- Pet insurance, providing financial protection against veterinary expenses, is an essential component of responsible pet ownership—gaining traction across developed and emerging markets due to rising pet adoption, steep veterinary care costs, and growing awareness of animal wellness
- The increasing demand for pet insurance is driven by the humanization of pets, higher incidence of chronic conditions and injuries, and the availability of flexible, digitally accessible insurance plans
- North America dominated the pet insurance market with a revenue share of 35.0% in 2024, propelled by high pet ownership, premium veterinary costs, strong digital platforms, and innovative product offerings. The U.S. market—surpassing $5.7 billion in premiums in 2024 with over 7 million pets insured—underscores this dominance
- Asia-Pacific is poised to be the fastest-growing region in the pet insurance market during the forecast period, with an estimated CAGR of 17.6%, supported by rising disposable incomes, urbanization, and increasing awareness of pet health, especially in China, India, Japan, and Australia
- The lifetime cover pet insurance segment dominated the market with a share of 61.5% in 2024, owing to its comprehensive nature that ensures continued coverage for chronic and recurring conditions throughout a pet’s life. This segment’s popularity is driven by growing awareness among pet owners about long-term health risks and the financial benefits of consistent insurance support
