Germany Pet Insurance Market To Reach $2.05 Billion By 2030

Germany Pet Insurance Market Growth & Trends

The Germany pet insurance market size is expected to reach USD 2.05 billion by 2030, registering a CAGR of 16.40% over the forecast period, according to a new report by Grand View Research, Inc. The key factors driving the growth include increasing pet ownership rates, rising awareness about benefits of pet insurance, and growing costs of veterinary care. According to the European Pet Food Industry Federation (FEDIAF) pet population in Germany in 2022 was reported to be 34.4 million, consisting of 15.2 million cats, 10.6 million dogs, 4.9 million small animals, and an unspecified number of ornamental birds. As the number of pets in households increases, so does the demand for pet insurance to cover veterinary expenses. Variety of policies available in the market caters to the different requirements of pet owners. As veterinary expenses continue to increase, pet insurance has become a crucial investment for numerous individuals and families in Germany.

The competitive landscape of the pet insurance market in Germany encourages insurers to innovate and differentiate their products and services. This competition drives the development of new features, benefits, and pricing strategies, ultimately expanding the market, and attracting more pet owners to purchase insurance. In June 2023, DFV Deutsche Familienversicherung AG introduced a new line of pet health insurance products. DFV Deutsche Familienversicherung's new generation of pet health insurance products brings innovation to the market, potentially setting new standards for coverage and benefits. The company's sustained successful growth and introduction of new products may lead to increased competition in the German pet insurance market as other insurers strive to match or surpass DFV's offerings.

The pet insurance market in Germany is competitive, with several established players competing for market share. The competition often leads to innovation, improved coverage options, and better customer service, benefiting pet owners by providing a range of choices to suit their needs and preferences. Companies are expanding their reach by acquiring small companies with existing operations or customer bases in Germany. This strategic move enables them to enter new markets, enhance revenue diversification, and leverage growth prospects beyond their primary markets. For example, in September 2022, Trupanion's acquired Smart Paws, a pet insurance company experiencing rapid growth in both Germany and Switzerland. This acquisition marks company's expansion into Europe. This acquisition allows Trupanion to tap into the European market, diversify its revenue streams, and capitalize on growth opportunities in the market.

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Germany Pet Insurance Market Report Highlights

• By coverage type, the accident & illness segment dominated with a revenue share of about 81.61% in 2023 and is anticipated to grow at fastest CAGR of 16.60% over the forecast period

• The dogs segment held the largest market share in 2023 in terms of animal type. The others segment, which includes small mammals, horses, reptiles, and birds, is projected to grow at the fastest CAGR from 2024 to 2030.

• By sales channel, the direct sales segment held the highest revenue share in 2023. The others sale channel segment is estimated to grow at the fastest CAGR from 2024 to 2030.

• The rising number of pet adoptions is a major factor driving the market growth. Additionally, the growing awareness and concern among pet owners about their pets' health, leading to an increased demand for pet insurance.

Germany Pet Insurance Market Segmentation

Grand View Research has segmented the Germany pet insurance market based on coverage type, animal type, and sales channel:

Germany Pet Insurance Coverage Type Outlook (Revenue, USD Million, 2018 - 2030)

• Accident & Illness

• Accident only

• Others

Germany Pet Insurance Animal Type Outlook (Revenue, USD Million, 2018 - 2030)

• Dogs

• Cats

• Others

Germany Pet Insurance Sales Channel Outlook (Revenue, USD Million, 2018 - 2030)

• Agency

• Broker

• Direct

• Bancassurance

• Others

List of Key Players in the Germany Pet Insurance Market

• Trupanion, Inc.

• Deutsche Familienversicherung AG (DFV)

• Petplan (Allianz)

• Pinnacle Pet Group

• Figo Pet Insurance, LLC

• Direct Line

• Nationwide Mutual Insurance Company

• Embrace Pet Insurance Agency, LLC

• Anicom Insurance

• DEVK

• Gothaer Group

• Helvetia Group