Industry Background:
Pet cat accident insurance will protect a fierce feline from all her adventurous falls and ensure her overall wellbeing. The coverage helps to care for pets when they get hurt without as much worry about the cost. It covers injuries and emergencies related to accidents, like torn ligaments, bites wounds, cuts, broken bones, swallowed objects, and toxic ingestions. Also, it includes all sorts of services related to the accidents including X-rays, MRI, ultrasounds, bloodwork, sutures, medications, hospitalizations, and surgery.This growth is primarily driven by Growing Number of Pet Owners and Rising Concern for Pet Well-being
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Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Volume Unit | N |
Value Unit | Value (USD Million) |
Key Companies in Study | Embrace Pet Insurance (United States), Pets Best Insurance Services, LLC (United States), ManyPets (United Kingdom), Figo Pet Insurance LLC. (United States), Lemonade (United States), Spot Pet Insurance (United States), Nationwide Mutual Insurance Company (United States), Prudent Pet Insurance (United States), TrustedPals Pet Insurance (United States) and ASPCA (United States) |
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 |
Globally, a noticeable market trend is evident Use of Social Media by Pet Insurance Companies to Increase Awareness about Insurance Schemes
. Major Players, such as Embrace Pet Insurance (United States), Pets Best Insurance Services, LLC (United States), ManyPets (United Kingdom), Figo Pet Insurance LLC. (United States), Lemonade (United States), Spot Pet Insurance (United States), Nationwide Mutual Insurance Company (United States), Prudent Pet Insurance (United States), TrustedPals Pet Insurance (United States) and ASPCA (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.
Key Developments in the Market:
In 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.
In 2020, Lemonade launches health insurance for cats and dogs. The new insurance product, designed exclusively for cats and dogs is a hassle-free digital experience with lightning-fast claim payments, best-in-class customer service, and a donation of leftover premiums going to animal-focused charities customers care about.
Market Drivers
- Growing Number of Pet Owners and Rising Concern for Pet Well-being
- The willingness of the Pet Owners to Spend
Market Trend
- Use of Social Media by Pet Insurance Companies to Increase Awareness about Insurance Schemes
- Insurers Partnerships with Animal Shelters, Veterinarians, and Breeders
Restraints
- Lack of Awareness about Pet Insurance Policies
- High Costs Associated With Pet Insurance
Opportunities
Growing Pet Awareness in Emerging Countries, Rising Disposable Income in Low and Middle-Income Countries and Surging Demand for Accident and Illness Pet Insurance among the Individual Pet Owners
Challenges
Difficulty Associated with Claiming the Insurance Amount and Growing Cases of Faked Insurance Claims
AMA Research follow 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 showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse 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 include 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, Pet Cat Accident Insurance Study Sheds Light on
The Pet Cat Accident Insurance Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Pet Cat Accident Insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Pet Cat Accident Insurance industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey 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 value they currently claim, or capture the new addressable opportunity.