From GlobeNewswire: 2025-05-12 09:15:00

The Pet Insurance Market is booming, set to reach $68.91 billion by 2032 with a CAGR of 18.13%. Pet owners increasingly view pets as family members, driving demand for comprehensive health care coverage. Technology integration and government support are making pet insurance more accessible and consumer-friendly. The U.S. market is projected to reach $19.32 billion by 2032, led by companies like Nationwide and Trupanion.

Accidental & Illness coverage dominates the market, with 84% of revenue coming from this sector in 2023. Pet owners seek comprehensive coverage for veterinary costs, including surgeries, infections, and genetic disorders. Dogs make up 61% of insured pets, with specific policies tailored to breed-specific health risks. The direct sales channel holds a 33% market share, driven by digital self-service capabilities and millennial pet owners prioritizing flexibility and transparency. The pet insurance market is evolving with a direct model that reduces costs for insurers and customers, making coverage more accessible. In Europe, major players like Agria Pet Insurance and Petplan have driven growth, while North America sees rising adoption rates and technological advancements boosting market appeal.

With Europe leading in pet insurance adoption and North America following closely, the market is set for significant growth. The direct model approach is making pet insurance more affordable and accessible, with major players driving market performance in key regions.

The European market dominates pet insurance adoption, with countries like the UK, Germany, and Sweden leading the way. Major insurers and government programs are driving growth, while a focus on policy transparency and effective claims handling ensures customer satisfaction.

Driven by rising pet adoption rates and technological innovations, the North American pet insurance market is poised for growth. With a focus on tailored coverage and real-time reimbursement systems, insurers are meeting the needs of tech-savvy consumers.

SNS Insider offers detailed analysis of the pet insurance market, covering key segments and regional insights. With a focus on market dynamics and competitive landscape, the report provides valuable information for industry stakeholders.



Read more at GlobeNewswire: Global Pet Insurance Market Size to Hit USD 68.91 Billion