The Germany Pet Insurance Market size is anticipated to reach USD 1.9 billion by 2028, according to a new report by Grand View Research, Inc. 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.
Related Press Release@ Germany Pet Insurance Market Report
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. SantéVet for instance provides a range
of pet insurance products, wherein guarantees are taken out through an
insurance brokerage company, Vetassur. SantéVet also partners with other
brokers to reach more customers and gain market share
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in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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