Europe Pet Insurance Market Size, Share & Growth Forecast 2028 (2024)

Report Overview

Europe's Pet Insurance Market is growing owing to increased pet adoption and rising disposable income. Moreover, as the cost of veterinary services is high, people prefer to opt for pet insurance. The introduction of web-based pet insurance solutions and partnerships between pet insurance providers and veterinarians has resulted in spiking awareness of pet insurance amongst Europeans, thereby fueling the growth of the market.

Europe Pet Insurance Market - Industry Trends & Forecast Report 2028

Europe Pet Insurance Market was worth USD 3.2 billion in 2021 and is projected to reach USD 6.0 billion by the year 2028, exhibiting a CAGR of 9.2% during the forecast period. This is attributed to the increasing disposable income coupled with the rising adoption of pets to gain comfort, love, emotional support, and companionship. Moreover, the high cost of veterinary services coupled with the increased number of deaths of pets has pushed pet owners to purchase pet insurance. As a result, the awareness of pet insurance and pet insurance companies has risen in Europe. Strategic partnerships between veterinarians and insurance providers are also driving the growth of the Europe Pet Insurance Market during the forecast period 2022-2028.

Pet Insurance - Overview

Pet insurance facilitates the partial or total veterinary treatment of an insured pet's illness or injury. It is owned by pet owners to minimize the burden of veterinary services. Various European public and private insurance providers issue customized policies per the pet owners' preferences. Some insurance policies also cover pet death, and pets lost or stolen. After the medical procedure of the pet is complete, the owner has to submit a claim to the insurance company, and formerly the company will reimburse the required amount (according to the policy).

Europe Pet Insurance Market Forecast and Trends

Growth Drivers

Rising Adoption of Pets

Over the years, the rate of adoption of pets has risen considerably. The first animal insurance policy for livestock and horses was written in Sweden in 1924. According to Cooper Pet Care (2021), there were approximately 140 million pets in the European Union. This is largely attributed to the detrimental psychological effects of the Covid-19 pandemic. A large proportion of people felt helpless and lonely, which urged them to adopt pets. Pets provide love, companionship, and emotional support and also boost mental health. This is expected to drive the growth of the Europe pet insurance market.

High Cost of Veterinary Services and Growing Awareness of Pet Insurance Policy

In Europe, dogs and cats are the most adopted pets. According to BlueWeave Consulting, in the United Kingdom, a consultation fee of approximately £40-£60 (USD 48.36- USD 72.5) is levied to see a pet. According to BlueWeave Consulting (2022), the average cost for an MRI is around £2,500 (USD 3,022.81) in the United Kingdom. Due to the high cost of veterinary services, pet insurance has gained popularity. Pet insurance companies offer customized policies according to the pet owner's demand, like lifetime coverage, multi-pet insurance, accident, illness, etc. Moreover, the increased adoption of pets is encouraging new pet insurance companies to enter the market. For example, in 2020, Lemonade Insurance gave a 10% discount to existing policyholders who chose to bundle their new pet insurance with their home/renters' insurance.

Restraints

Less Focus Towards the Pet Hygiene

Even though the rate of adoption of pets has spiked in Europe, pet owners pay less attention to their pet's hygiene. This is due to a lack of awareness and a busy lifestyle. Maintaining pets' hygiene is essential to prevent the spread of unwanted diseases. Some common ways of maintaining pet hygiene are: brushing their coats and teeth, cleaning their ears, trimming nails and coats, regular baths, removing goop, regular tick removal, and tidying up appointments. Due to the negligence of pet hygiene, some owners neither make regular veterinarian visits nor purchase pet insurance; this is a challenge in the market growth. However, some companies like Bow Wow Meow have launched their educational blogs to raise awareness on pet hygiene, common pet diseases, and their causes, symptoms, risk factors, prevention, and treatment.

Impact of COVID-19 on Europe Pet Insurance Market

Initially, the Europe Pet Insurance market was negatively impacted during the Covid-19 pandemic. Due to lockdown restrictions, many veterinary hospitals and clinics remained closed. As precautionary measures were taken to contain the spread of the novel coronavirus, there was a strict restriction on movement to prevent and control the disease. This affected the operations, supply chain, and sales of European insurance providers. Nevertheless, the Covid-19 pandemic also saw a rise in the adoption of pets to combat feelings of loneliness and isolation. This resulted in an increase in demand for veterinary services and pet insurance. Pet insurance companies changed their business models and modified the policy coverages and policies. Web-based insurance solutions were launched to kick-start the sale of pet insurance. Moreover, pet insurance companies offer customized policies according to the pet owner's choice, like lifetime coverage, multi-pet insurance, accident, and illness, etc. These revolutionized, extraordinary, and affordable solutions for pet care have fueled the growth of the Europe pet insurance market.

Europe Pet Insurance Market - By Insurance Type

Based on insurance type, the Europe pet insurance market is segmented into accident and illness, accident only, and others. Amidst the segmentation, the accident and illness segment accounted for the largest market share in 2021 due to its flexible coverage of various diseases, accident-related injuries, medications, hospitalization costs, and even surgeries. Moreover, the same segment is expected to grow with the highest CAGR during the forecast period 2022-2028. This is because the accident and illness policy provides maximum benefits and reduces the overall cost of veterinary treatment. Moreover, European pet owners' growing awareness of illness and accident policy is driving the market.

Europe Pet Insurance Market - By Animal Type

Based on animal type, the Europe pet insurance market is segmented into dogs, cats, horses, and others. Dogs and cats are the most popular pet animals in Europe. Amidst the segmentation, the cat segment accounted for the largest market share in 2021 due to the increased adoption of cats. On the other hand, the dog segment is expected to grow with the highest CAGR during the forecast period due to increased pet dog ownership. Countries like Germany, Russia, the UK, and France have the highest pet dog population.

Competitive Landscape

Europe Pet Insurance Market is very competitive with key players like Agria, Anicom Holding, ASPCA, Bow Wow Meow, Embrace Pet Insurance Agency, LLC, Healthy Paws Pet Insurance, Ipet Insurance, More Than, Nationwide Mutual Insurance Company, Petfirst Healthcare LLC, Petplan Limited, Petsecure Pet Health Insurance, Trupanion, Royal & Sun Alliance, Crum & Forster Pet Insurance Group, NSM Insurance Group, Figo Pet Insurance LLC, Hollard, Protectapet, Pethealth Inc, and other prominent players. In 2022, The White Mountains Insurance Group signed an agreement to sell NSM Insurance Group to The Carlyle Group. Holland & Knight acted as legal advisor to the NSM Insurance Group. In 2021, as per Pet Insurance Review, Healthy Paws was ranked second with an overall score of 9.7/10 for their customer service and claims process. This shows that various tactics like strategic alliances, agreements, acquisitions, mergers, and partnerships are used to gain customers and profits.

Recent Development

In December 2021, Trupanion partnered with Chewy to offer wellness plans, preventive care, and health insurance plans for accidents, illness, and chronic conditions to 20 million+ Chewy customers.
In 2021, Pethealth acquired the microchip registry operations of the Michelson Found Animals Foundation and launched a free microchip registry under the brand name 24PetWatch.

Scope of the Report

Attributes	Details
Years Considered	Historical data – 2018-2021
	Base Year – 2021
	Estimated Year - 2022
	Forecast – 2022 – 2028
Facts Covered	Revenue in USD Million
Market Coverage	Europe (Germany, United Kingdom, Italy, France, Spain, The Netherlands, Sweden, Rest of Europe)
Product Service/Segmentation	By Insurance Type, By Policy Type, By Animal Type, By Provider, By Distribution Channel
Key Players	Agria, Anicom Holding, ASPCA, Bow Wow Meow, Embrace Pet Insurance Agency, LLC, Healthy Paws Pet Insurance, Ipet Insurance, More Than, Nationwide Mutual Insurance Company, Petfirst Healthcare LLC, Petplan Limited, Petsecure Pet Health Insurance, Trupanion, Royal & Sun Alliance, Crum & Forster Pet Insurance Group, NSM Insurance Group, Figo Pet Insurance LLC, Hollard, Protectapet, Pethealth Inc, and other prominent players.
Countries	Germany, United Kingdom, Italy, France, Spain, The Netherlands, Sweden, Russia, Rest of Europe

By Insurance Type

Accident and Illness
Accident Only
Others

By Policy Type

Lifetime Coverage
Non-Lifetime Coverage

By Animal Type

Dogs
Cats
Horses
Others

By Provider

Public Insurance Providers
Private Insurance Providers

By Distribution Channel

Insurance Agency
Bancassurance
Brokers
Direct Sales
Others

By Country

Germany
United Kingdom
Italy
France
Spain
The Netherlands
Sweden
Rest of Europe

Research Framework
1. Research Objective
2. Product Overview
3. Market Segmentation
Executive Summary
Europe Pet Insurance Market Insights
1. Industry Value Chain Analysis
2. DROC Analysis
  1. Growth Drivers
    1. Rising Adoption of Pets
    2. High Cost of Veterinary Services and Growing Awareness on Pet Insurance Policy
  2. Restraint
    1. Less Focus Towards the Pet Hygiene
  3. Opportunities
    1. Increased Disposable Income
    2. Rise in Web-Based Applications
  4. Challenge
    1. Lack of Standardized Pet Health Codes
3. Technology Advancements/Recent Developments
4. Regulatory Framework
5. Porter’s Five Forces Analysis
  1. Bargaining Power of Suppliers
  2. Bargaining Power of Buyers
  3. Threat of New Entrants
  4. Threat of Substitutes
  5. Intensity of Rivalry
Europe Pet Insurance Market Overview
1. Market Size & Forecast by Value, 2018–2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Insurance Type
    1. Accident and Illness
    2. Accident Only
    3. Others
  2. By Policy Type
    1. Lifetime Coverage
    2. Non-Lifetime Coverage
  3. By Animal Type
    1. Dogs
    2. Cats
    3. Horses
    4. Others
  4. By Provider
    1. Public Insurance Providers
    2. Private Insurance Providers
  5. By Distribution Channel
    1. Insurance Agency
    2. Bancassurance
    3. Brokers
    4. Direct Sales
    5. Others
  6. By Country
    1. Germany
      1. By Insurance Type
      2. By Policy Type
      3. By Animal Type
      4. By Provider
      5. By Distribution Channel
    2. UK
      1. By Insurance Type
      2. By Policy Type
      3. By Animal Type
      4. By Provider
      5. By Distribution Channel
    3. Italy
      1. By Insurance Type
      2. By Policy Type
      3. By Animal Type
      4. By Provider
      5. By Distribution Channel
    4. France
      1. By Insurance Type
      2. By Policy Type
      3. By Animal Type
      4. By Provider
      5. By Distribution Channel
    5. Spain
      1. By Insurance Type
      2. By Policy Type
      3. By Animal Type
      4. By Provider
      5. By Distribution Channel
    6. The Netherlands
      1. By Insurance Type
      2. By Policy Type
      3. By Animal Type
      4. By Provider
      5. By Distribution Channel
    7. Sweden
      1. By Insurance Type
      2. By Policy Type
      3. By Animal Type
      4. By Provider
      5. By Distribution Channel
    8. Russia
      1. By Insurance Type
      2. By Policy Type
      3. By Animal Type
      4. By Provider
      5. By Distribution Channel
    9. Rest of Europe
      1. By Insurance Type
      2. By Policy Type
      3. By Animal Type
      4. By Provider
      5. By Distribution Channel
Competitive Landscape
1. List of Key Players and Their Offerings
2. Europe Pet Insurance Company Market Share Analysis, 2021
3. Competitive Benchmarking, By Operating Parameters
4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
Impact of Covid-19 on Europe Pet Insurance Market
Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT)
1. Agria
2. Anicom Holding
3. ASPCA
4. Bow Wow Meow
5. Embrace Pet Insurance Agency, LLC
6. Healthy Paws Pet Insurance
7. Ipet Insurance
8. More Than
9. Nationwide Mutual Insurance Company
10. Petfirst Healthcare LLC
11. Petplan Limited
12. Petsecure Pet Health Insurance
13. Trupanion
14. Royal & Sun Alliance
15. Crum & Forster Pet Insurance Group
16. NSM Insurance Group
17. Figo Pet Insurance LLC
18. Hollard
19. Protectapet
20. Pethealth Inc
21. Other Prominent Players
Key Strategic Recommendations
Research Methodology
1. Qualitative Research
  1. Primary & Secondary Research
2. Quantitative Research
3. Market Breakdown & Data Triangulation
  1. Secondary Research
  2. Primary Research
4. Breakdown of Primary Research Respondents, By Country
5. Assumptions & Limitations

*Financial information of case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1 Europe Pet Insurance Segmentation

Figure 2 Europe Pet Insurance Market Value Chain Analysis

Figure 3 Europe Market Share Analysis, 2021

Figure 4 Europe Pet Insurance Market Size, By Value (USD Million), 2018–2028

Figure 5 Europe Pet Insurance Market Share, By Insurance Type, By Value, 2018–2028

Figure 6 Europe Pet Insurance Market Share, By Policy Type, By Value, 2018–2028

Figure 7 Europe Pet Insurance Market Share, By Animal Type, By Value, 2018–2028

Figure 8 Europe Pet Insurance Market Share, By Provider, By Value, 2018–2028

Figure 9 Europe Pet Insurance Market Share, By Distribution Channel, By Value, 2018–2028

Figure 10 Europe Pet Insurance Market Share, By Country, By Value, 2018–2028

Figure 11 Germany Pet Insurance Market Size, By Value (USD Million), 2018–2028