The Europe pet insurance market size was exhibited at USD 7.85 billion in 2024 and is projected to hit around USD 32.88 billion by 2034, growing at a CAGR of 15.4% during the forecast period 2025 to 2034.
| Report Coverage | Details |
| Market Size in 2024 | USD 9.06 Billion |
| Market Size by 2033 | USD 32.88 Billion |
| Growth Rate From 2024 to 2033 | CAGR of 15.4% |
| Base Year | 2024 |
| Forecast Period | 2025-2034 |
| Segments Covered | Animal, Coverage, Sales Channel, Country |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regional scope | Europe |
| Key Companies Profiled | Trupanion; DFV; Petplan (Allianz); PetPartners, Inc.; GETSAFE; Direct Line (UK Insurance Limited); Embrace Pet Insurance Agency; LLC (JAB Holding Company); Waggel Limited; Perfect Pet Insurance; Deutsche Familienversicherung AG (DFV);Petplan (Allianz); EQT AB; ProtectaPet; Perfect Pet Insurance; Feather Insurance (Popsure Deutschland GmbH); Agria Pet Insurance Ltd |
This growth is primarily fueled by the increasing number of pets, growing adoption of pet insurance in European countries, increasing initiatives by major players, and growing humanization of pets. According to the European Pet Food Industry Federation (FEDIAF), in 2022, 129.0 million cats, 106.0 million dogs, and 30.0 million small mammals were recorded in Europe.
Furthermore, there were 166.0 million pet-owning homes in Europe, with at least one dog or cat owned by 25% and 27% of families, respectively. This growth in pet ownership directly correlates with an increase in the demand for pet-related products and services, including veterinary care & pet insurance. A larger pet population provides a larger pool of potential customers for pet insurance companies, thereby driving market growth.
Pet care costs have been steadily increasing over the years due to various factors, including advancements in medical technology, higher demand for specialized treatments, and increasing overhead costs for veterinary practices. As a result, pet owners are faced with escalating bills for routine check-ups, vaccinations, surgeries, medications, and emergency treatments. The affordability of these veterinary services becomes a concern for many pet owners, especially when faced with unexpected medical emergencies or chronic conditions. The study found that the human-animal link is strong, that pets benefit their owners' health, and that greater bonds are associated with better medical treatment. According to the survey, 93% of pet owners in Germany and 84% of pet owners in the UK claim to have benefited from the human-animal link in terms of their mental and physical health.
Government regulatory bodies can influence the pet insurance market in Europe by establishing favorable regulatory frameworks that encourage industry growth. For instance, in Germany, dog parents must register their dogs with the government and pay a dog tax. Dog liability insurance is mandatory in certain German states including Berlin, Hamburg, Thuringia, Saxony-Anhalt, and Lower Saxony. Pet insurance providers such as Lassie AB offer two variants of dog liability insurance policies- either with no deductible or with a deductible of EUR 150 (USD 164) per claim. Private stakeholders, including pet insurance companies, veterinarians, pet product manufacturers, and retail outlets, are increasingly collaborating to drive innovation and expand the reach of pet insurance products and services. Such supportive initiatives are expected to fuel the adoption of pet insurance in Europe.
The market presents several opportunities for growth and innovation, especially considering the increasing importance of pets in people's lives and the evolving expectations of pet owners. One of these opportunities is identifying and targeting niche segments within the pet insurance market, such as exotic pet owners, senior pet owners, or owners of specific breeds, can be a lucrative strategy. Developing specialized insurance products tailored to the unique needs of these segments can help differentiate offerings and attract loyal customers. Fetch, Inc. offers custom dog insurance plans based on breed. Its policy for Labrador Retriever, for instance, provides cover for breed-specific issues such as hip dysplasia, ACL tear, and swallowed objects. Another crucial opportunity which can provide lucrative market growth is educating pet owners about the importance of pet insurance, preventive care, and responsible pet ownership can help increase awareness & adoption of insurance products. Investing in educational initiatives through online resources, workshops, and community outreach programs can position insurance companies as trusted advisors in the pet healthcare space
Based on animal, the market is segmented into dogs, cats, and others. In 2024, the dogs segment dominated the market with a substantial share of 50.35% due to the growing pet adoption, expansion of service offerings by insurance companies, and growing disposable income. Pet insurance plans for dogs cover a wide range of conditions, such as outpatient and inpatient treatment, health checks, preventive measures such as vaccinations, dental prophylaxis, flea & tick prevention, costs of medication, bandages, castration & sterilization, and operations. Moreover, in Germany, pets are treated as beloved family members. The growing need to lower financial risks and safeguard pet health is expected to drive the market.
The other animals segment such as horses, small mammals, reptiles, and others are expected grow at the fastest CAGR 17.04% during the forecast period. This growth is driven by the evolving pet ownership patterns, increasing demand for specialized coverage, advancements in veterinary care, and favorable economic conditions. As pet owners become more aware of the unique health risks and care requirements associated with different animals, the demand for specialized insurance products has surged. Horse insurance by Petplan, for instance, covers vet fees, personal accidents, permanent loss of use, and third-party liability, insuring horses up to 25 years old. The company provides three plans: horse insurance plan for first-time owners or serious competitors, veteran plan for horses aged 17 to 40 years, and essential insurance policy for riders aged 5 to 75 years who do not own a horse.
In 2024, the accident and illness segment dominated the European pet insurance market, accounting for over 84.07% of the total share. This dominance is driven by the high costs of veterinary treatments, the rising number of companion animals, and increasing awareness of the benefits of pet insurance. These policies offer extensive coverage, including for medications, chronic and acute diseases, and diagnostic tests. This comprehensive protection appeals to pet owners, contributing to the segment's rapid growth. For instance, PetGuard, a UK-based insurer, provides accident and illness coverage with annual payouts up to USD 3,848.84, USD 7,697.67, or USD 15,395.34 to cover treatment costs for pets. This trend of growth in the accident and illness segment is expected to continue as more pet owners recognize the value of such comprehensive coverage.
The other insurance type such as liability insurance policies, lifetime insurance, and surgery are expected grow at the fastest CAGR of 16.84% during the forecast period. This growth is attributed to the need for coverage against potential damage and legal costs, particularly for dogs and horses. Companies like BavariaDirekt and Barmenia Insurance in Germany provide various liability policies, including those for horse owners that cover extensive damages and costs. Renters insurance often includes minimal liability coverage for dogs, with typical legal costs for dog bites ranging from USD 100,000 to USD 300,000. The average cost of dog bite claims has surged, reaching around USD 50,245 in 2020, highlighting the increasing importance of such insurance coverage.
Based on sales channel, the direct channel segment held the largest share of 35.0% in 2024. This can be attributed to the high usage of direct sales strategies by key pet insurance providers. DFV Deutsche Familienversicherung AG, for instance, reported that direct sales contributed to 87.3% of the company’s new business during 2020. Similarly, Petplan, reported that direct sales accounted for about 61% of its personal lines insurance revenue in 2020. Moreover, direct sales channels possess multiple benefits over others, which promotes segment growth. This channel often allows for more personalized customer service and policy customization. Pet owners can tailor their coverage to meet the specific needs of their pets, which is a strong incentive for choosing direct sales.
The others segment comprises employers, pet stores, animal care centers, vets, and is anticipated to register the fastest growth over the forecast period. This can be attributed to the increasing number of companies onboarding veterinary care providers and pet stores as a means to reach consumers or pet parents. Petplan-a leading company in the Europe pet insurance market, for instance, attributed 4.5% of its revenue in 2020 to vets. Similar partnerships between insurance providers and other industry stakeholders are anticipated to contribute to the segment growth over the forecast period. Moreover, veterinary clinics often promote preventive care, which can be more affordable and effective when covered by insurance. This encourages pet owners to invest in insurance plans that cover such services.
UK Pet Insurance Market Trends
The UK pet insurance market dominated in the region with a share of over 26.44%. The dominance is bolstered by rising pet ownership and increasing awareness of pet health risks. The Association of British Insurers (ABI) reported that pet insurance payouts in 2022 exceeded GBP 1 billion (USD 1.28 Bn), the highest on record since data collection began in 2007. This averages GBP 2.8 million (USD 3.57 Mn) paid out daily for veterinary treatments and diagnoses. This surge reflects rising pet ownership costs and the growing number of insured pets. In 2022, 1.3 million claims were made, a 28% increase from the previous year, with payouts rising by 17%. Dogs accounted for 75% of claims, cats 20%, and other pets 5%. The most common claims involved spinal surgery, costing between USD 10,201.74 and USD 12,752.17, while ongoing claims were often for skin conditions and diabetes.
Germany Pet Insurance Market Trends
The pet insurance market in Germany is thriving due to a combination of high pet ownership rates and a strong emphasis on pet health. The German pet insurance market benefits from a robust regulatory environment and increased consumer awareness of the financial benefits of pet insurance. According to FEDIAF estimates, 25% of German households owned at least one dog in 2023, while 26% owned at least one cat. According to a 2020 survey by Coya, an insurance provider for pets in Germany, the country had some of the best cities in the world to own and raise a pet. In addition, in its Best Cities for Dogs Index, Munich, Cologne, Hamburg, Berlin, and Frankfurt ranked in the top 30.
Spain Pet Insurance Market Trends
The pet insurance market in Spain is expanding significantly due to increasing pet ownership and rising disposable incomes. As Spanish households spend more on pets, there is a growing recognition of the financial benefits of insurance. As per the recent animal welfare law in the country, which was enacted in September 2023, pet owners would be forced to purchase liability insurance for their pets under the new regulations. The annual payment is likely around USD 27.2 to USD 32 and approximately USD 54.5 for dogs assessed to be of a dangerous breed. Dog owners who do not have this insurance as of September 29, 2023, are subject to fines from USD 545.07 to USD 1,090.1. Pet owners are opting for insurance policies to save extra expenses, which is expected to fuel the market growth over the forecast period.
Sweden Pet Insurance Market Trends
The pet insurance market in Sweden is expanding rapidly due to a high rate of pet ownership and increasing public awareness of the benefits of pet insurance. It is set to showcase the highest growth of over 17.74% in Europe throughout the forecast period of 2025-2030. Sweden has one of the highest pet ownership rates in Europe, and with this comes a growing demand for insurance to cover the costs of veterinary care. According to the National Association of Insurance Commissioners, over a million dogs were kept as pets in Sweden in 2021, and 90% had insurance. Dog insurance is voluntarily purchased by many pet owners in Sweden, with annual premiums averaging USD 536. In addition, the expansion of key insurance companies into the Sweden pet insurance market is fueling market growth. For instance, in May 2023, Hedvig, a Swedish full-stack insurer, entered the pet insurance market. The company’s coverage includes compensation for time spent at home caring for pets and offers a SEK 1,000 deductible discount if policyholders use FirstVet. Claims can be reported through Hedvig's app. Such expansions strengthen competition, diversify coverage options, and boost consumer interest, driving the overall growth of the pet insurance market in Sweden.
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the Europe pet insurance market
Animal
Coverage
Sales Channel
Regional
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Segment Definitions
1.2.1. Animal
1.2.2. Coverage
1.2.3. Sales Channel
1.2.4. Country scope
1.2.5. Estimates and forecasts timeline
1.3. Research Methodology
1.4. Information Procurement
1.4.1. Purchased database
1.4.2. internal database
1.4.3. Secondary sources
1.4.4. Primary research
1.5. Information or Data Analysis
1.5.1. Data analysis models
1.6. Market Formulation & Validation
1.7. Model Details
1.7.1. Commodity flow analysis (Model 1)
1.7.2. Approach 1: Commodity flow approach
1.8. List of Secondary Sources
1.9. List of Primary Sources
1.10. Objectives
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.2.1. Animal
2.2.2. Coverage
2.2.3. Sales Channel
2.2.4. Regional outlook
2.3. Competitive Insights
Chapter 3. Europe Pet Insurance Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent market outlook
3.1.2. Related/ancillary market outlook
3.2. Market Dynamics
3.2.1. Market driver analysis
3.2.1.1. Increasing Pet Population
3.2.1.2. Rising Pet Care Costs
3.2.1.3. Increasing Pet Humanization & Expenditure on Pets
3.2.2. Market restraint analysis
3.2.2.1. Lack of Awareness & Penetration
3.3. Europe Pet Insurance Market Analysis Tools
3.3.1. Industry Analysis - Porter’s
3.3.1.1. Supplier power
3.3.1.2. Buyer power
3.3.1.3. Substitution threat
3.3.1.4. Threat of new entrant
3.3.1.5. Competitive rivalry
3.3.2. PESTEL Analysis
3.3.2.1. Political landscape
3.3.2.2. Technological landscape
3.3.2.3. Economic landscape
Chapter 4. Europe Pet Insurance Market: Animal Estimates & Trend Analysis
4.1. Europe Pet Insurance Market: Animal Dashboard
4.2. Europe Pet Insurance Market: Animal Movement Analysis
4.3. Europe Pet Insurance Market by Animal, Revenue
4.4. Dogs
4.4.1. Dogs market estimates and forecasts 2021 to 2033 (USD Million)
4.5. Cats
4.5.1. Cats market estimates and forecasts 2021 to 2033 (USD Million)
4.6. Other
4.6.1. Other market estimates and forecasts 2021 to 2033 (USD Million)
Chapter 5. Europe Pet Insurance Market: Coverage Estimates & Trend Analysis
5.1. Europe Pet Insurance Market: Coverage Dashboard
5.2. Europe Pet Insurance Market: Coverage Movement Analysis
5.3. Europe Pet Insurance Market Estimates and Forecasts, By Coverage , Revenue (USD Million)
5.4. Accident & Illness
5.4.1. Accident & Illness market estimates and forecasts 2021 to 2033 (USD Million)
5.5. Accident Only
5.5.1. 5.5. Accident only market estimates and forecasts 2021 to 2033 (USD Million)
5.6. Others
5.6.1. Others market estimates and forecasts 2021 to 2033 (USD Million)
Chapter 6. Europe Pet Insurance Market: Sales Channel Estimates & Trend Analysis
6.1. Europe Pet Insurance Market: Sales Channel Dashboard
6.2. Europe Pet Insurance Market: Sales Channel Movement Analysis
6.3. Europe Pet Insurance Market Estimates and Forecasts, By Sales Channel, Revenue (USD Million)
6.4. Agency
6.4.1. Agency market estimates and forecasts 2021 to 2033 (USD Million)
6.5. Broker
6.5.1. Broker market estimates and forecasts 2021 to 2033 (USD Million)
6.6. Direct
6.6.1. Direct market estimates and forecasts 2021 to 2033 (USD Million)
6.7. Bancassurance
6.7.1. Bancassurance market estimates and forecasts 2021 to 2033 (USD Million)
6.8. Others
6.8.1. Other market estimates and forecasts 2021 to 2033 (USD Million)
Chapter 7. Europe Pet Insurance Market: Regional Estimates & Trend Analysis by Animal, Coverage, and Sales Channel
7.1. Regional Dashboard
7.2. Market Size, & Forecasts Trend Analysis, 2021 to 2033
7.3. Europe
7.3.1. UK
7.3.1.1. Key country dynamics
7.3.1.2. Regulatory framework/ reimbursement structure
7.3.1.3. Competitive scenario
7.3.1.4. UK market estimates and forecasts 2021 to 2033 (USD Million)
7.3.2. Germany
7.3.2.1. Key country dynamics
7.3.2.2. Regulatory framework/ reimbursement structure
7.3.2.3. Competitive scenario
7.3.2.4. Germany market estimates and forecasts 2021 to 2033 (USD Million)
7.3.3. France
7.3.3.1. Key country dynamics
7.3.3.2. Regulatory framework/ reimbursement structure
7.3.3.3. Competitive scenario
7.3.3.4. France market estimates and forecasts 2021 to 2033 (USD Million)
7.3.4. Italy
7.3.4.1. Key country dynamics
7.3.4.2. Regulatory framework/ reimbursement structure
7.3.4.3. Competitive scenario
7.3.4.4. Italy market estimates and forecasts 2021 to 2033 (USD Million)
7.3.5. Spain
7.3.5.1. Key country dynamics
7.3.5.2. Regulatory framework/ reimbursement structure
7.3.5.3. Competitive scenario
7.3.5.4. Spain market estimates and forecasts 2021 to 2033 (USD Million)
7.3.6. Norway
7.3.6.1. Key country dynamics
7.3.6.2. Regulatory framework/ reimbursement structure
7.3.6.3. Competitive scenario
7.3.6.4. Norway market estimates and forecasts 2021 to 2033 (USD Million)
7.3.7. Sweden
7.3.7.1. Key country dynamics
7.3.7.2. Regulatory framework/ reimbursement structure
7.3.7.3. Competitive scenario
7.3.7.4. Sweden market estimates and forecasts 2021 to 2033 (USD Million)
7.3.8. Denmark
7.3.8.1. Key country dynamics
7.3.8.2. Regulatory framework/ reimbursement structure
7.3.8.3. Competitive scenario
7.3.8.4. Denmark market estimates and forecasts 2021 to 2033 (USD Million)
7.3.9. Austria
7.3.9.1. Key country dynamics
7.3.9.2. Regulatory framework/ reimbursement structure
7.3.9.3. Competitive scenario
7.3.9.4. UK market estimates and forecasts 2021 to 2033 (USD Million)
7.3.10. Hungary
7.3.10.1. Key country dynamics
7.3.10.2. Regulatory framework/ reimbursement structure
7.3.10.3. Competitive scenario
7.3.10.4. Germany market estimates and forecasts 2021 to 2033 (USD Million)
7.3.11. Poland
7.3.11.1. Key country dynamics
7.3.11.2. Regulatory framework/ reimbursement structure
7.3.11.3. Competitive scenario
7.3.11.4. France market estimates and forecasts 2021 to 2033 (USD Million)
7.3.12. Romania
7.3.12.1. Key country dynamics
7.3.12.2. Regulatory framework/ reimbursement structure
7.3.12.3. Competitive scenario
7.3.12.4. Italy market estimates and forecasts 2021 to 2033 (USD Million)
7.3.13. Czech Republic
7.3.13.1. Key country dynamics
7.3.13.2. Regulatory framework/ reimbursement structure
7.3.13.3. Competitive scenario
7.3.13.4. Spain market estimates and forecasts 2021 to 2033 (USD Million)
7.3.14. Switzerland
7.3.14.1. Key country dynamics
7.3.14.2. Regulatory framework/ reimbursement structure
7.3.14.3. Competitive scenario
7.3.14.4. Norway market estimates and forecasts 2021 to 2033 (USD Million)
7.3.15. Luxembourg
7.3.15.1. Key country dynamics
7.3.15.2. Regulatory framework/ reimbursement structure
7.3.15.3. Competitive scenario
7.3.15.4. Sweden market estimates and forecasts 2021 to 2033 (USD Million)
7.3.16. Portugal
7.3.16.1. Key country dynamics
7.3.16.2. Regulatory framework/ reimbursement structure
7.3.16.3. Competitive scenario
7.3.16.4. Denmark market estimates and forecasts 2021 to 2033 (USD Million)
7.3.17. Belgium
7.3.17.1. Key country dynamics
7.3.17.2. Regulatory framework/ reimbursement structure
7.3.17.3. Competitive scenario
7.3.17.4. Denmark market estimates and forecasts 2021 to 2033 (USD Million)
Chapter 8. Competitive Landscape
8.1. Company/Competition Categorization
8.2. Vendor Landscape
8.2.1. List of key distributors and channel partners
8.2.2. Key company market share analysis, 2024
8.2.3. Trupanion, Inc.
8.2.3.1. Company overview
8.2.3.2. Financial performance
8.2.3.3. Product benchmarking
8.2.3.4. Strategic initiatives
8.2.4. Deutsche Familienversicherung AG (DFV)
8.2.4.1. Company overview
8.2.4.2. Financial performance
8.2.4.3. Product benchmarking
8.2.4.4. Strategic initiatives
8.2.5. Petplan (Allianz)
8.2.5.1. Company overview
8.2.5.2. Financial performance
8.2.5.3. Product benchmarking
8.2.5.4. Strategic initiatives
8.2.6. Getsafe GmbH
8.2.6.1. Company overview
8.2.6.2. Financial performance
8.2.6.3. Product benchmarking
8.2.6.4. Strategic initiatives
8.2.7. Jab Holding Company
8.2.7.1. Company overview
8.2.7.2. Financial performance
8.2.7.3. Product benchmarking
8.2.7.4. Strategic initiatives
8.2.8. Conmed Corporation
8.2.8.1. Company overview
8.2.8.2. Financial performance
8.2.8.3. Product benchmarking
8.2.8.4. Strategic initiatives
8.2.9. Direct Line (U K Insurance Limited)
8.2.9.1. Company overview
8.2.9.2. Financial performance
8.2.9.3. Product benchmarking
8.2.9.4. Strategic initiatives
8.2.10. EQT AB
8.2.10.1. Company overview
8.2.10.2. Financial performance
8.2.10.3. Product benchmarking
8.2.10.4. Strategic initiatives
8.2.11. Waggel Limited
8.2.11.1. Company overview
8.2.11.2. Financial performance
8.2.11.3. Product benchmarking
8.2.11.4. Strategic initiatives
8.2.12. ProtectaPet
8.2.12.1. Company overview
8.2.12.2. Financial performance
8.2.12.3. Product benchmarking
8.2.12.4. Strategic initiatives
8.2.13. Perfect Pet Insurance
8.2.13.1. Company overview
8.2.13.2. Financial performance
8.2.13.3. Product benchmarking
8.2.13.4. Strategic initiatives
8.2.14. Feather Insurance (Popsure Deutschland GmbH)
8.2.14.1. Company overview
8.2.14.2. Financial performance
8.2.14.3. Product benchmarking
8.2.14.4. Strategic initiatives
8.2.15. Agria Pet Insurance Ltd
8.2.15.1. Company overview
8.2.15.2. Financial performance
8.2.15.3. Product benchmarking
8.2.15.4. Strategic initiatives
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