The Spain Pet Insurance Market is expected to contribute ~ EUR 150 Mn by 2027F owing to the adoption of advance technology and government policies: Ken Research
GURUGRAM, India, Feb. 8, 2023 /PRNewswire/ -- Spain Pet Insurance Market is at a growing stage and is a consolidated market with about 5-6 major players capturing large portion of the market. Mapfre is the market leader. The players are competing on the basis of Animals Covered, Coverage Type, % of claim provided, network and Average premium charged.
In 2019, Spanish households spent 3,721 million euros on products and services for pets.
The number of dogs and cats living in Spain already exceeds 20 million.
Spaniards spend an average of 1,260 euros a year on their pets in 2019, 7.3% more than 2 years ago. That is, €823 in food, €353 in veterinary expenses and €83 in accessories and toys.
Adoption of New Advance Technology: Embedding advance technologies like Artificial Intelligence (AI) within the underwriting process, as it can compare pet activity data with benchmarks of similar breeds and combines them with rating information from industry sources, which enables them to accurately price an individual pet at the time of quoting. For settling claims, it can predict an accurate reserve based on the type of illness, or even predict a possible customer churn giving insurers the digital advantage to streamline operations, improve customer experience and reduce cost across both these business functions. It can also automate and improve claims processing. It can enhance customer interactions and provides more personalized and accurate information. Furthermore, machine learning allows software to study behavioral analytics and customer data to make more accurate decisions on whether a claim is genuine or not.
Increase in Online Presence: Young people who prefer buying online contracts demand this type of service and the ease of purchase. Insurers and brokers are increasingly streamlining the contract processes and trying to invest more resources to make everything easier in the future for the pet owners.
Spain's new Animal Protection Law: The new Animal Protection Law includes a number of general obligations such as keeping pets integrated within the family unit, well-groomed and washed, preventing uncontrolled breeding, never keeping pets alone inside vehicles and abandoning of pets. These rules are expected to bring pets closer to their owners in Spain.
Analysts at Ken Research in their latest publication "Spain Pet Insurance Market Outlook to 2027F- Driven by rising pet population, increased 'humanization' of pets and awareness of pet health in Spain" by Ken Research observed that Pet Insurance Market is an emerging insurance market in Spain which is currently at a growing stage after the pandemic. The Spain's new animal protection law and growing humanization of pets are expected to contribute to the market growth over the forecast period. The market is expected to grow at a 11.6% CAGR during 2022-2027F owing to increase in online presence, civil liability and new government policies.
Key Segments Covered in the report:-
Spain Pet Insurance Market
By Policy Type
Pet Liability Insurance
Pet Veterinary Insurance
By Type of Animal
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By Sales Channel
By Veterinary Insurance Coverage Type
General health (accident + illness)
By Insurance Type
Key Target Audience
Private Insurance Providers
Public Insurance Providers
Related Government Agencies
Time Period Captured in the Report:-
Historical Period: 2017-2022
Base Year: 2022
Forecast Period: 2022-2027F
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Key Topics Covered in the Report:-
Spain Pet Insurance Market Overview
Business Cycle and Genesis of Spain Pet Insurance Market
Ecosystem and Value Chain of Spain Pet Insurance Market
Spain Pet Insurance Market Size, 2017-2027F
Market Segmentation of Spain Pet Insurance Market
SWOT Analysis and Growth Drivers of Spain Pet Insurance Market
Challenges and Impact of Covid in the Spain Pet Insurance Market
Trends and Developments in Spain Pet Insurance Market
Cross Comparison of Major Players in Spain Pet Insurance Market
Future Outlook of Spain Pet Insurance Market
For more insights on the market intelligence, refer to below link:-
Spain Pet Insurance Market
Related Reports By Ken Research:-
UK Pet Insurance Market Outlook to 2027F- Driven by Rising Companion Animal, High veterinary costs and Technology advancement
According to Ken Research estimates, the UK Pet insurance market expanded at a CAGR of ~5.3% between 2017 – 2022P on the basis of premium collected. The market saw rapid growth owning to increasing companion animal population, adoption of advance technology, rising animal health concerns, high veterinary cost and growing At-home diagnostic. UK Pet insurance market is estimated to grow at a positive CAGR of ~4.8% between 2022P and 2027F. In Europe, the UK exhibit highest pet insurance penetration. Key drivers in the region are high cost of veterinary services and willingness of pet owners to buy pet insurance. Pet insurance companies using artificial intelligence and machine learning to predict a pet's health trajectory, as well as providing tools that will improve pet wellness and decrease vet care costs.
Sweden Pet Insurance Market Outlook 2027F- driven by an increasing pet adoption, high veterinary costs, rising pet health issues and awareness among pet owners
According to Ken Research estimates, the Sweden Pet Insurance which grew at a CAGR of 9.2% from 2017-2022 & is forecasted to grow at a CAGR of 8.6% from 2023-2027F owing to increasing pet adoption, high veterinary costs, rising pet health issues and awareness among pet owners. High insurance penetration rates, growing pet humanization, sophisticated product offerings by players involved are the major trends and developments in Sweden Pet Insurance Market. Approximately 15% and 21% of the households own at least one dog or one cat respectively in Sweden basis the data reported by European Pet Food Industry Federation.
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Ankur Gupta, Director Strategy and Growth
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SOURCE Ken Research