The pet insurance market - France

The global pet insurance market has been experiencing substantial growth, with projected average annual growth rates ranging from 12.4% to 17% leading up to 2028-2029. As of 2023, the market size is estimated at $7.92 billion and is expected to reach $9.22 billion in 2024, indicating a 16.5% increase. In Europe, the market's CAGR is expected to be 14.9% from 2023 to 2030, with market size reaching $3.6 billion in 2021. France, despite having a high pet ownership rate, shows a relatively low pet insurance adoption rate, with only 15% of pets being insured as of 2020. The French pet insurance market could potentially exceed one billion euros if the uptake matches that of countries like Sweden. The industry is impacted by trends such as the humanization of pets, rising veterinary costs, and growth in the number of pets, with the cat population increasing by 35.9% from 2010 to 2022. Emerging trends in the market include the premiumization of pet products and services, growing awareness among pet owners, and the introduction of new, transparent, and flexible insurtech offerings. New entrants and investment funds are actively participating in the market, indicated by substantial fundraising activities, such as SantéVet's €150 million from Columna Capital and startup Dalma's €15 million from several funds. Moreover, demand for pet insurance exhibits geographical variation within France, with regions like Bourgogne-Franche-Comté and Centre-Val de Loire having the highest proportion of pet owners..Title: Growth Prospects and Consumer Dynamics in the French Pet Insurance Market In France, the pet insurance market is burgeoning with potential, reflecting the shifting attitudes and rising expenditures of pet owners towards the health and wellness of their animal companions. Despite a relatively low uptake of pet insurance policies, the symbiosis of evolving consumer behavior and market trends suggests robust growth prospects. An insightful demand analysis reveals that over half of French households have a furry friend, yet only a fraction of them choose to insure their animals. Interestingly, cat ownership has surged by more than 35% from 2010 to 2022, indicating a significant opportunity for insurers to tap into this growing demographic. Moreover, dogs continue to be cherished pets, with the population stabilizing at around seven and a half million in the last decade. A pronounced trend in the market is the premiumization of pet products and services. French pet owners increasingly regard their animals as bonafide family members, with nearly 70% of both dog and cat owners resonating with this sentiment. This emotional bond is leveraged by owners willing to splurge on high-end care and products, further accelerating market potential. Another catalyst driving demand for pet insurance is the steep rise in veterinary care costs. Consultations, routine care, and unforeseen medical interventions entail significant expenses that can ascend to thousands of euros. The escalating sales indices for veterinary activities (a substantial rise of nearly 48% between 2015 and 2023) mirror this upward cost trajectory, commensurately impacting insurance growth. The French market, with its yearly value estimated between 150 and 200 million euros, is a fertile ground for new entrants and established players alike. As the market is not yet saturated, the space for innovation and competition is ripe, inviting assurtech startups and traditional insurers to craft bespoke, transparent, and tech-savvy solutions. Insurers in France offer a gamut of plans, from basic to premium, catering to diverse pet health needs and owner budgets. Trends such as tiers payants, similar to human health insurance systems, are gaining traction, easing the financial burden on pet owners at the point of service. Companies like SantéVet are at the forefront, offering services like PayVet to streamline payment processes. Regulations are scant, save for the mandatory civil liability insurance for certain categories of dogs. However, recent legislative changes, like the "certificate of commitment and knowledge" for all pet owners, demonstrate an institutional cognizance of animal welfare and owner responsibilities. The market's financial landscape.### Profiling Key Players within the French Pet Insurance Landscape The French pet insurance market, though still in its infancy compared to other parts of Europe, showcases a diverse array of companies vying to provide comprehensive coverage for the nation's beloved animals. These entities range from established general insurers expanding into the pet care realm to specialized firms demonstrating seasoned expertise in animal health underwriting. Below, we delve into some of the notable companies shaping the industry's competitive dynamics. **General Insurers Broadening Horizons into Pet Care:** - **Carrefour Banque et Assurance:** A renowned name with extensive experience in the insurance domain, Carrefour has leaped into the pet insurance market, offering tailored plans to safeguard dogs and cats against unexpected health expenses. - **Groupama:** Standing as a titan in the insurance industry, Groupama extends its well-built reputation into the realm of pet insurance, providing a range of coverage options to meet the varied needs of pet owners. - **Groupe des Assurances du Crédit Mutuel (ACM):** With its significant market presence, ACM offers a suite of insurance policies, including those that cater to the four-legged members of families. - **Macif:** This insurer brings flexibility and reliability to pet owners, delivering insurance solutions that seek to ease the worry linked to veterinary care costs. - **Matmut Group:** Matmut's presence in the pet insurance sector underscores the organization's commitment to comprehensive insurance services, with offerings that account for the wide spectrum of pet health needs. - **Self-assurance:** Known for their robust insurance portfolio, Self-assurance addresses the growing demand for pet insurance with competitive packages designed to reassure pet owners. - **Generali:** Global player Generali dips into the pet insurance pool with its "Mon Animal Generali" offering, emphasizing preventive care and health support for a variety of pet species. **Emerging Insurtech Companies Revolutionizing Pet Coverage:** - **Acheel:** As one of the fresh faces in the industry, Acheel has already carved a niche for itself by coupling home, health, and pet insurance solutions under a modern, technology-driven approach. - **Lovys:** Lovys represents a new breed of pet insurance providers, utilizing a digital-first business model to deliver simplicity, transparency, and customization to insurance consumers. **Specialized Insurance Giants and Innovators:** - **SantéVet (including Bulle Bleue and Jim & Joe):** Dominating the specialized insurance realm, SantéVet leverages years of focused experience

Inforamtion

• Number of pages : 30 pages
• Format : Digital and PDF versions
• Last update : 05/02/2024

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Summary and extracts

List of charts

• Global pet insurance market size
• Pet populations
• European pet insurance market size
• Proportion of pets insured
• Number of pets
• What the French spend on their pets
• Breakdown of the budget French people spend on their pets
• Growth in the number of dogs and cats
• Total petfood sales
• How do you rate your dog or cat?
• Sales indices for veterinary activities (NAF code 75.00Z)
• Pet owners' perception of the evolution of veterinary costs
• Breakdown of the animal insurance market
• SantéVet sales volume growth
• Funds raised in the pet insurance market
• Insurance plans for dogs
• Insurance plans for cats

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