Industry Background:
Accident and illness pet insurance policies are available for a range of pets such as dogs, cats, rabbits, and for accidents and illness treatments and therapies against several illnesses. This insurance helps in managing the unexpected uncertain heavy cost of veterinary bills for the pets covering accidents and illness expenses. It provides coverage for hospitalization, surgery, hereditary conditions, diagnostics, prescription medications, alternative therapies. behavioral therapies, others depending on the company's policies and terms & conditions.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Lemonade Inc. (United States), Petplan (United States), MetLife, Inc. (PetFirst Healthcare, LLC) (United States), Trupanion (United States), Agria Pet Insurance Ltd (United Kingdom), Nationwide Mutual Insurance Company (United States), Crum & Forster (United States), Hartville Group (United States) and Embrace Pet Insurance Agency, LLC (United States) |
This growth is primarily driven by Growing Adoption of Pets Like Dogs and Cats and Demand for Illness and Accident Coverage for Managing the Unexpected Heavy Expenses for the Beloved Pets.
Globally, a noticeable market trend is evident Rising Prevalence of Accident and Illness Pet Insurance in the North American Region Major Players, such as Lemonade Inc. (United States), Petplan (United States), MetLife, Inc. (PetFirst Healthcare, LLC) (United States), Trupanion (United States), Agria Pet Insurance Ltd (United Kingdom), Nationwide Mutual Insurance Company (United States), Crum & Forster (United States), Hartville Group (United States) and Embrace Pet Insurance Agency, LLC (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. Accident and Illness Pet Insurance market companies operating in these industries are focusing more on efficient growth, improvement of operational efficiency and productivity, achieving high safety standards, and focusing on maintaining sustainable development. The market is highly competitive with a few players occupying the major share. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launches, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Key Developments in the Market:
On 7th July 2020, MetLife Introduces Enhanced Pet Insurance Offering, Coverage of Pre-Existing Conditions1 for Pet Parents Switching Carriers. Nearly 12 million households brought a new pet home during the pandemic, including more than 2 million adoptions of dogs and cats from animal shelters, yet one in five pet parents say they are financially unprepared when it comes to managing veterinary expenses. MetLife introduces a new, innovative pet insurance5 offering to help pet parents better manage both the expected and unexpected financial stress that comes with the joys of pet parenthood.
On 25th July 2020, Lemonade, the insurance company powered by artificial intelligence and behavioral economics, launched pet health insurance. Now, pet parents in 33 US states can get AI-powered, socially impactful coverage for their four-legged family members.
Influencing Trend:
Rising Prevalence of Accident and Illness Pet Insurance in the North American Region
Market Growth Drivers:
Growing Adoption of Pets Like Dogs and Cats and Demand for Illness and Accident Coverage for Managing the Unexpected Heavy Expenses for the Beloved Pets
Challenges:
The average Cost of Premium of Accident and Illness Pet Insurance is High Hindering the Market
Restraints:
Guidelines and Restrictions Involved with Accident and Illness Pet Insurance than Human Health Insurance can be Hindrance for Market
Opportunities:
Surging Demand for Accident and Illness Pet Insurance Among the Individual Pet Owners and Growing Awareness About the Pet Insurance will Boost the Accident and Illness Pet Insurance Market
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 mostly 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 growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
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 in Accident and Illness Pet Insurance Market
- Analysis about New Entrants in Accident and Illness Pet Insurance Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Accident and Illness Pet Insurance Study Sheds Light on
The Accident and Illness Pet Insurance Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Accident and Illness Pet Insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Accident and Illness Pet 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.