Pet Insurance Market 2023-2027: Size and Low adoption in developing countries; growth driven by the Type, Some of key Companies Positioned Strategically

The pet insurance market size by Type (Dogs, Cats, and Others) and Geography (North America, Europe, APAC, South America, and Middle East and Africa), is forecast to increase by USD 19,852.9 million. The market is expected to grow at a CAGR of   31.41% between 2023 and 2027.

• In certain jurisdictions, including the United States and the United Kingdom, stringent regulations govern pet ownership, encompassing their safety and well-being. Non-compliance with these regulations may result in severe penalties. Conversely, in countries such as India, Sri Lanka, China, Indonesia, and the Philippines, there is a notable absence of regulatory bodies overseeing pet safety. The primary focus of these governments remains on the protection of endangered species, resulting in minimal attention to pets' welfare. This regulatory landscape discourages pet ownership and the adoption of pet insurance in these markets.
• The North American region holds a significant position in the global pet insurance market, driven by the region's highest pet population and adoption rates. The US, Canada, and Mexico contribute significantly to the market's growth, with the availability of affordable coverage options and experienced service providers. The increasing awareness among pet owners regarding the benefits of various types of insurance plans, such as accident-only and accident-and-illness coverage, is a major growth driver in the region. The market's expansion is further fueled by the emphasis on providing security and safety to pets, making North America a lucrative market for pet insurance providers.

Access the full report to know who are the other key countries segment-wise forecast and historic data

Some of the Key Companies:

• Agria Pet Insurance Ltd.
• Allianz SE
• Anicom Holdings Inc.
• Dotsure Ltd.
• Embrace Pet Insurance Agency LLC
• Healthy Paws Pet Insurance LLC
• Hollard Insurance Group
• Independence Pet Group
• Intact Financial Corp.
• JAB Holding Co. Sarl
• Metlife Inc.
• Nationwide Mutual Insurance Co.
• NSM Insurance Group
• Oneplan
• Petofy
• Petplan Iberica S.L.
• Porto Seguro Companhia de Seguros Gerais
• The Oriental Insurance Company Ltd.
• The Progressive Corp.
• Trupanion Inc.

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Jesse Maida
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