Did You Know You Can Buy Insurance for Your Pet?

According to a report from Allied Market Research, there has been an increase in the number of pet owners spending more money on pet healthcare and pet insurance. Spending on the pet insurance market is expected to top $38 billion in less than a decade, nearly quadrupling the $10 billion spending in 2023.

“Pet humanization and the emotional bond between pet owners and their pets are also contributing to this trend,” according to a media release on the report. “Furthermore, high costs of veterinary care, including treatments for chronic and acute illnesses, is making pet insurance attractive to pet owners. This is particularly true for accident and illness policies, which cover a wide range of conditions.”

The report found that “accident only” policies held the highest market share in 2023, accounting for nearly 80% of pet insurance revenues. In addition, insurance for dogs was at the top of the list in pet insurance revenue.

By region, Europe held the highest market share in terms of revenue in 2023, according to the release, accounting for around 40% of the pet insurance market revenue and is estimated to maintain its leadership status during the forecast period.