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Horse Insurance Market Trends

Report ID: GMI10059
Published Date: Jun 2024
Report Format: PDF

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Horse Insurance Market Trends

Major international sporting events and sponsorship activities in the equestrian industry significantly impact the demand for insurance. Events, such as the Olympics, World Equestrian Games, and prestigious horse races, attract high-profile participants, sponsors, and spectators, each requiring insurance coverage to mitigate financial risks. For example, in May 2024, US Equestrian announced Markel as the official equine insurance sponsor of the Adequan/Junior Hunter National Championship.

As the official equine insurance sponsor, Markel will provide insurance coverage and risk management solutions tailored for the unique needs of equestrian competitors, trainers, and businesses. Policies covering event cancelation, liability, and health & safety of horses are essential to safeguard against potential losses, thereby bolstering the insurance market's role in supporting the sustainability and success of these events.

Insurance companies are increasingly recognizing the need to cater to a broader range of horse owners including those with smaller budgets or less valuable horses. This trend includes the development of insurance products that provide essential coverage at more affordable premiums, making it accessible to a wider audience within the equestrian community. For instance, in October 2023, SEIB Insurance Brokers, a part of the Benefact Group, revamped its core & classic horse insurance options to offer more affordable coverage with premiums starting at less than USD 10 per month.

Authors: Suraj Gujar , Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

The market size of horse insurance reached USD 550.9 million in 2023 and is set to witness over 10% CAGR from 2024 to 2032, owing to the major international sporting events involving horses, such as the Olympics or prestigious horse races worldwide.

Horse insurance industry from the mortality segment held 40% share in 2023, due to being crucial for horse owners and stakeholders as it protects their financial investments in their animals.

North America market held over 35% share in 2023, attributed to strong equestrian culture and high participation levels in various sports in the region.

Markel Corporation, Axa S.A., Nationwide Mutual Insurance Company, Lloyd's of London, Great American Insurance Group, Chubb Limited, and Liberty Mutual Insurance Company, are some of the major horse insurance companies worldwide.