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DUBLIN – (BUSINESS WIRE) – The “Germany Market Analysis Report on Market Size, Share and Trend” by Coverage Type (Liability Insurance, Health Insurance), By Animal Type (Dogs, Cats, Horses), By Distribution Channel (Agency, Broker), and Segment Forecasts, 2021-2028 “report has been added to ResearchAndMarkets.com to offer.
According to a new report from the publisher, the animal insurance market in Germany is expected to reach 1.9 billion US dollars by 2028. The market is expected to grow at a CAGR of 14.1% from 2021 to 2028.
The growth is due to the increasing prevalence of acute and chronic health diseases in pets, the humanization of pets, and supportive government regulations. For example, in the federal states of Saarland, Bremen, Hesse, North Rhine-Westphalia and Baden-Württemberg, liability insurance is mandatory for certain dangerous dog breeds.
The COVID-19 outbreak catalyzed the market with a surge in pet adoption and pet health. Wertgarantie Group, the parent company of Agila, reported an exponential increase in purchases of dogs and cats in Germany in 2020 amid the COVID-19 pandemic. With around 340,000 new contracts, this had a positive effect on the company’s pet health insurance business.
However, that number contrasted with the 475,000 veterinary bills processed for the benefit of customers during the reporting period. As pet owners become increasingly concerned about the health and wellbeing of their pets, the demand for pet insurance is expected to increase over time due to the high cost of treatment and surgery, awareness of pet health and diseases, and the humanization of pets will increase.
Market participants are involved in offering affordable and tailor-made insurance products that are tailored to the needs and budget of pet owners. This includes monthly or annual plans, plans based on the type of insurance and sold through different sales channels. Barmenia Versicherung, for example, offers equine surgery insurance that covers everything from colic protection to premium surgery costs. The company’s health insurance for dogs and cats comes in 4 variants, with all plans covering operations including partial or local anesthesia with no annual cap.
Service supplements to increase product value are another unique selling point in the market. For example, DFV Deutsche Familienversicherung AG has teamed up with FirstVet to offer veterinary telemedicine to those insured for animal health and to establish itself as an insurtech company.
Highlights of the pet insurance market report in Germany
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The dogs segment held the largest share of sales with 57.5% in 2020
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Factors contributing to market growth include an increase in the number of pets, pet care expenses, and chronic conditions such as joint disease, fractures, and trauma that require expensive treatments or surgery
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The health insurance segment dominated the market with a revenue share of 80.0% in 2020 due to growing pet health concerns and the need to curb spending
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The agency segment dominated the market with a revenue share of over 56.0% in 2020
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In the broker segment, on the other hand, significant growth is expected in the coming years. For example, SanteVet offers a range of pet insurance products that come with warranties through an insurance broker, Vetassur. SanteVet is also working with other brokers to reach more customers and gain market share
Market dynamics for animal insurance in Germany
Market driver analysis
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Growing pet population and spending
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Rising veterinary costs
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Animal humanization
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Supporting Government Regulations
Analysis of market reluctance
Mentioned companies
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Petplan (Alliance)
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Barmenia Insurance aG
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ELEMENT Insurance AG
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Coya Ltd.
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DFV Deutsche Familienversicherung AG
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Getsafe GmbH
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Helvetia insurance
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AGILA Pet Insurance AG
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SanteVet
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Balunos
Please visit https://www.researchandmarkets.com/r/za69tv for more information on this report
