Content of the study:
The pet insurance market - France

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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 ...

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 ...

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 ...

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 ...

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 ...

POSITIONING THE PLAYERS

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Reviews (5)

Reviews (5)

The insurance brokerage market - France

Publicado en 19/05/2023 by Bruno Wets

Excellent quality statistical summaries to enrich a subject with reliable and solid information.


Businesscoot Response:

Thanks a lot :)

The wealth management market - France

Publicado en 18/05/2023 by Nicolas BERMIS - Société en création

L'étude de Businesscoot m'a permis de bien dégrossir le marché sur le plan macro, en résumant les grandes tendances, pour un coût acceptable ! Merci, cela a pu contribuer à appuyer mon projet!


Businesscoot Response:

Merci beaucoup Nicolas pour votre commentaire :)

The wealth management market - France

Publicado en 21/11/2022 by Sylvain Lorman - Avocode SAS

J'ai trouvé la plupart des informations recherchés. J'aurais toutefois souhaité trouver un peu plus de profondeur sur certains aspects

The wealth management market - France

Publicado en 21/07/2022 by Bruno Wets

Statistical study a little succinct but satisfactory and serious It lacks comparisons in terms of figures (assets, inflows, by product) between the global market (including bank-insurance) for asset management and that of the CGP CIF brokers

The mortgage brokerage market - France

Publicado en 29/04/2022 by Cédric AUBOIRON - PROLOGIA

Quickly obtained and appreciable synthetic approach. For all that, the content remains quiterelevant!

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