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Desire for financial security, more veterinary centers to lift pet insurance

The global pet insurance sector is anticipated to see a 14.3% CAGR through 2030.

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Although coverage for dogs made up the lion share of policies during 2020, accounting for more than four-fifths of the global market, insurance policies covering cats are anticipated to see higher growth during the forecast period, according to Allied Market Research. (Credit: iamnottaa/Shutterstock) Although coverage for dogs made up the lion share of policies during 2020, accounting for more than four-fifths of the global market, insurance policies covering cats are anticipated to see higher growth during the forecast period, according to Allied Market Research. (Credit: iamnottaa/Shutterstock)

The worldwide pet insurance sector is anticipated to see a value of $16.81 billion by 2030, according to Allied Market Research, which projects the market to see a 14.3% compound annual growth rate (CAGR) during the period.

During the pandemic, one in five households adopted a pet, the American Society for the Prevention of Cruelty to Animals reported. This has helped lift the market, as has the growing number of veterinary clinics that have opened globally, according to Allied Market Research.

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Steve Hallo

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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