According to the research report titled ‘Europe Pet Insurance Market Size By Provider, By Policy Coverage, By Animal, Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 – 2027’, available with Market Study Report, Europe pet insurance market is expected to accumulate a valuation of USD 5.1  billion over 2021-2027.
 

Surging adoption of pets, soaring veterinary cost, availability of numerous insurance policy options for pets, and rising awareness about the same are expanding Europe pet insurance industry size. Moreover,  innovative pet insurance offerings by companies coupled with introduction of beneficial rules and regulations through partnerships between insurance providers and veterinarians are also enhancing the  market growth.
 

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Notably, pets provide a sense of belonging, lowers the risk of loneliness and depression, and helps in lower blood pressure. This favors their adoption and subsequently augments the demand for pet insurance altogether.
 

On the contrary, dearth of standardized pet health codes for reimbursement is expected to hamper the market growth in the upcoming years.
 

Based on policy coverage, the market is classified into accidents & illness, accident only, and others. The accident segment acquired major portion of the market share by generating a revenue of USD 65.3 million in 2020, and is anticipated to grow at 3.4% CAGR through 2027 as pet owners generally apply for this insurance coverage since it covers all kinds of accidents for pets.
 

In terms of animal type, Europe pet insurance industry segmentation consists of dogs, cats and others. The cat segment is expected to register 6.7% CAGR during the analysis timeframe owing to surging cat adoption in the UK, Germany, Italy, Russia, Poland and other countries. In fact, the reports by European Pet Food Industry Federation cite that Germany and France recorded 14.5 million and 13.5 million cat adoptions in 2019, respectively.
 

Based on provider, the market is bifurcated into public provider and private provider, among which, the former segment is anticipated to acquire USD 269.8 million by 2027. This can be ascribed to public insurance providers offerings innovative medical plans as well as unique insurance schemes along with multi-pet insurance policies.
 

Geographically, Italy pet insurance market is expected to record strong growth rate of 10.3% over 2021-2027, owing to increasing pet adoption among the populace and rising availability of lucrative insurance schemes in the country.
 

The competitive landscape of Europe pet insurance industry is defined by Petfirst Healthcare LLC, Hollard Group, RSA Insurance Group Ltd., Petplan Inc., and ProtectaPet Ltd.