Pet insurance seen hitting $24b on 18% CAGR

Within services the segment is expected to represent about 0.09% of the total market.

The global pet insurance segment is expected to grow beyond $24b by 2030, representing about 0.2% of the entire insurance market.

This compares with the broader insurance market, which is expected to reach about $11.6t by the same year reference.

Within the wider services sector, estimated at $26t by 2030, pet insurance will account for around 0.09%.

Growth in the segment is expected to outpace most other insurance lines, with a projected compound annual growth rate of 18% through to 2030.

By product type, accident and illness policies are expected to dominate, accounting for around 86% of the market, or about $21b in premiums by 2030.

Demand for these policies is being driven by increasing awareness of comprehensive pet healthcare, as well as the rising incidence of chronic and acute conditions requiring costly treatment.