Global Pet cat Insurance Market Overview:
Pet cat insurance is a type of specialty property and casualty insurance policy that cat owners purchase to cover the unintended costs that arise in providing care for a cat, including veterinary services such as surgical procedures, injuries from accidents, and prescribed pet medicines. The insurance can include partial or total reimbursement with basic or premium features or programs. Developed countries are seeing significant growth owing to the rise in the number of pets. The United States alone accounts for over 95.6 million cats’ populations living in households, which in turn expected to provide a lucrative opportunity for pet cat insurance providers. Some of the players profiled in the study are Hartville Group (United States), Petplan (United Kingdom), Pethealth (United States), Petfirst Healthcare LLC (United States), Trupanion (United States), Embrace Pet Insurance Agency, LLC (United States), Nationwide (United Kingdom), Direct Line Insurance Group (United Kingdom), Royal & Sun Alliance (RSA) (United Kingdom) and PetSure (Australia).
On the basis of geography, the market of Pet cat Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Plans, the sub-segment i.e. 70 Percent Reimbursement will boost the Pet cat Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Growth Drivers
- Growing Number of Cat Owners and Rising Concern for Cats Well-being
- Rising Willingness of The Pet Owners To Spend on Their Companion Animals
Influencing Trend
- Use of Social Media by Pet Cat Insurance Companies to Increase Awareness About Insurance Schemes
- Insurers Partnerships With Animal Shelters, Veterinarians and Breeders
Restraints
- Lack of Awareness About Cat Insurance Policies
- High Cost Associated With Pet Insurance
Opportunities
- Growing Pet Awareness In Emerging Countries like India
- Rising Disposable Income in Low and Middle-Income Countries
Challenges
- Difficulty Associated with Claiming the Insurance Amount
- Growing Cases of Faked Insurance Claims
2 October 2019, Petplan has announced that the company has been acquired by Warburg Pincus, a global private equity firm focused on growth investing. The acquisition will provide Petplan with access to significant capital and resources to drive meaningful growth. Financial terms of the transaction were not disclosed.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Target Audience:
Pet cat Insurance Providers, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, End Users and Other
Major Objectives Focused through this Study
To define, describe, and forecast the Global Pet cat Insurance market on the basis of product [Non-lifetime Cover, Lifetime Cover, Accident-only and Illness Cover] , application [Sphynx Cat, Oriental Cats, Siamese Cats, Domestic Shorthair Cats and Other Breeds], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Pet cat Insurance market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Pet cat Insurance industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Available Customization:
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Players which are also part of the research are Petsecure (Canada), Agria (United Kingdom), ipet Insurance (Japan), Anicom Holding (Japan) and Japan Animal Club (Japan).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Pet cat Insurance market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.