According to the research report titled ‘Asia Pacific Pet Insurance Market Size By Animal, By Policy Coverage, By Provider, Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 – 2027’, available with Market Study Report, Asia Pacific pet insurance market is expected to cross a valuation of USD 1.8  billion by the end of the forecast period 2021-2027.
 

As per the report findings, surging adoption of pets, growing importance of pet healthcare, availability of numerous insurance policy options for pets, and rising awareness about the same are propelling Asia Pacific pet insurance industry growth.
 

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For the record, Bajaj Allianz General Insurance launched pet insurance policy for dogs of 3 months to 10 years in India during August 2020. Introduction of such innovative and lucrative schemes will continue to enhance the business landscape in the upcoming years.
 

Further, the COVID-19 pandemic has augmented the adoption of pets during the first wave across APAC, especially for providing companionship to the elderly populace.
 

Speaking of policy coverage, the market is classified into accidents & illness, accident only and others. In terms of animal type, the industry segmentation consists of dogs, cats and others.
 

Based on provider, Asia Pacific pet insurance market is bifurcated into public provider and private provider, among which the latter segment is showing significant momentum. Growing efforts of private insurance providers to cater to customers who are looking to cover needs including accidents, chronic conditions and others are positively impacting the segmental expansion. Further, some providers also facilitate multi-pet insurance policies to cover multiple pets in a single plan, enticing a considerable number of customers.
 

Considering the geographical landscape, China has captured a major portion of the market share in the recent past and is anticipated to remain a lucrative growth avenue through 2027. The market in China is slated to record 12.8% CAGR over the forecast period, creditable to surging adoption of pet cats & dogs and escalating use of pet insurances. In fact, the country had 5000 insurance clients in 2015, which grew to 160000 clients in 2019.
 

India, Malaysia, Australia, South Korea, Singapore, and Thailand are the other key geographies covered in the research literature.
 

The competitive landscape of Asia Pacific pet insurance industry sphere is defined by Anicom Holdings Inc., Oneplan Insurance, Hollard Group, RSA Insurance Group Ltd., Pet Plan Ltd., and The Oriental Insurance Company Ltd. among others.