The growing adoption of companion animals has played an integral role in driving sales across the pet insurance market. The inclination of the masses towards pampering their pets with the best services for grooming and healthcare is at the helm of market maturity. It was observed over the past decade that majority of pet owners spend a substantial amount of their income on pet grooming. Furthermore, a large population of people prefers to live with their companion animals rather than human mates. Therefore, inclusion of pet animals in the family structure has led to the emergence of several distinct services such as pet insurance.
A syndicate review on the global pet insurance market looks into the leading factors responsible for market expansion. The global pet insurance market can be segmented on the basis of product, animal type, sales channel, and segment. Adoption of cats and dogs is amongst the most common adoption trends. Availability of multiple breeds of these animals have prompted several people to keep them as companion animals. It is worthwhile to look into the various channels that help people in adoption of pets.
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Global Pet Insurance Market: Notable Developments
Insurance companies are making ardent efforts to reconcile the dynamics of pet insurance. Several developments have lately ensued across this market.
- A new bill pending in South Korean legislature seeks to give equal status to companion animals and humans in terms of insurance policies. The bill proposed to cover injury, illness, and nursing services under pet insurance, and has become a matter of widespread debate in the region. The introduction of this bill is suggestive of the seriousness of decision makers towards pet insurance.
- Nationwide is an established pet insurance provider across the US, and it offers tailored solutions for dogs and cats. Several employers in the US are tying up with Nationwide in order to provide pet insurance to workers. This trend shall usher an era of expansion across the pet insurance territory.
Global Pet Insurance Market: Growth Drivers
- Improvements in Veterinary Health Services
The total volume of revenues within the global pet insurance market is set to touch new heights in the years to follow. Need to provide timely medical treatment to pets in case of a disease outbreak has played a crucial role in market growth. Special breeds of dogs and cats require premium treatment facilities at veterinary health centers. Therefore, pet insurance has emerged as a viable option for owners looking to ensure seamless healthcare services for their pets. Besides, petting of animals has become a global trend that originated across European nations. As this trend gathers momentum, services associated with pet management shall also gain popularity.
- Insurance Cover for Loss of Pet
Pet insurance is a multifaceted service that has several clauses and covers. Healthcare and medical cover is the most important component of pet insurance. Most people claim their pet insurance to be able to afford the best treatment for their companion animals. Besides, a number of companies also offer pet insurance services that cover loss of a pet. This clause is meant to help individuals in buying a similar pet in order to recover from the emotional and mental toll of losing a pet. Therefore, the demand within the global pet insurance market is set to rise as new services become a part of the insurance schemes.
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The global pet insurance market can be segmented on the basis of:
- Accident and Illness
- Accident Only
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