Latest market study and insights on "Global Pet Insurance Market: Trends and Opportunities (2014-2019)"

Albany, NY -- (SBWire) -- 11/08/2017 --Scope of the Report

The report titled "Global Pet Insurance Market: Trends and Opportunities (2014-2019)" provides an in-depth analysis of global animal companion market focusing on major pet insurance markets such as the UK, the US and Japan. The report also assesses the key opportunities and underlying trends in the market and outlines the factors that are and will be driving the growth of the industry in the forecasted period (2014-19). Further, key pet insurers such as Allianz Group, Anicom Holdings, Pethealth Inc. and Veterinary Pet Insurance (VPI) are profiled in the report.

Geographical Coverage

North America
The United States
The United Kingdom
Japan

Company Coverage

Allianz Group
Anicom Holdings
Pethealth Inc.
Veterinary Pet Insurance (VPI)

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Executive summary

Pet insurance is a type of specialty property and casualty insurance policy that pet owners purchase to cover the unintended costs that arise in providing care for a pet, including veterinary services such as surgical procedures, injuries from accidents, and prescribed pet medicines. Pet insurance is purely a reimbursement program. A form of property and casualty insurance, pet insurance provides reimbursement to the owner after the pet has received required care and the owner submits a claim to the insurance company.

Globally, pet insurance market is largely untapped with extremely low penetration rates and hence it holds potential with high market opportunity. In developed economies like the US, pet insurance penetration rate is less than 1% and the primary reasons for low coverage in North America is lack of awareness, short history of availability in relation to Western Europe and negative product perception from early market entrants. Despite of low penetration, several developed and developing nations are huge markets for pet insurance products and the market is likely to grow on the back of growing number of companion animals and increased awareness of insurance products.

The UK, the US and Japan are major pet insurance markets globally. The market is expected to grow in other areas of the world in upcoming years. The growth of the segment is driven by rising pet ownership globally, associated health benefits of pet ownership and expected high potential from under-penetrated pet market around the world. However, factors such as high price of pet insurance policies, lack of awareness and government regulation are posing challenge to industry's growth. Major trends prevailing in the market consists of mergers and acquisitions in the US market and increasing private equity transactions in global pet insurance industry.

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Table of Content

1. Executive Summary

2. Pet Insurance Market
2.1 Overview
Table A: Global Pet Insurance History
2.2 Pet Insurance Procedure
Table 1: Pet Insurance Procedure
2.3 Pet Insurance Policy Types
Table 2: Pet Insurance Policy Types
2.2.1 Lifetime cover
2.2.2 Non-Lifetime Cover
2.4 Pet Insurance Costs

3. Global Pet Insurance Market: An Analysis
Table B: Companion Animal Populations in the US and the main European Markets (2013)
Table 3: Pet Insurance Market Penetration in Selected Nations (2013)

4. Global Pet Insurance Market: Region/Country Analysis
4.1 North America Pet Insurance Market
4.1.1 Overview
4.1.2 North American Pet Insurance Market Sizing (Actual & Forecasted)
Table 4: North American Pet Insurance Market Size, 2008-13E (US$ Millions)
Table 5: North American Pet Insurance Market Size Forecasted, 2014E-19E (US$ Millions)
4.2 The U.S.Pet Insurance Market
4.2.1 Overview
Table 6: Total Number of Pets Owned in the US Market, 2013 (Millions)
Table C: Number of Households in the US that Owns a Pet (Millions), 2013-14
4.2.2 The US Pet Industry Spending
Table 7: The U.S. Pet Industry Expenditure, 2008-14E (US$ Billions)
Table 8: Pet Expenditure Breakdown in the US Market, 2012-14E (US$ Billions)
Table 9: Annual Basic Expenses for Dog and Cat Owners in the US Market, 2013-2014 (US$)
4.2.3 The US Pet Insurance Market Sizing (Actual & Forecasted)
Table 10: The US Pet Insurance Market Written Premium, FY2008-FY2014E (US$ Millions)
Table 11: The US Pet Insurance Market Written Premium Forecasted, FY2015E-FY2019E (US$ Millions)
4.2.4 The US Pet Insurance Market Share by Competitors
Table 12: The US Pet Insurance Market Share by Competitors (2012)
4.3 The UK Pet Insurance Market
4.3.1 Overview
4.3.2 The UK Pet Insurance Market Sizing (Actual & Forecasted)
Table 13: The UK Pet Insurance Market Size, 2010-13 (US$ Billions)
Table 14: The UK Pet Insurance Market Size Forecasted, 2014E-19E (US$ Billions)
4.3 Japanese Pet Insurance Market
4.3.1 Overview
4.3.2 Pet Insurance Sales Channel
Table 15: Japanese Pet Insurance Sales Channel
4.3.3 Japanese Pet Insurance Market Sizing (Actual & Forecasted)
Table 16: Japanese Pet Insurance Market Size, FY2011-FY2013 (US$ Millions)
Table 17: Japanese Pet Insurance Market Size Forecasted, FY2014E-FY2019E (US$ Millions)

5. Global Pet Insurance Market Trends
5.1 Mergers & Acquisitions in the US Market
Table D: Mergers & Acquisitions in Pet Health Insurance Market, 2008-13 (US$ Millions)
5.2 Increasing Private Equity Transactions
Table E: Private Equity Transactions in the US Pet Insurance Industry

6. Global Pet Insurance Market: Growth Drivers & Challenges
6.1 Growth Drivers
6.1.1 Health Benefits of Pet Ownership
6.1.2 High Potential from Under-Penetrated Market
6.1.3 Rising Pet Ownership
Table 18: Pet Ownership in the US, 2005-18E (Millions of Homes)
6.2 Challenges
6.2.1 High Price
Table 19: Reasons for not Purchasing Pet Health or Medical Insurance (2014)
6.2.2 Lack of Awareness
6.2.3 Government Regulation