Summary of our market study

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.

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, 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.

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.
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Summary and extracts

1 Market overview

1.1 Definition and scope of study

The pet insurance market refers to insurance contracts covering the health costs of pets - veterinary care and expenses related to illness or accident - in the same way as for humans.

The animals concerned are mainly dogs and cats, and to a lesser extent other pets known by the acronym NAC (Nouveaux Animaux de Compagnie): rabbits, hamsters, guinea pigs, etc.

The pet insurance market generally includes 3 types of offer:

  • Basic plan
  • Intermediate plan
  • Premium plan

Depending on the package chosen, the insurance may cover :

  • Veterinary consultations
  • Laboratory tests
  • Vaccinations
  • Sterilization
  • Deworming
  • Etc.

The pet insurance market remains relatively underdeveloped in France compared to other European countries. Many therefore see strong potential for development in the coming years, in line with the trend towards higher veterinary expenditure and premiumization of pet care and services. The fact that the market is not yet firmly established would leave more room for new entrants than other saturated markets.

However, others note the obstacles that continue to hold back the market's development in France, such as a psychology unaccustomed to paying its own healthcare costs, which would then be less inclined to spend a lot on its pets, or products that often disappoint consumers (numerous exclusions in offers...).

1.2 The global market

Worldwide market

The global pet insurance market is one with strong growth potential over the next decade. Numerous sources estimate average annual growth of between **.*%(***) between now and ****-****.

The Business Research Company estimates that the market will increase from $*.** billion in **** to $*.** billion in ****, representing growth of **. *%. According to the ...

1.3 The French market

Compared to its European neighbors, the French market still has strong growth potential over the next few years. Indeed, **% of French people own at least one cat or dog, yet only **% of them decide to insure them, according to an Ifop study. Although the humanization of pets is gaining ground in ...

2 Demand analysis

2.1 Animal population growth

The first variable that automatically impacts the number of pet insurance policies taken out is logically the number of pets owned by the French (***).

According to a **** FACCO study, **% of French households will have at least one pet. The pet population has been on the rise in France for several years, ...

2.2 The premiumization trend in pet products and services

Sales in the French petcare market are on the rise, driven by demand for increasingly high-quality products. Consumers are prepared to spend more on them. Indeed, more and more people are "humanizing" their pets, regarding them as family members in their own right, and therefore deserving of increasingly high-end care and ...

2.3 The rise in veterinary care

Finally, another variable directly impacting demand for pet insurance is the price of veterinary care covered by insurance. You should expect to pay around €** for a simple consultation (***) has thus increased by **.*% between **** and ****.

Sales indices for veterinary activities (***) France, ****-*****, base *** (***) Source: ****

Such a rise in sales for veterinary activities ...

2.4 Geographical distribution of demand

To determine the distribution of demand for pet insurance, we can look at the distribution of the pet population and of veterinary clinics and staff in France. We can thus observe that veterinary clinics and staff are relatively well distributed between French regions, and are slightly more present in the south ...

3 Market structure

3.1 Value chain

How pet insurance works:

There are three parties involved in the process of insuring a pet: the pet owner, the veterinarian, and the insurer chosen by the owner, who may be, as we saw earlier, a general insurer offering a "pet insurance" package, or a specialized insurer. The underwriting and insurance ...

3.2 Major market players

The French market can be divided into several types of player:

traditional insurers, already well established in the insurance market, who have developed an "animal insurance" offering: Carrefour Banque et Assurancecarrefour Banque et Assurance, one of the main players in dog and cat health insurance, with ** years' experience and chosen by ...

3.3 A niche market attracting new entrants and investors

With the pet insurance market still relatively undeveloped in France, many new players have set their sights on establishing themselves in the market, and even revolutionizing it with new offerings. They are thus succeeding in overturning a system that is no longer dominated solely by traditional insurers.

Startups operating exclusively in ...

4 Offer analysis

4.1 Prices and packages

Pet insurance providers generally offer * types of cover:

anentry-level plan, with a low level of cover, which may be limited to accident expenses, and which has relatively low rates and reimbursement ceilings an intermediate plan, covering both accident and sickness expenses, with average rates and reimbursement ceilings a top-of-the-range plan, offering ...

4.2 Product trends

Chris Blatchly, Director of Insurance Consulting at Cognizant, talks in **** about * variables to focus on in the coming years in the pet insurance sector:

the products themselves, to be made more personalized by, for example, observing the animal's lifestyle in order to offer more appropriate rates business models, to be reimagined ...

5 Regulations

5.1 Regulations

Pets are defined by law as "any animal kept by a person for their own enjoyment". All pets must be identified by a tattoo or microchip on their first visit to a vet. It is then registered in the national identification database for domestic carnivores in France.

French law does not ...

6 Positioning the players

6.1 Segmentation

  • Dalma
  • Acheel
  • Santé Vet - Vetassur
  • HD Assurances (JAB Holding)
  • Assurances du Crédit Mutuel

List of charts presented in this market study

  • Global pet insurance market size
  • Pet populations
  • European pet insurance market size
  • Proportion of pets insured
  • Number of pets
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Latest news

Acheel: The crisis and neo-insurance - 27/10/2023
  • Start-ups in the online insurance sector, known as insurtechs, have seen venture capital funds become more cautious and financing more scarce over the past eighteen months.
  • After its launch, insurtech Acheel passed the 100,000 contract mark.
  • Acheel has been profitable since the end of 2022, and claims 350,000 contracts representing 135 million euros in premiums.
  • In-vehicle insurance will account for over $700 billion in premiums by 2030, or 25% of the total global market.
  • Luko is an online insurance start-up
  • According to "L'Argus de l'assurance", the British Admiral Group, which owns L'olivier Assurance in France, has decided not to acquire the start-up
  • Luko has raised over 100 million euros.
  • Lovys reduced its workforce by 40% between January and July 2022.
Pet insurance: a popular market - 25/08/2023
  1. In France, there are around 7.5 million dogs and 15.1 million cats.
  2. Only around 6% of these animals are covered by a mutual insurance company.
  3. The French market leader, SantéVet, held 300,000 contracts.
SantéVet invests $50 million in Doctolib for dogs and cats - 14/04/2023
  • SantéVet is the leader in pet health insurance.
  • The company is investing 50 million euros in its digital transformation.
  • SantéVet raised 150 million euros in February from Columna Capital.
  • The company has a 50% share of the French pet health insurance market.
  • Between 6% and 7% of dog and cat owners in France choose SantéVet
  • SantéVet has 300,000 active contracts, including 10% in Belgium and Germany
  • The company forecasts sales of 100 million euros in 2022, compared with 77 million in 2021
  • SantéVet employs 300 people and has recruited 120 new staff since January 2022
  • The group aims to be adopted by 30% of veterinary clinics by 2023.
  • The aim is to generate 50% of sales internationally by 2026.
  • The company plans to open subsidiaries in Italy, the Netherlands, Austria and Portugal between 2022 and 2023.
Insurtech Acheel passes the 200,000 mark and becomes profitable - 07/02/2023
  • Raising of 29 million euros announced in May 2021 2n 2022
  • Acheel has signed over 200,000 contracts and collected 79 million euros in premiums (compared with 23,000 contracts and 12.5 million euros in premiums at the end of 2021)
  • Acheel is profitable
Dalma, the dog and cat insurer, has acquired a stake in Northzone. - 02/06/2022
  • Dalma, the insurance company for dogs and cats, has just completed a new round of financing of 15 million euros, led by the Swedish Northzone, alongside the German Project A and Anterra Capital
  • Dalma has attracted 20,000 customers (6 million annualized premiums)
  • Its main objective: to become an all-in-one application for pet owners
  • Dalma offers fully online insurance at 5-10% less than its competitors
  • To reduce its customer acquisition costs (€100), it will rely on veterinarians
  • Its biggest French competitor, SantéVet, has raised €150 million and is already present in Belgium, Germany, Spain, Italy and the Netherlands.
One year after its launch, insurtech Acheel has over 100,000 active contracts. - 20/05/2022
  • Acheel collected 35 million euros in premiums during 2022 ( in twelve months )
  • The start-up has an ambitious growth plan for 2022: 200,000 contracts and 70 million euros in premiums
  • To achieve this, at the end of the month Acheel will launch its car insurance business, which is attracting significant online volume
  • Launched in 2021, the insurtech rapidly passed the 100,000 contracts signed mark

Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

Dalma
Acheel
Santé Vet - Vetassur
HD Assurances (JAB Holding)
Assurances du Crédit Mutuel

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