group, has revamped its core and classic horse insurance options to offer budget-friendly coverage with premiums starting at less than £10 per month.The global market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth.
Influencing Trend:
Increasing Demand of horses in market
Market Growth Drivers:
Increasing Adoption of Horses for Racing and Other Games and Increasing Number of Accidental Injuries and Disabilities in Horses
Challenges:
Surgical and Major Medical Coverage is Not Available on Older Horses May to Hamper the Growth
Restraints:
High Cost of Monthly or Annual Premium
Opportunities:
Increasing Horse Adoption Rate for Hobby
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Horse Insurance Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Horse Insurance Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Horse Insurance players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Horse Insurance Study Sheds Light on
The Horse Insurance Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Horse Insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Horse Insurance industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.