Global Pet Insurance Market Expected to Expand at a CAGR of 11.0% between 2019 and 2027: Industry Probe
According to a new market report published by Industry Probe (www.industryprobe.com) titled ‘Pet Insurance Market (Pet: Dog, Cat, and Others; Coverage Type: Accident & Illness and Accident Only; Distribution Channel: Online and Offline) – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027’ the global pet insurance market was valued at US$ 5,722.2 Mn in 2018 and is expected to expand at a CAGR of 11.0% from 2019 to 2027.
The report states that the companion animal is a pet – mainly adopted for entertainment, protection, and an individual’s company. Additionally, these pets provide their owner’s both emotional and physical benefits. These factors are increasing the number of pet owners across the globe, thereby positively impacting the global pet insurance market during the forecast period. Moreover, increasing awareness about the proper health and wellness of pets in Europe and North America has resulted in the significant growth of the pet insurance market.