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Global Pet Insurance Market: Trends and Opportunities (2014-2019)

  • September 2014
  • -
  • Daedal Research
  • -
  • 60 pages

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)

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.

Table Of Contents

Global Pet Insurance Market: Trends and Opportunities (2014-2019)
1. Executive Summary

2. Pet Insurance Market

2.1 Overview
2.2 Pet Insurance Procedure
2.3 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

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 and Forecasted)

4.2 The U.S. Pet Insurance Market

4.2.1 Overview
4.2.2 The US Pet Industry Spending
4.2.3 The US Pet Insurance Market Sizing (Actual and Forecasted)
4.2.4 The US Pet Insurance Market Share by Competitors

4.3 The UK Pet Insurance Market

4.3.1 Overview
4.3.2 The UK Pet Insurance Market Sizing (Actual and Forecasted)

4.4 Japanese Pet Insurance Market
4.4.1 Overview
4.4.2 Pet Insurance Sales Channel
4.4.3 Japanese Pet Insurance Market Sizing (Actual and Forecasted)

5. Global Pet Insurance Market Trends

5.1 Mergers and Acquisitions in the US Market
5.2 Increasing Private Equity Transactions

6. Global Pet Insurance Market: Growth Drivers and 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

6.2 Challenges

6.2.1 High Price
6.2.2 Lack of Awareness
6.2.3 Government Regulation

7. Competitive Landscape: Pet Insurance Market

8. Company Profiles: Pet Insurance Market

8.1 Allianz Group
8.1.1 Business Overview
8.1.2 Financial Overview
8.1.3 Business Strategies

8.2 Anicom Holdings, Inc.
8.2.1 Business Overview
8.2.2 Financial Overview
8.2.3 Business Strategies

8.3 Pethealth Inc.
8.3.1 Business Overview
8.3.2 Financial Overview

8.4 Veterinary Pet Insurance (VPI)
8.4.1 Business Overview

List of Figures

Figure 1: Pet Insurance Procedure
Figure 2: Pet Insurance Policy Types
Figure 3: Pet Insurance Market Penetration in Selected Nations (2013)
Figure 4: North American Pet Insurance Market Size, 2008-13E (US$ Millions)
Figure 5: North American Pet Insurance Market Size Forecasted, 2014E-19E (US$ Millions)
Figure 6: Total Number of Pets Owned in the US Market, 2013 (Millions)
Figure 7: The U.S. Pet Industry Expenditure, 2008-14E (US$ Billions)
Figure 8: Pet Expenditure Breakdown in the US Market, 2012-14E (US$ Billions)
Figure 9: Annual Basic Expenses for Dog and Cat Owners in the US Market, 2013-2014 (US$)
Figure 10: The US Pet Insurance Market Written Premium, FY2008-FY2014E (US$ Millions)
Figure 11: The US Pet Insurance Market Written Premium Forecasted, FY2015E-FY2019E (US$ Millions)
Figure 12: The US Pet Insurance Market Share by Competitors (2012)
Figure 13: The UK Pet Insurance Market Size, 2010-13 (US$ Billions)
Figure 14: The UK Pet Insurance Market Size Forecasted, 2014E-19E (US$ Billions)
Figure 15: Japanese Pet Insurance Sales Channel
Figure 16: Japanese Pet Insurance Market Size, FY2011-FY2013 (US$ Millions)
Figure 17: Japanese Pet Insurance Market Size Forecasted, FY2014E-FY2019E (US$ Millions)
Figure 18: Pet Ownership in the US, 2005-18E (Millions of Homes)
Figure 19: Reasons for not Purchasing Pet Health or Medical Insurance (2014)
Figure 20: Allianz Group Revenue by Business Segment (2013)
Figure 21: Allianz Group Property-Casualty Insurance Segment Revenue, 2012-13 (US$ Billions)
Figure 22: Allianz UK: Share of Pet Insurance in Retail Segment
Figure 23: Anicom Holdings, Inc. Revenue, FY2010-FY2014 (US$ Millions)
Figure 24: Pethealth Inc. Consolidated Revenue, FY2010-FY2013 (US$ Millions)

List of Tables

Table 1: Global Pet Insurance History
Table 2: Companion Animal Populations in the US and the main European Markets (2013)
Table 3: Number of Households in the US that Owns a Pet (Millions), 2013-14
Table 4: Mergers and Acquisitions in Pet Health Insurance Market, 2008-13 (US$ Millions)
Table 5: Private Equity Transactions in the US Pet Insurance Industry
Table 6: Comparison of Key Players of Pet Health Insurance in North America
Table 7: Global Pet Insurance Landscape
Table 8: Global Dog Insurance Quotes for Various Companies
Table 9: Global Cat (Mixed Breed) Insurance Quotes for Various Companies
Table 10: Allianz Group Structure - Business Segments and Reportable Segments
Table 11: Pet Insurance Plans of Veterinary Pet Insurance (VPI)
Table 12: Wellness Coverage Plan for Veterinary Pet Insurance (VPI)

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