North America Pet Insurance Market

1. North America Pet Insurance Market Revenue to Surpass USD 3.8 Billion by 2027: Graphical Research ©2018 Graphical Research. All rights reserved. www.graphicalresearch.com

2. By 2027, North America pet insurance market size is expected to cross $3.8 billion, supported by the growing healthcare expenditure of pet owners coupled with the increasing concerns regarding coronavirus infection. Pet adoption can be singled out as a major trend driving the market. As pet adoption has been seeing a remarkable rising curve since the global imposition of lockdowns due to the COVID-19 pandemic, the pet insurance industry in North America is set to gain high revenue through the next five years. Cat owners and dog owners are growing more aware about the benefits offered by pet insurance policies. Since it is a worrying time for pet owners, several insurance companies have been covering COVID-19 treatments, surgeries, diagnostic testing, and even dental illnesses. Several published news articles and research studies reveal how the adoption rate of dogs significantly increased during the first wave of the COVID-19 pandemic in the U.S. With the increased awareness regarding the risk of owners spreading the SARS-CoV-2 infection through pets, the need for pet insurance has increased. The pet insurance market revenue from the accident & illness segment in North America attained over $1.8 billion during 2020 and is poised for stable growth through 2027 as well. As a majority of accidents and illnesses are being covered by insurance companies at reasonable costs, customers have been more inclined toward them. Treatment and hospitalization expenses for broken bones, poison ingestion, burns, allergies, swallowed objects, surgeries, urinary tract infections, X-rays, and laboratory tests are also covered by these pet insurance policies. ©2018 Graphical Research. All rights reserved. www.graphicalresearch.com

3. Browse detailed statistical insights from the report, “North America Pet Insurance Market” along with the table of contents (ToC) @https://bit.ly/3ckIyC2 Get sample copy of this research report @ https://www.graphicalresearch.com/request/1753/sample ©2018 Graphical Research. All rights reserved. www.graphicalresearch.com

4. Cat insurances are gaining traction in North America pet insurance market. The regional market share from the segment is projected to expand at a commendable 10.5% CAGR through 2027. Cats are being increasingly adopted across Canada and the U.S. as they can be great companions during self-isolation. As per the 2019-2020 survey by American Pet Products Association, more than 42.7 million households in the U.S. own a cat. As the annual expenditure on cats is significantly high, North America pet insurance industry forecast is certain to benefit from cat segment. In terms of insurance provider, the market has been bifurcated into public provider and private provider. Private pet insurance companies mostly cater to the demands of cat and dog owners, leaving considerable room for public providers to fulfill the requirements of other species. By 2027, the pet insurance market share from public provider segment is expected to accrue over $149.1 million in North America, fostered by the demand for pet insurance amongst owners who are seeking to insure their hamsters, rabbits, guinea pigs, ferrets, fishes, birds, and reptiles. Additionally, public providers are more trusted by customers as they generally have a higher claim settlement ratio as compared with private pet insurance companies. The U.S. pet insurance market in North America is anticipated to grow at a high pace through 2027, owing to the high percentage of aging population residing in the region. The geriatric population has been fulfilling their need for companionship by adopting pets, especially during the challenging times of the pandemic. ©2018 Graphical Research. All rights reserved. www.graphicalresearch.com

5. Pets are known to aid in reduction of stress, boosting the emotional health of owners. Dogs are particularly being adopted by millennials and the elderly alike. As such, dog insurances are likely to command a considerable chunk of North America pet insurance market share. Crum & Forster, Nationwide, Pet for Health, and Embrace Pet Insurance Agency are some leading pet insurance providers in North America. ©2018 Graphical Research. All rights reserved. www.graphicalresearch.com

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