Pet Insurance Market Trends

Pet Insurance Market Trends

The number of pet animals adopted widely for companionship has increased significantly in the past few years. Pets are largely adopted by people for companionship and there has been a shift in trend from pet owners to pet parents which indicates that pets are considered as a part of family these days.
 

• Furthermore, increasing social acceptance of pets has stimulated pet adoption. Pet adoption is also perceived to assist in low blood pressure, depression, and loneliness, thus increasing the number of pet adoptions and boosting the market growth during the forecast timeframe.
   
• Moreover, the companies are innovating multiple solution for their pet owners to enhance their policy process. For instance, in July 2020, Alipay launched its new pet insurance with its open-sourced noseprint recognition technology. The platform can create an exclusive electronic file for each pet based on its noseprint and use the information to verify a pet's identity before completing a claim. Thus, the pet insurance industry has grown from past few years.