European Pet Insurance Market Poised for Substantial Growth
Dublin, October 15, 2024 – A new report from ResearchAndMarkets.com indicates strong expansion for the European pet insurance market. The market is projected to reach $17.84 billion by 2030, demonstrating a robust compound annual growth rate (CAGR) of 15.2% from 2024 to 2030.
The primary driver behind this growth is the increasing number of pet owners across Europe. According to the European Pet Food Industry Federation (FEDIAF), approximately 80 million European households currently own pets. As disposable incomes rise, pet owners are more willing to invest in comprehensive healthcare for their animal companions, including insurance coverage.
In 2022, cats were the most popular pets in European homes, accounting for 127 million, or 26% of all pet-owning households, according to a September 2023 article published by the Pet Food Industry. Dogs followed closely, with 25% of European households owning a dog. Factors such as changing demographics, rising urbanization, and evolving lifestyle trends have steadily increased the pet population. This expands the need for pet-related products and services, including veterinary care and, importantly, pet insurance companies, to drive market growth.
The Role of Veterinary Advances and Insurance
Advancements in veterinary medicine have expanded the range of available treatment options, improving the health and lifespan of pets. However, these advanced treatments can be costly. Procedures such as MRI scans, chemotherapy, orthopedic surgeries and ongoing treatments for chronic conditions can be prohibitively expensive for many pet owners.
Pet insurance plays a crucial role in serving as a financial safety net, making these cutting-edge treatments affordable without placing a strain on the pet owner or leading to difficult decisions about the pets’ care. By covering a significant portion of these costs, pet insurance ensures pets receive the best possible medical attention while protecting owners from unexpected financial hardships.
Market Segmentation Overview
- Animal Type: The market is segmented by animal types – dogs, cats, and others. In 2023, dogs dominated the market, holding over half of the market in shares. This trend is influenced by increasing pet adoptions across Europe, alongside more insurance service options and larger disposable incomes.
- Coverage Type: In 2023, the accident and illness segment accounted for over 80% of the European pet insurance market share.
- Sales Channel: The direct channel had the most significant share in 2023, representing over 35%. This is influenced by the use of sales strategies among leading pet insurance companies.
Key Market Players
The leading companies in the European pet insurance market include:
- Trupanion, Inc.
- Deutsche Familienversicherung AG (DFV)
- Petplan (Allianz)
- Getsafe GmbH
- Jab Holding Company
- Direct Line (UK Insurance Limited)
- EQT Group
- Waggel Limited
- ProtectaPet
- Perfect Pet Insurance
- Feather Insurance (Popsure Deutschland GmbH)
- Agria Pet Insurance Ltd.
