As cited by the research report titled ‘North America Pet Insurance Market Size By Policy Coverage, By Animal, By Provider, Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 – 2027’, available with Market Study Report, North America pet insurance market is anticipated to accumulate USD 3.8 billion between 2021 and 2027.
 

Increasing pet adoption, rising healthcare expenditure of pet owners, along with growing concerns regarding coronavirus infection are the major factors driving North America pet insurance market growth. Moreover, awareness regarding pet insurances among pet owners, in tandem with various insurance companies covering Covid-19 treatments, diagnostic testing, and surgeries are generating lucrative prospects for the business scenario.
 

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Based on policy coverage, North America pet insurance industry is segmented into accident & illness, accident only, and others. Among these, accident & illness segment accrued USD 1.8 billion in 2020 and is anticipated to show lucrative growth trend through 2027, owing to inclination of customers towards insurance companies covering hospitalization & treatment expenses for test, infections, surgeries, broken bones, allergies, poison ingestion, and others.
 

Speaking of animals, the marketplace is divided into cats, dogs including others. As cited in the report, cat insurance segment is expected to bolster at 10.5% CAGR over the forecast duration, on account of increased adoption of cats across the U.S. and Canada as they can be good companions during self-isolation.
 

Moving on to provider, the business space is classified into private provider, and public provider. Among these, North America pet insurance industry size from public provider segment is slated to reach USD 149.1 million by the year 2027, credited to increased demand for pet insurance among owners who are looking to insure their rabbits, ferrets, hamsters, guinea pigs, birds, fishes, and reptiles.
 

As per the geographical analysis, the U.S. pet insurance market is expected to grow considerably through 2027, due to huge elderly population base fulfilling their need for companion by adoption of pets, especially during these challenging times of a pandemic.
 

Elaborating on the competitive landscape, Trupanion, PetPremium, Pethealth Inc., PetFirst Healthcare LLC, Veterinary Pet Insurance Services Inc. (Nationwide), Healthy Paws Pet Insurance LLC, Health for Pet, Figo Pet Insurance LLC, Embrace Pet Insurance Agency LLC, and Crum & Forster Pet Insurance Group are the top-tier players influencing the North America pet insurance industry dynamics.