Germany Pet Insurance Market Analysis & Forecasts 2021-2028 by Coverage Type (Liability Insurance, Health Insurance), Animal Type (Dogs, Cats, Horses), & Sales Channel (Agency, Broker)
DUBLIN, October 04, 2021–(BUSINESS WIRE)–The “Germany Pet Insurance Market Size, Share & Trends Analysis Report By Coverage Type (Liability Insurance, Health Insurance), By Animal Type (Dogs, Cats, Horses), By Sales Channel (Agency, Broker), And Segment Forecasts, 2021 – 2028” report has been added to ResearchAndMarkets.com’s offering.
The Germany pet insurance market size is anticipated to reach USD 1.9 billion by 2028, according to a new report by the publisher. The market is expected to expand at a CAGR of 14.1% from 2021 to 2028.
The growth is attributable to the increasing prevalence of acute and chronic pet health diseases, the humanization of pets, and supportive government regulations. For example, liability insurance is compulsory for certain dangerous dog breeds in states including Saarland, Bremen, Hessen, Nordrhein-Westfalen, and Baden-Wurttemberg.
The COVID-19 outbreak catalyzed the market with a surge in pet adoption and pet health concerns. Wertgarantie Group, the parent company of Agila, reported an exponential rise in the purchase of dogs and cats in Germany in 2020, amid the COVID-19 pandemic. This positively affected the company’s pet health insurance business with about 340,000 new contracts.
However, this number contrasted the 475,000 veterinary bills processed during the period for the benefit of customers. As pet owners are becoming increasingly concerned about their pet’s health and wellbeing, the demand for pet insurance is expected to increase over time due to the high costs of treatment and surgery, awareness about pet health and diseases, and the humanization of pets.
Market players are involved in providing affordable and tailored insurance products to suit the needs and budget of pet parents. These include monthly or annual plans, plans based on coverage type, and sold through various sales channels. Barmenia Insurance, for instance, offers horse surgery insurance that provides coverage, from colic protection to premium surgery costs. The company’s dog and cat health insurance plans come in 4 variants, wherein all plans cover operations, including partial anesthesia or local anesthesia with no annual maximum.
Service additions to enhance product value is another unique selling point observed in the market. DFV Deutsche Familienversicherung AG, for example, partnered with FirstVet to offer veterinary telemedicine services to its animal health policyholders, thus establishing itself as an Insurtech company.
Germany Pet Insurance Market Report Highlights
The dogs’ segment held the largest revenue share of 57.5% in 2020
The factors contributing to market growth include an increase in the number of pets, pet care expenditure, and chronic conditions such as joint disorders, fractures, and trauma, which require expensive treatments or surgical interventions
The health insurance segment dominated the market and accounted for a revenue share of 80.0% in 2020, owing to growing pet health concerns, and the need to curb expenditure
The agency segment dominated the market and accounted for a revenue share of over 56.0% in 2020
The broker segment, on the other hand, is expected to register notable growth in the coming years. SanteVet for instance provides a range of pet insurance products, wherein guarantees are taken out through an insurance brokerage company, Vetassur. SanteVet also partners with other brokers to reach more customers and gain market share
Germany Pet Insurance Market Dynamics
Market driver analysis
Growing pet population and expenditure
Increasing veterinary costs
Supportive government regulations
Market restraint analysis
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