Summary

Pet Insurance Market Summary

The global pet insurance market size was estimated at USD 18.61 billion in 2024 and is projected to reach USD 79.61 billion by 2033, growing at a CAGR of 17.55% from 2025 to 2033. The growing pet population, adoption of insurance in underpenetrated markets, increasing veterinary care costs, initiatives by key companies, rising penetration of Insurtech, and humanization of pets are some of the critical drivers of this market.

According to the most recent data from NAPHIA's 2024 State of the Industry (SOI) report, 6.25 million pets are insured in North America at the moment. Compared to 2022, when there were 5.36 million pets insured in the region, this indicates a 16.6% growth. The global pet insurance industry is anticipated to grow as a result of the rising prevalence of diseases in dogs and cats as well as the growing trend of pet adoption. The industry is growing because insurance has emerged as a vital tool for pet owners to manage the costs of serious medical conditions such as cancer, chronic illnesses, and unintentional injuries. Since treatments frequently need large capital investments, specialist staff, and cutting-edge diagnostic technology, which raises prices for pet owners, the increase in demand for veterinary healthcare facilities encourages adoption even more.

The rise in pet adoption, particularly during the COVID-19 pandemic, played a catalytic role in reshaping the market. A survey by Petplan in the UK revealed that nearly 26% of owners welcomed a new pet during lockdowns, with companionship and work-from-home flexibility cited as major reasons. This surge in pet ownership translated into stronger demand for financial protection, with about one-fifth of new owners considering insurance policies. Companies like Animal Friends Insurance also innovated by offering coverage for remote veterinary consultations, reflecting the trend of digital healthcare integration in the pet sector.

Globally, cost inflation in veterinary care is a central driver for insurance uptake. A survey conducted in the UK by Petplan showed that around 26% of pet owners welcomed a new pet during lockdowns, citing companionship and work-from-home flexibility as the major reasons. This rise in pet ownership has translated into stronger demand for financial protection, with about one-fifth of new owners considering insurance policies.

The sector is also being shaped by new trends that are specific to each country. The majority of insurance claims in Australia are for "designer dogs," according to data from April 2025. This suggests that there is an increasing requirement for plans that cover health risks unique to breeds and genetics. According to June 2025 data, the total amount of pet owners in South Korea has risen to over 15 million, indicating a sizable untapped insurance market. Long-term market potential is further stimulated by expanding urbanization and pet humanization. Another changing aspect is regulatory scrutiny. The Australian Securities and Investments Commission (ASIC), with an aim to investigate consumer protection and compliance practices temporarily halted pet insurance plans from well-known companies, such as Medibank and Woolworths, in 2023. These instances highlight how crucial transparent product design and reasonable price are to maintaining consumer trust.

Furthermore, a crucial trend in the sector is the inclusion of pet insurance in employee benefits. Employers are including pet insurance benefits in their employee health insurance packages with an aim to retain Gen Z and millennial employees. This illustrates how pet care is becoming more deeply rooted in the corporate and consumer ecosystems.

Overall, with rising pet ownership, higher veterinary costs, growing pet humanization, and innovations in policy design, the global pet insurance industry is poised for robust growth. However, evolving regulatory oversight and shifting consumer expectations will remain critical determinants of how insurers design sustainable and consumer-friendly offerings.

In addition, Insurtechs are reshaping the industry by introducing AI-driven underwriting, digital claims management, and telehealth integration, which streamline processes and improve customer experience. Entry of these platforms into the sector highlights global momentum, with technology-driven platforms enabling faster product launches and tailored plan coverage. Automation and big data analytics are allowing insurers to assess risk more accurately, reduce fraud and improve pricing structures. Insurtechs also leverage mobile-first distribution channels, expanding accessibility and engagement with younger, digital-native pet owners. In addition, partnerships with veterinary networks and embedded insurance models are making policies more relevant and easier to purchase. Overall, insurtech is driving efficiency, affordability, and personalization, accelerating the adoption of pet insurance worldwide.

Global Pet Insurance Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Grand View Research has segmented the global pet insurance market report based on coverage, animal, sales channel, and region.

• Coverage Outlook (Revenue, USD Million, 2021 - 2033)
• Accident & Illness
• Accident only
• Others
• Animal Outlook (Revenue, USD Million, 2021 - 2033)
• Dogs
• Cats
• Others
• Sales Channel Outlook (Revenue, USD Million, 2021 - 2033)
• Agency
• Broker
• Direct
• Bancassurance
• Others
• Regional Outlook (Revenue, USD Million, 2021 - 2033)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
o Italy
o Spain
o Denmark
o Sweden
o Norway
o Austria
o Hungary
o Poland
o Romania
o Czech Republic
o Switzerland
o Luxembourg
o Portugal
o Belgium
o Rest of Europe
• Asia Pacific
o China
o India
o Japan
o Australia
o South Korea
o Thailand
• Latin America
o Brazil
o Argentina
• MEA
o South Africa
o Saudi Arabia
o UAE
o Kuwait
o Qatar
o Oman

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Table of Contents

Table of Contents

Chapter 1. Methodology and Scope
1.1. Market Segmentation and Scope
1.1.1. Regional Scope
1.1.2. Estimates And Forecast Timeline
1.2. Market Definitions
1.3. Research Methodology
1.4. Information Procurement
1.4.1. Purchased Database
1.4.2. GVR’s Internal Database
1.5. Market Formulation & Validation
1.6. Model Details
1.6.1. Commodity flow analysis
1.6.2. Global Market: CAGR Calculation
1.7. Research Scope and Assumptions
1.7.1. List of Secondary Sources
1.7.2. List of Primary Sources
1.7.3. Objectives
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. Global Pet Insurance Market Variables, Trends, & Scope
3.1. Market Lineage Outlook
3.1.1. Parent Market Outlook
3.1.2. Related/Ancillary Market Outlook
3.2. Market Dynamics
3.2.1. Market Drivers Analysis
3.2.1.1. Growing Pet Population
3.2.1.2. Adoption Of Pet Insurance In Underpenetrated Markets
3.2.1.3. Increasing Veterinary Care Costs
3.2.1.4. Rising Penetration of InsurTech
3.2.1.5. Initiatives By Key Companies
3.2.1.6. Humanization Of Pets
3.2.2. Market Restraints Analysis
3.2.2.1. Low Adoption Rate
3.2.2.2. Pet Insurance Cost Concerns
3.2.2.3. Regulatory Scrutiny
3.2.3. Market Opportunity Analysis
3.2.4. Market Challenges Analysis
3.3. Global Pet Insurance Market Analysis Tools
3.3.1. Porter’s Analysis
3.3.2. PESTEL Analysis
3.4. Estimated Pet Population, 2021-2024, by Key Species & Countries
3.5. Estimated Pet Insurance Average Annual Premium (USD), by Key Species & Countries (2024)
3.6. Estimated Pet Insurance Penetration Rate, by Key Species & Countries (2024)
3.7. Case Study Analysis
Chapter 4. Global Pet Insurance Market: Coverage Estimates & Trend Analysis
4.1. Segment Dashboard
4.2. Global Pet Insurance Market: Coverage Movement Analysis, 2024 & 2033 (USD Million)
4.3. Accident & Illness
4.3.1. Accident & Illness Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
4.4. Accident Only
4.4.1. Accident Only Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
4.5. Others
4.5.1. Others Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
Chapter 5. Global Pet Insurance Market: Animal Estimates & Trend Analysis
5.1. Segment Dashboard
5.2. Global Pet Insurance Market: Animal Movement Analysis, 2024 & 2033 (USD Million)
5.3. Dogs
5.3.1. Dogs Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
5.4. Cats
5.4.1. Cats Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
5.5. Others (horses, small mammals, pet birds, etc.)
5.5.1. Other Animal Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
Chapter 6. Global Pet Insurance Market: Sales Channel Estimates & Trend Analysis
6.1. Segment Dashboard
6.2. Global Pet Insurance Market: Sales Channel Movement Analysis, 2024 & 2033 (USD Million)
6.3. Agency
6.3.1. Agency Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
6.4. Broker
6.4.1. Broker Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
6.5. Direct
6.5.1. Direct Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
6.6. Bancassurance
6.6.1. Bancassurance Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
6.7. Others
6.7.1. Others Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
Chapter 7. Global Pet Insurance Market: Regional Estimates & Trend Analysis
7.1. Global Pet Insurance Market Share, By Region, 2024 & 2033 (USD Million)
7.2. North America
7.2.1. North America Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.2.2. U.S.
7.2.2.1. Key Country Dynamics
7.2.2.2. Competitive Insights
7.2.2.3. U.S. Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.2.3. Canada
7.2.3.1. Key Country Dynamics
7.2.3.2. Competitive Insights
7.2.3.3. Canada Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.2.4. Mexico
7.2.4.1. Key Country Dynamics
7.2.4.2. Competitive Insights
7.2.4.3. Mexico Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.3. Europe
7.3.1. Europe Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.3.2. UK
7.3.2.1. Key Country Dynamics
7.3.2.2. Competitive Insights
7.3.2.3. UK Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.3.3. Germany
7.3.3.1. Key Country Dynamics
7.3.3.2. Competitive Insights
7.3.3.3. Germany Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.3.4. France
7.3.4.1. Key Country Dynamics
7.3.4.2. Competitive Insights
7.3.4.3. France Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.3.5. Italy
7.3.5.1. Key Country Dynamics
7.3.5.2. Competitive Insights
7.3.5.3. Italy Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.3.6. Spain
7.3.6.1. Key Country Dynamics
7.3.6.2. Competitive Insights
7.3.6.3. Spain Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.3.7. Sweden
7.3.7.1. Key Country Dynamics
7.3.7.2. Competitive Insights
7.3.7.3. Sweden Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.3.8. Denmark
7.3.8.1. Key Country Dynamics
7.3.8.2. Competitive Insights
7.3.8.3. Denmark Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.3.9. Norway
7.3.9.1. Key Country Dynamics
7.3.9.2. Competitive Insights
7.3.9.3. Norway Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.3.10. Austria
7.3.10.1. Key Country Dynamics
7.3.10.2. Competitive Insights
7.3.10.3. Austria Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.3.11. Hungary
7.3.11.1. Key Country Dynamics
7.3.11.2. Competitive Insights
7.3.11.3. Hungary Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.3.12. Poland
7.3.12.1. Key Country Dynamics
7.3.12.2. Competitive Insights
7.3.12.3. Poland Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.3.13. Romania
7.3.13.1. Key Country Dynamics
7.3.13.2. Competitive Insights
7.3.13.3. Romania Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.3.14. Czech Republic
7.3.14.1. Key Country Dynamics
7.3.14.2. Competitive Insights
7.3.14.3. Czech Republic Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.3.15. Switzerland
7.3.15.1. Key Country Dynamics
7.3.15.2. Competitive Insights
7.3.15.3. Switzerland Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.3.16. Luxembourg
7.3.16.1. Key Country Dynamics
7.3.16.2. Competitive Insights
7.3.16.3. Luxembourg Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.3.17. Portugal
7.3.17.1. Key Country Dynamics
7.3.17.2. Competitive Insights
7.3.17.3. Portugal Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.3.18. Belgium
7.3.18.1. Key Country Dynamics
7.3.18.2. Competitive Insights
7.3.18.3. Belgium Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.4. Asia Pacific
7.4.1. Asia Pacific Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.4.2. China
7.4.2.1. Key Country Dynamics
7.4.2.2. Competitive Insights
7.4.2.3. China Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.4.3. Japan
7.4.3.1. Key Country Dynamics
7.4.3.2. Competitive Insights
7.4.3.3. Japan Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.4.4. India
7.4.4.1. Key Country Dynamics
7.4.4.2. Competitive Insights
7.4.4.3. India Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.4.5. South Korea
7.4.5.1. Key Country Dynamics
7.4.5.2. Competitive Insights
7.4.5.3. South Korea Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.4.6. Australia
7.4.6.1. Key Country Dynamics
7.4.6.2. Competitive Insights
7.4.6.3. Australia Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.4.7. Thailand
7.4.7.1. Key Country Dynamics
7.4.7.2. Competitive Insights
7.4.7.3. Australia Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.5. Latin America
7.5.1. Latin America Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.5.2. Brazil
7.5.2.1. Key Country Dynamics
7.5.2.2. Competitive Insights
7.5.2.3. Brazil Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.5.3. Argentina
7.5.3.1. Key Country Dynamics
7.5.3.2. Competitive Insights
7.5.3.3. Argentina Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.6. Middle East and Africa
7.6.1. Middle East and Africa Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.6.2. Saudi Arabia
7.6.2.1. Key Country Dynamics
7.6.2.2. Competitive Insights
7.6.2.3. Saudi Arabia Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.6.3. South Africa
7.6.3.1. Key Country Dynamics
7.6.3.2. Competitive Insights
7.6.3.3. South Africa Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.6.4. UAE
7.6.4.1. Key Country Dynamics
7.6.4.2. Competitive Insights
7.6.4.3. UAE Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.6.5. Kuwait
7.6.5.1. Key Country Dynamics
7.6.5.2. Competitive Insights
7.6.5.3. Kuwait Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.6.6. Qatar
7.6.6.1. Key Country Dynamics
7.6.6.2. Competitive Insights
7.6.6.3. Qatar Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
7.6.7. Oman
7.6.7.1. Key Country Dynamics
7.6.7.2. Competitive Insights
7.6.7.3. Oman Pet Insurance Market Estimates and Forecasts, 2021 - 2033 (USD Million)
Chapter 8. Competitive Landscape
8.1. Market Participant Categorization
8.2. Company Market Position Analysis/ Heap Map Analysis, 2024
8.3. Estimated Company Market Share Analysis, 2024
8.4. Strategy Mapping
8.4.1. Mergers & Acquisitions
8.4.2. Partnerships & Collaborations
8.4.3. Others
8.5. Company Profiles
8.5.1. Trupanion, Inc.
8.5.1.1. Participant’s Overview
8.5.1.2. Financial Performance
8.5.1.3. Product Benchmarking
8.5.1.4. Strategic Initiatives
8.5.2. Deutsche Familienversicherung AG (DFV)
8.5.2.1. Participant’s Overview
8.5.2.2. Financial Performance
8.5.2.3. Product Benchmarking
8.5.2.4. Strategic Initiatives
8.5.3. Petplan (Allianz)
8.5.3.1. Participant’s Overview
8.5.3.2. Financial Performance
8.5.3.3. Product Benchmarking
8.5.3.4. Strategic Initiatives
8.5.4. Jab Holding Company
8.5.4.1. Participant’s Overview
8.5.4.2. Financial Performance
8.5.4.3. Product Benchmarking
8.5.4.4. Strategic Initiatives
8.5.5. Direct Line
8.5.5.1. Participant’s Overview
8.5.5.2. Financial Performance
8.5.5.3. Product Benchmarking
8.5.5.4. Strategic Initiatives
8.5.6. Lassie
8.5.6.1. Participant’s Overview
8.5.6.2. Financial Performance
8.5.6.3. Product Benchmarking
8.5.6.4. Strategic Initiatives
8.5.7. Getsafe GmbH
8.5.7.1. Participant’s Overview
8.5.7.2. Financial Performance
8.5.7.3. Product Benchmarking
8.5.7.4. Strategic Initiatives
8.5.8. Waggel Limited
8.5.8.1. Participant’s Overview
8.5.8.2. Financial Performance
8.5.8.3. Product Benchmarking
8.5.8.4. Strategic Initiatives
8.5.9. Feather Insurance
8.5.9.1. Participant’s Overview
8.5.9.2. Financial Performance
8.5.9.3. Product Benchmarking
8.5.9.4. Strategic Initiatives
8.5.10. Napo Limited
8.5.10.1. Participant’s Overview
8.5.10.2. Financial Performance
8.5.10.3. Product Benchmarking
8.5.10.4. Strategic Initiatives
8.5.11. Tesco
8.5.11.1. Participant’s Overview
8.5.11.2. Financial Performance
8.5.11.3. Product Benchmarking
8.5.11.4. Strategic Initiatives
8.5.12. Sainsbury Bank Plc.
8.5.12.1. Participant’s Overview
8.5.12.2. Financial Performance
8.5.12.3. Product Benchmarking
8.5.12.4. Strategic Initiatives
8.5.13. Fressnapf Holding SE
8.5.13.1. Participant’s Overview
8.5.13.2. Financial Performance
8.5.13.3. Product Benchmarking
8.5.13.4. Strategic Initiatives
8.5.14. EQT Group
8.5.14.1. Participant’s Overview
8.5.14.2. Financial Performance
8.5.14.3. Product Benchmarking
8.5.14.4. Strategic Initiatives
8.5.15. MetLife Services and Solutions, LLC
8.5.15.1. Participant’s Overview
8.5.15.2. Financial Performance
8.5.15.3. Product Benchmarking
8.5.15.4. Strategic Initiatives
8.5.16. HDFC Ergo
8.5.16.1. Participant’s Overview
8.5.16.2. Financial Performance
8.5.16.3. Product Benchmarking
8.5.16.4. Strategic Initiatives
8.5.17. AliPay
8.5.17.1. Participant’s Overview
8.5.17.2. Financial Performance
8.5.17.3. Product Benchmarking
8.5.17.4. Strategic Initiatives
8.5.18. Nationwide Mutual Insurance Company
8.5.18.1. Participant’s Overview
8.5.18.2. Financial Performance
8.5.18.3. Product Benchmarking
8.5.18.4. Strategic Initiatives
8.5.19. Anicom Insurance
8.5.19.1. Participant’s Overview
8.5.19.2. Financial Performance
8.5.19.3. Product Benchmarking
8.5.19.4. Strategic Initiatives