German Pet Insurance Market
Dublin, Aug. 09, 2024 (GLOBE NEWSWIRE) — The “Germany Pet Insurance Market Size, Share & Trends Analysis Report by Coverage Type (Accident & Illness, Accident Only), Animal Type, Sales Channel, and Segment Forecasts, 2024-2030” report has been added to ResearchAndMarkets.com’s offering.
The Germany pet insurance market size is expected to reach USD 2.05 billion by 2030, registering a CAGR of 16.40%
The key factors driving the growth include increasing pet ownership rates, rising awareness about benefits of pet insurance, and growing costs of veterinary care. According to the European Pet Food Industry Federation (FEDIAF) pet population in Germany in 2022 was reported to be 34.4 million, consisting of 15.2 million cats, 10.6 million dogs, 4.9 million small animals, and an unspecified number of ornamental birds.
As the number of pets in households increases, so does the demand for pet insurance to cover veterinary expenses. Variety of policies available in the market caters to the different requirements of pet owners. As veterinary expenses continue to increase, pet insurance has become a crucial investment for numerous individuals and families in Germany.
The competitive landscape of the pet insurance market in Germany encourages insurers to innovate and differentiate their products and services. This competition drives the development of new features, benefits, and pricing strategies, ultimately expanding the market, and attracting more pet owners to purchase insurance.
In June 2023, DFV Deutsche Familienversicherung AG introduced a new line of pet health insurance products. DFV Deutsche Familienversicherung’s new generation of pet health insurance products brings innovation to the market, potentially setting new standards for coverage and benefits. The company’s sustained successful growth and introduction of new products may lead to increased competition in the German pet insurance market as other insurers strive to match or surpass DFV’s offerings.
The pet insurance market in Germany is competitive, with several established players competing for market share. The competition often leads to innovation, improved coverage options, and better customer service, benefiting pet owners by providing a range of choices to suit their needs and preferences. Companies are expanding their reach by acquiring small companies with existing operations or customer bases in Germany.
This strategic move enables them to enter new markets, enhance revenue diversification, and leverage growth prospects beyond their primary markets. For example, in September 2022, Trupanion’s acquired Smart Paws, a pet insurance company experiencing rapid growth in both Germany and Switzerland. This acquisition marks company’s expansion into Europe. This acquisition allows Trupanion to tap into the European market, diversify its revenue streams, and capitalize on growth opportunities in the market.
Germany Pet Insurance Market Report Highlights
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By coverage type, the accident & illness segment dominated with a revenue share of about 81.61% in 2023 and is anticipated to grow at fastest CAGR of 16.60% over the forecast period
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The dogs segment held the largest market share in 2023 in terms of animal type. The others segment, which includes small mammals, horses, reptiles, and birds, is projected to grow at the fastest CAGR from 2024 to 2030.
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By sales channel, the direct sales segment held the highest revenue share in 2023. The others sale channel segment is estimated to grow at the fastest CAGR from 2024 to 2030.
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The rising number of pet adoptions is a major factor driving the market growth. Additionally, the growing awareness and concern among pet owners about their pets’ health, leading to an increased demand for pet insurance.
Companies Featured
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Trupanion, Inc.
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Deutsche Familienversicherung AG (DFV)
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Petplan (Allianz)
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Animal Friends Insurance Services Limited.
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Figo Pet Insurance, LLC
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Direct Line
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Nationwide Mutual Insurance Company
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Embrace Pet Insurance Agency, LLC
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Anicom Insurance
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ipet Insurance Co., Ltd.
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Pumpkin Insurance Services Inc.
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MetLife Services and Solutions, LLC.
Key Attributes:
|
Report Attribute |
Details |
|
No. of Pages |
125 |
|
Forecast Period |
2023 – 2030 |
|
Estimated Market Value (USD) in 2023 |
$719.37 Million |
|
Forecasted Market Value (USD) by 2030 |
$2050 Million |
|
Compound Annual Growth Rate |
16.4% |
|
Regions Covered |
Germany |
Key Topics Covered:
Chapter 1. Methodology and Scope
1.1. Market Segmentation and Scope
1.2. Research Methodology
1.2.1. Information Procurement
1.3. Information or Data Analysis
1.4. General Methodology
1.5. Research Scope & Assumptions
1.6. Market Formulation & Validation
1.7. Model Details
1.7.1. Commodity Flow Analysis
1.7.2. Bottom-Up & Hybrid Model
1.7.3. CAGR Calculation
1.8. List of Secondary Sources
Chapter 2. Executive Summary
2.1. Market Snapshot
2.2. Segment Snapshot
2.3. Competitive Landscape Snapshot
Chapter 3. Market Variables, Trends, & Scope
3.1. Market Lineage Outlook
3.1.1. Parent Market Outlook
3.1.2. Related/Ancillary Market Outlook
3.2. Market Dynamics
3.2.1. Market Driver Analysis
3.2.2. Market Restraint Analysis
3.2.3. Market Opportunity Analysis
3.2.4. Market Challenge Analysis
3.3. Industry Analysis
3.3.1. Porter’s
3.3.2. PESTEL Analysis
3.4. Estimated Pet Population, 2018-2023, by Key Species & Key Countries
3.5. COVID-19 Impact Analysis
Chapter 4. Germany Pet Insurance Market: Coverage Type Estimates & Trend Analysis
4.1. Segment Dashboard
4.2. Germany Pet Insurance Market: Coverage Type Movement Analysis, USD Million, 2022 & 2030
4.3. Accident & Illness
4.4. Accident Only
4.5. Others
Chapter 5. Germany Pet Insurance Market: Animal Type Estimates & Trend Analysis
5.1. Segment Dashboard
5.2. Germany Pet Insurance Market: Animal Type Movement Analysis, USD Million, 2022 & 2030
5.3. Dogs
5.4. Cats
5.5. Other Animal Type
Chapter 6. Germany Pet Insurance Market: Sales Channel Estimates & Trend Analysis
6.1. Segment Dashboard
6.2. Germany Pet Insurance Market: Sales Channel Movement Analysis, USD Million, 2022 & 2030
6.3. Agency
6.4. Broker
6.5. Bancassurance
6.6. Others
Chapter 7. Competitive Landscape
7.1. Market Participant Categorization
7.2. Company Market Position Analysis/ Heap Map Analysis
7.3. Estimated Company Market Share Analysis, 2023
7.4. Strategy Mapping
7.4.1. Mergers & Acquisitions
7.4.2. Partnerships & Collaborations
7.4.3. Others
7.5. Company Profiles
7.5.1. Participant’s Overview
7.5.2. Financial Performance
7.5.3. Product Benchmarking
7.5.4. Strategic Initiatives
For more information about this report visit https://www.researchandmarkets.com/r/2cmwuc
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