Focus on Pet Tech and Increasing Companion Animal Population Are Major Factors that contribute towards Development of Pet Insurance Market in Spain.
Growth in Adoption of Pets: The domestication of animals is a widespread practice in Spain, where there are around 13 Mn companion animals registered, of which 93% are dogs, according to data from the Spanish Network for the Identification of Companion Animals (REIAC).
Spaniards prefer pet over child: The birth rate is falling year after year, in 2018 the number of births fell by 6.1%, about 23,879 fewer children, a number that was much higher if we go back to the last five years, reaching 58,293 fewer births, which represents a 13.7% difference. However, year after year, the number of pets is increasing, in fact, in the last five years it has increased by 40% to reach 13 Mn pets, of which just over 12 million are dogs.
Entry of New Players in the Market: The first health insurance policy for dogs was sold in Spain a little over 10 years ago, but it has not been until the last 2 years when insurance companies have realized the boom that this insurance product is experiencing. Companies such as Mapfre, AXA, Santa Lucia or Liberty have specific products to cover veterinary expenses and in 2017, the world leader in health insurance for dogs, Petplan, entered the Spanish market.
Rising Animal Health Concerns: As the pet population is increasing in Spain, the health-related concerns of pets have also started increasing. Nowadays, pets are suffering from lots of diseases like liver disease, arthritis and gall bladder disorder etc. and the costs of vets is very high. For avoiding these types of extra expenditure, pet owners have started to take pet insurance cover which is making pet insurance more popular in Spain. Furthermore, for the prevention of obesity, people are making their animals to participate in sports such as horse racing which also increases the probability of pet injuries and accidents, further boosting the pet insurance market. By watching this trend, the pet insurance companies have also started covering sophisticated medical care for pets like heart surgery, joint replacement, and chemotherapy which has also become a prominent reason for the staggering growth in the Spain Pet Insurance Market.
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” observed that Pet Insurance market is an emerging insurance market in Spain and is at the growth 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 the Improved 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
Others
By Type of Animal
Dog
Cat
Others
By Sales Channel
Direct
Agents
Brokers
Bancassurance
By Veterinary Insurance Coverage Type
Accidental only
General health (accident + illness)
By Insurance Type
House Insurance
Stand-alone Policy
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Key Target Audience
Private Insurance Providers
Public Insurance Providers
Insurance Agency
Bancassurance
Brokers
Related Government Agencies
New Entrants
Time Period Captured in the Report:-
Historical Period: 2017-2022
Base Year: 2022
Forecast Period: 2022-2027F
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Companies Covered:-
Mapfre
SantéVet
Asisa
Caser
Santa Lucía
Pet Plan
Barkibu
Mascota Y Salud
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
Analyst Recommendation
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