The Spain Pet Insurance Market is expected to contribute ~ EUR 150 Mn owing to the adoption of advance technology and Government Policies: Ken Research

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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

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)

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By Insurance Type

House Insurance

Stand-alone Policy

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

For more insights on the market intelligence, refer to below link:-

Spain Pet Insurance Market

Related Reports by Ken Research:-

Sweden Pet Insurance Market Outlook 2027F

UK Pet Insurance Market Outlook to 2027F

The changing culture, preferences and rapid growth of the pet population are providing a healthy boost to the Spain Pet Insurance Market: Ken Research

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1. The Spain Pet Insurance Market is expanding as a result of changes in culture and laws, as well as the entry of new players into the market

In the years 2021 and 2022, the Spanish Pet Insurance market grew rapidly. This is primarily due to the unexpected increase in pet population in Spain in 2021 and 2022. The Spanish prefer to have a pet at home rather than a child. This results in a lower birth rate and an increase in pet population. With time, people in Spain are becoming more aware of their pets' health. As more companies enter the Spanish Pet Insurance market with Pet Veterinary Insurance and Pet Insurance products with full comprehensive coverage as their product offering, the supply of this service grows.

2. Major obstacles in the Spanish pet insurance market include limited awareness as well as expensive premium and product costs

The market players are nevertheless dealing with some difficulties despite the sector's steady growth. The biggest problem is that most people are not aware of pet insurance, which prevents them from using these services for their pets and prevents businesses from gaining new clients. Due to these difficulties, market penetration is also limited; when compared to other EU nations, Spain has poor penetration. Additionally, high prices are reducing the number of consumers in the market because some people cannot afford them. Pet care goods are more crucial than pet insurance, but they are also more expensive in Spain, which presents a significant barrier for the market players.

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3. The main growth factors for the Spain Pet Insurance Market include an increase in pet adoption, a preference for pets over children, and the entry of new competitors

According to statistics from the Spanish Network for the Identification of Companion Animals, the practice of acquiring pets is becoming more and more common in Spain, where there are over 13 million registered companion animals, 93% of which are dogs (REIAC). Additionally, the birth rate continues to decline year after year. In 2018, there were around 23,879 fewer births, a 6.1% decrease, and a 13.7% decrease over the previous five years, totaling 58,293 less births. However, the number of pets is growing every year; in fact, it has climbed by 40% over the last five years to reach 13 Mn pets, of which just over 12 Mn are dogs. Additionally, mixed solutions have emerged to support the industry, offering packages that combine civil liability insurance with veterinarian assistance services, guidance, free consultations, and other services. And organizations like Mapfre, AXA, Santa Lucia, or Liberty have particular solutions to cover veterinary costs. In addition, Pet Plan, the industry leader in canine health insurance has entered the market.

For more insights on the market intelligence, refer to below link:-

Spain Pet Insurance Market

Related Reports by Ken Research:-

Sweden Pet Insurance Market Outlook 2027F

UK Pet Insurance Market Outlook to 2027F