Canada Pet Insurance Market Size & Outlook, 2023-2030
Canada pet insurance market, 2018-2030 (US$M)
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Canada pet insurance market highlights
- The Canada pet insurance market generated a revenue of USD 400.5 million in 2023 and is expected to reach USD 1,377.8 million by 2030.
- The Canada market is expected to grow at a CAGR of 19.3% from 2024 to 2030.
- In terms of segment, accident & illness was the largest revenue generating coverage type in 2023.
- Accident & Illness is the most lucrative coverage type segment registering the fastest growth during the forecast period.
Pet insurance market data book summary
| Market revenue in 2023 | USD 400.5 million |
| Market revenue in 2030 | USD 1,377.8 million |
| Growth rate | 19.3% (CAGR from 2023 to 2030) |
| Largest segment | Accident & illness |
| Fastest growing segment | Accident & Illness |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Accident & Illness, Accident only |
| Key market players worldwide | Trupanion Inc, Allianz SE, Direct Line Insurance Group PLC, MetLife Inc, Deutsche Familienversicherung, Anicom, Animal Friends Insurance, Figo Pet Insurance, Nationwide Mutual Insurance, Embrace Pet Insurance, Ipet Insurance, Pumpkin Insurance Services |
Other key industry trends
- In terms of revenue, Canada accounted for 3.5% of the global pet insurance market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. pet insurance market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 1,377.8 million by 2030.
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Pet Insurance Market Scope
Pet Insurance Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Canada pet insurance market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to pet insurance market will help companies and investors design strategic landscapes.
Accident & illness was the largest segment with a revenue share of 87.29% in 2023. Horizon Databook has segmented the Canada pet insurance market based on accident & illness, accident only covering the revenue growth of each sub-segment from 2018 to 2030.
High per capita income and rise in companion animal population are some of the key factors driving the pet insurance market in the country. Canada has higher number of cats than dogs. According to the North American Pet Health Insurance Association, Inc., the total insured pet market in Canada grew by 17.6%, less than the previous year’s growth.
Insured pets have grown at an average yearly rate of 17.1% since 2018. Compared to the U.S. market, cats account for a higher proportion of insured pets (23.1%), while dogs comprise 76.9% of the total. The key contributors of the market are Petplan Pet Insurance, Trupanion, Nationwide Pet Insurance, Petline Insurance Company, Allstate Insurance Company, RSA Group, and Direct Line Group.
Companies providing comprehensive insurance services for cats are anticipated to grow faster than dog insurance providers, due to higher cat population. Canadian players are focused on product diversification and innovation.
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Our clientele includes a mix of pet insurance market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the Canada pet insurance market , including forecasts for subscribers. This country databook contains high-level insights into Canada pet insurance market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Canada pet insurance market size, by coverage type, 2018-2030 (US$M)
Canada Pet Insurance Market Outlook Share, 2023 & 2030 (US$M)
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