Germany Pet Insurance Market Analysis and Forecast 2021-2028 by Cover Type (Liability Insurance, Health Insurance), Animal Type (Dogs, Cats, Horses) and Sales Channel (Agency, Broker ) – ResearchAndMarkets.com

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DUBLIN – (COMMERCIAL THREAD)–The Germany Pet Insurance Market Size, Share and Trend Analysis Report by Cover Type (Liability Insurance, Health Insurance), by Animal Type (Dogs, Cats, horses), by sales channel (agency, broker) and segment forecast, 2021-2028 “ report was added to ResearchAndMarkets.com offer.

The size of the German pet insurance market is expected to reach $ 1.9 billion by 2028, according to a new report from the publisher. The market is expected to grow at a CAGR of 14.1% from 2021 to 2028.

The growth is attributable to the increasing prevalence of acute and chronic pet health illnesses, the humanization of pets, and favorable government regulations. For example, liability insurance is compulsory for certain dangerous dog breeds in states such as Saarland, Bremen, Hesse, Nordrhein-Westfalen and Baden-Wurttemberg.

The COVID-19 outbreak has catalyzed the market with an increase in pet adoption and pet health concerns. Wertgarantie Group, Agila’s parent company, reported an exponential increase in dog and cat purchases in Germany in 2020, amid the COVID-19 pandemic. This had a positive impact on the company’s pet health insurance business with approximately 340,000 new contracts.

However, this number contrasts with the 475,000 veterinary bills processed during the period for the benefit of clients. As pet owners become more concerned about the health and well-being of their pets, the demand for pet insurance is expected to increase over time due to the high costs of treatment and surgery, animal health and disease awareness and animal humanization.

Market players are involved in providing affordable insurance products tailored to the needs and budget of pet parents. These include monthly or annual plans, plans based on the type of coverage and sold through various sales channels. Barmenia Insurance, for example, offers equine surgery insurance that offers coverage ranging from colic protection to premium surgery costs. The company’s dog and cat health insurance plans come in 4 variations, with all plans covering operations including partial or local anesthesia with no annual cap.

Another unique selling point seen in the market is the addition of services to improve the value of the product. DFV Deutsche Familienversicherung AG, for example, has partnered with FirstVet to offer veterinary telemedicine services to its animal health policyholders, establishing itself as an Insurtech company.

Highlights of Germany Pet Insurance Market Report

  • Dog segment held the largest revenue share of 57.5% in 2020

  • Factors contributing to the growth of the market include an increase in the number of pets, spending on pet care, and chronic conditions such as joint disorders, fractures, and trauma, which require treatments or interventions. expensive surgical procedures.

  • The health insurance segment dominated the market and accounted for an 80.0% revenue share in 2020, due to growing pet health issues and the need to cut spending.

  • The agency segment dominated the market and accounted for a revenue share of over 56.0% in 2020

  • The brokerage segment, on the other hand, is expected to experience notable growth in the coming years. SanteVet, for example, offers a range of pet insurance products, in which guarantees are underwritten through an insurance brokerage company, Vetassur. SanteVet also partners with other brokers to reach more clients and gain market share

Dynamics of the pet insurance market in Germany

Market driver analysis

  • Increased pet population and spending

  • Increase in veterinary costs

  • Humanization of companion animals

  • Favorable government regulations

Analysis of market constraints

Companies mentioned

  • Petplan (Allianz)

  • Barmenia Versicherungen aG

  • ELEMENT Assurance SA

  • Coya Ltd.

  • DFV Deutsche Familienversicherung AG

  • Getsafe GmbH

  • Helvetia insurance

  • AGILA Pet Insurance AG

  • HealthVet

  • Balunos

For more information on this report, visit https://www.researchandmarkets.com/r/za69tv

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