Global Pet Insurance Market Size to Hit USD 68.91 Billion

Austin, May 12, 2025 (GLOBE NEWSWIRE) — Pet Insurance Market Size & Growth Analysis:

According to a new report published by SNS Insider, the Pet Insurance Market size was valued at USD 15.4 billion in 2023 and is projected to reach USD 68.91 billion by 2032, growing at an impressive compound annual growth rate (CAGR) of 18.13% over the forecast period 2024–2032.

Pets are becoming more and more seen by pet owners as family members, which drives demand for thorough health care. Thanks to developments in veterinary care, including diagnostics, surgeries, and specialized treatments, costs have skyrocketed, and more homes are looking for financial security via pet insurance coverage.

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While new competitors into the market have brought competitive pricing models and creative insurance products, technology integration and digital claim processing have simplified the consumer experience.  Pet insurance is also being driven by governments and veterinary societies all around as a means of guaranteeing animal welfare and ethical pet ownership.

With a CAGR of 18.05%, the U.S. Pet Insurance Market is projected to rise to USD 19.32 billion by 2032 from USD 4.35 billion in 2023. In 2023, the United States will held a significant share of the global pet insurance market. Strong pet ownership culture, rising pet disease prevalence, and growing acceptance of accident and illness coverage promote this increase. Leading the industry are companies like Nationwide, Trupanion, and Healthy Paws; meanwhile, groups suthe North American Pet Health Insurance Association (NAPHIA) keep advocating uniform coverage and openness.  By guaranteeing policy clarity and improved claims handling, recent legislative initiatives in states including California and New York are also increasing consumer confidence.

Major Players Analysis Listed in this Report are:

• Nationwide Mutual Insurance Company (Whole Pet with Wellness, Major Medical)​
• MetLife Services and Solutions, LLC (MetLife Pet Insurance, PetFirst Pet Insurance)​
• UK Insurance Limited (Direct Line Pet Insurance, Churchill Pet Insurance)​
• Pumpkin Insurance Services Inc. (Pumpkin Pet Insurance Plans, Preventive Essentials)​
• Anicom Holdings, Inc. (Anicom Pet Insurance, Wellness Plans)​
• Trupanion (Trupanion Pet Insurance, PHI Direct)​
• American Modern Insurance Group, Inc. (American Modern Pet Insurance, Specialty Coverages)​
• DFV Deutsche Familienversicherung AG (DFV Pet Protection, Digital Pet Insurance)​
• Allianz p.l.c. (Allianz Pet Insurance, Petplan)​
• Figo Pet Insurance LLC (Figo Pet Insurance Plans, Wellness Powerup)​
• Fetch Pet Insurance (Fetch by The Dodo, Comprehensive Coverage)​
• Cardif Pinnacle (Everypaw Pet Insurance, Helpucover Pet Insurance)​
• Future Generali India Insurance (FG Dog Health Cover, FG Health Absolute)​
• Tractive (Tractive GPS Tracker, Tractive Pet Cover)​
• Healthy Paws Pet Insurance (Unlimited Lifetime Coverage, No Caps on Claims)​
• Embrace Pet Insurance (Accident & Illness Coverage, Wellness Rewards)​
• ASPCA Pet Health Insurance (Complete Coverage, Accident-Only Coverage)​
• Petplan Pet Insurance (Comprehensive Coverage, Customizable Plans)​
• Pet Assure (Veterinary Discount Plan, Wellness Coverage)​
• Lemonade Pet Insurance (Preventive Care Package, Extended Accident and Illness Coverage)

Pet Insurance Market Report Scope

Segmentation Analysis

By coverage

With an astounding 84% of the Pet Insurance Market revenue coming from the Accidental & Illness coverage sector, it dominated the market in 2023. Veterinary costs, including injuries, operations, infections, genetic disorders, and diseases, including cancer or arthritis, are included in this section. Pet owners want this kind of thorough coverage since growing veterinarian expenses and the erratic nature of health problems call for it.  Including diagnostics such as MRI, CT scans, and blood testing has made accident and illness policies a necessary instrument for financial planning. Its attraction also comes from the customization freedom for deductions and reimbursement levels. Pet owners are choosing insurance with full-spectrum protection instead of simple accident-only plans as veterinarian treatments become more advanced.

By Animal

With 61% of the market share, the dogs dominated the market, the dog’s category will be the most insured kind of pet in 2023, therefore consolidating their position. Compared to other animals, dogs can demand more frequent veterinarian visits, immunizations, and inherited ailment treatments. Because of their increased activity levels, they are also more likely to have mishaps, which drives owners to get insurance for peace of mind. Big companies have created policies catered to breed-specific hazards, such as respiratory problems in Bulldogs or hip dysplasia in German Shepherds. Many times, canine insurance plans cover alternative therapies such as acupuncture or physiotherapy, as well as dental work and behavioural therapy.  The market domination of the category is greatly influenced by the loyalty of dog owners to their dogs as well as increased knowledge of their health requirements.

By Sales Channel

The direct sales channel accounted for the largest share of 33% in the global pet insurance market in 2023. Direct sales channels, facilitated by online platforms and smartphone apps, have helped direct-to-consumer models change the way pet insurance is marketed. Consumers want digital self-service capabilities with policy management, coverage comparisons, and instantaneous quotations more and more. Leading insurance companies have improved their online presence using websites and applications providing real-time claim tracking, chatbot support, and policy customization. Millennial pet owners who give openness, easy-to-use interfaces, and flexibility top priority also drive this change. The direct model allows insurers to reduce operational costs and pass savings onto customers, making pet insurance more accessible and affordable.

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Pet Insurance Market Segments

By Animal

By Coverage

• Accident only
• Accident & Illness
• Others

By Sales Channel

• Agency
• Bancassurance
• Broker
• Direct
• Others

Regional analysis

The Europe region dominated the market in 2023, and it held the largest market share of 41%. With almost 30% of pet owners in the UK having insurance, nations such as Germany, Sweden, and the United Kingdom have developed pet insurance cultures.  Strong performance of the area is attributed in part to the presence of major insurance companies such as Agria Pet Insurance and Petplan, as well as proactive government programs advancing animal welfare. Policy openness is stressed by European authorities to guarantee uniform coverage and effective claims handling. Moreover, the connection of insurance with veterinarian clinics helps pet owners to quickly get treatment and file claims.

Driven by rising pet adoption, high veterinary service spending, and growing awareness of pet insurance, North America is the second-dominant area with noteworthy CAGR over the forecast period. With more than 66% of American homes having pets, the market is likely to grow as awareness campaigns and association-sponsored educational initiatives support insurance uptake.  Pet insurance is becoming more appealing to technologically informed consumers thanks to innovations in tailored coverage, artificial intelligence-driven risk assessment, and real-time reimbursement systems. Rising pet healthcare expenses also force insurers to provide telemedicine consultations, wellness add-ons, and bundled services.

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Table of Contents – Major Key Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

6. Competitive Landscape

7. Pet Insurance Market by Animal

8. Pet Insurance Market by Coverage

9. Pet Insurance Market by Sales Channel

10. Regional Analysis

11. Company Profiles

12. Use Cases and Best Practices

13. Conclusion

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