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PUNE, INDIA, May 25, 2022 (GLOBE NEWSWIRE) —
According to a recent industry report put forward by Graphical Research, North American pet insurance market is projected to surpass US$3.8 billion in revenue by 2027 and register its name on the billion dollar fraternity within seven years.
Market growth, driven by the surge in pet adoptions and growing awareness of these plans among pet owners, is set to record significant profits in the years that follow.
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According to the ASPCA (American Society for the Prevention of Cruelty to Animals), nearly 6.5 million companion animals enter US animal shelters each year. Of these, approximately 3.3 million animals are dogs.
Given this trend, many dog health insurance plans are offered by insurance companies for health care, illness, and injury, among others. In addition, some pet insurance companies also offer policies and insurance plans for chronic and newly recurring conditions at no additional charge.
Some key trends that may boost the outlook for the North American pet insurance industry are:
High insurance claim settlement rate for public businesses
public provider segment of North American pet insurance market Revenue is expected to exceed US$149.1 million by 2027. The majority of private companies offer pet insurance for dogs and cats only, due to increased demand.
Therefore, pet owners looking to insure other animal species turn to public insurance companies. These organizations have high claims resolution rates and are trusted by a large portion of the population.
Expansion of pet insurance plans for accidents and illnesses
The accident and illness segment accounted for USD 1.8 billion in 2020 due to the comprehensive nature of these policies. Customers are increasingly preferring pet accident and illness coverage policies given that both these accidents and illnesses are covered by these policies.
Such policies cover medical costs for fractures, poison ingestion, swallowed objects, allergies, laboratory tests, urinary tract infections, hospitalization, surgery, and x-rays.
Increase in adoption of pets in Canada
The Canadian pet insurance industry is estimated to register a growth rate of around 7.4% from 2021 to 2027 due to the surge in pet adoption in the country. Product demand is driven by numerous policy offerings by pet insurance companies.
In addition, continued launches of innovative pet insurance plans and increasing awareness of these policies through digital platforms are expected to increase the market share of pet insurance over the forecast period.
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Presence of major industry participants in the United States
The US pet insurance market size will account for a USD 1.8 billion valuation in 2020, registering a lucrative growth of over 9.9% over the estimated period. The growth of the pet insurance industry in the region is fueled by the increasing proportion of the elderly population and the rising trend of pet adoption in the country.
Moreover, the presence of major industry players is expected to drive the domestic business environment in the coming years.
In a nutshell, increasing adoption of various strategies such as acquisitions, mergers, collaborations, and geographic expansions by major industry players will enhance their market share throughout the evaluation period. Leading participants in the North American pet insurance industry include Embrace Pet Insurance Agency, Nationwide, Pet for Health and Crum & Forster.
See related report:
European pet insurance market By Size Provider (Public, Private), By Insurance Coverage (Accident Only, Accident & Illness), By Animal (Cats, Dogs), Research Report, Country Outlook (Germany, UK, France, Italy, Spain, Denmark , Norway, Sweden), Netherlands, Russia, Poland, Romania, Portugal), price trends, growth prospects, competitive industry share and forecasts, 2021 – 2027
https://www.graphicalresearch.com/industry-insights/1762/europe-pet-insurance-market
Asia Pacific Pet Insurance Market Size By Animal (Cats, Dogs), By Insurance Coverage (Accident Only, Accident & Illness), By Providers (Public, Private), Research Reports, Country Outlooks (China, India, Japan, Australia, South Korea, Malaysia) , Singapore, Thailand), Price Trends, Growth Prospects, Competitive Industry Shares and Forecasts, 2021 – 2027
https://www.graphicalresearch.com/industry-insights/1761/asia-pacific-pet-insurance-market
About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecasts and strategic input through in-depth research reports and advisory services. We publish targeted research reports aimed at addressing a variety of client needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that your business requirements are unique. Our syndicated reports are designed to ensure relevance to industry players across the value chain. We also provide custom reports tailored to your exact needs and provide dedicated analyst support throughout the purchasing lifecycle.
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