Estimates show more than 500 million companion animals in the world.
The global pet insurance market is estimated to have a compound annual growth rate of 34.51% through 2028, according to Technavio’s latest report.
The market is also projected to grow by $30.1b from 2024 to 2028.
The report also estimated there are more than 500 million companion animals in the world, and is only seen to keep growing.
Pet owners are seeking financial protection against unexpected veterinary bills, particularly in the accident & illness segment.
The humanisation of pets has led to a greater focus on their health and wellbeing, driving demand for comprehensive health insurance coverage, Technavio said.
In developing economies, pet insurance schemes are gaining popularity as veterinary service costs continue to rise. Pet insurance plans cater to various animal types, including cats, dogs, horses, and exotic animals.
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