Pet accident-only insurance hits $1.5b in 2025

Looking ahead, the market is projected to reach $1.80b by 2029.

The pet accident only insurance market is seen to register a compound annual growth rate (CAGR) of 9.6%, from 2024 to 2025.

According to the Business Research Company, the market garnered $1.2b in 2024 and will likely collect $1.5b in 2025.

Growth during this period has been driven by rising pet ownership worldwide, higher veterinary treatment costs, greater awareness of pet health, stronger demand for financial protection for pets, and higher household disposable income.

Looking ahead, the market is projected to reach $1.8b by 2029, growing at a compound annual growth rate of 9.2%. 

This growth is expected to be supported by wider adoption of pet insurance, an increase in pet-related accidents, growing urban pet populations, and easier access to policies through online platforms. 

Rising interest in companion animals is also contributing to demand.

The forecast period is expected to see increased use of technology across the sector, including improved pet health monitoring systems, greater use of artificial intelligence in claims processing, more personalised insurance products, wider adoption of mobile-based insurance applications, and growing use of wearable devices for pets.