Summary of our market study

The global pet insurance market has experienced robust growth since 2020, with a projection to reach a total value of $11.3 billion by 2026, marking an 8 percent annual increase from $6.05 billion. Europe remains a key player, accounting for 43.4 percent of the global market share. An innovative development in the industry includes the use of facial recognition technology for pets by Ping An Insurance in China, which promises a 98 percent recognition rate and was introduced at Pet Fair Asia in late August 2020. The demand for pet insurance has surged, with online searches for these coverages in Italy demonstrating a 23 percent increase in January 2023 compared to the previous year. The market is driven by pet owners' needs to cover veterinary care costs and protect against damages caused to third parties. Insurance products are diversifying to cater not only to dogs and cats but also to birds, reptiles, and other pets.

Pets and Protection: Trends in the Italian Pet Insurance Market

The Italian pet insurance market is evolving with the needs and trends of pet ownership. With a growing interest in ensuring the well-being and health of pets, Italy is experiencing a positive shift in demand for pet insurance policies. In recent years, one notable trend is the incorporation of facial recognition technology for pets in China, hinting at potential innovative advancements in the industry globally. The surge in pet purchases during the COVID-19 pandemic has had a lasting impact on the market. A significant number of Italians welcomed pets into their homes for companionship and comfort during lockdowns, with dogs being the favored choice for around 43 percent of the population, followed closely by cats at 39 percent. This increase in pet ownership has naturally led to a heightened awareness of the financial implications of pet healthcare and liability. In the Italian market, the demand for pet insurance has accelerated.. The interest in pet insurance could potentially translate into a market turnover of between 1 and 2 billion euros, considering the average cost of liability insurance and the number of dogs and cats in Italy.

Factors influencing the rising demand include the sophisticated nature of veterinary care, the increasing costs associated with surgeries, and compensation for damages caused by pets to third parties. Families, especially those with children or single parents, appear to be the primary demographic investing in pet insurance. The therapeutic benefits that pets offer, including reduced blood pressure and a sense of well-being among owners, may also contribute to the burgeoning market. Geographically, the demand is spread throughout Italy with notable preferences emerging in specific regions. For instance, the central region leads the demand, followed by the Northwest and the Islands, with the South and the Northeast trailing behind. The pet insurance market encompasses several players offering diverse policies ranging from liability and third-party damage to medical and veterinary expenses. Some of the major companies in Italy include UnipolSai, HD Assurances, 24hAssistance, Poste Italiane, and Generali S.p.A., among others. Their turnover figures suggest robust participation, with the leading company having a turnover of approximately 13 billion euros. In terms of specific offerings, companies provide a variety of policies with differentiated coverage plans. For example, policies that cover only liability start at approximately 6 euros per month while more comprehensive plans that include veterinary coverage begin at 12 euros and increase depending on the desired level of protection.

Key Players Shaping the Pet Insurance Landscape

The pet insurance industry showcases a range of companies that not only provide diverse insurance products catering to the specific needs of pet owners but also reflect the growth and innovation within the sector. Here we focus on some of the main players who are making significant strides in offering comprehensive and specialized pet insurance policies.

  • UnipolSai: Based in Bologna, UnipolSai Assicurazioni S.p.A. stands as one of the giants in the Italian insurance market, particularly noted for its leadership in non-life insurance domains such as motor liability. The company extends its expertise into the field of pet insurance with its C@NE&G@TTO policy, which safeguards against third-party damage and legal incidents while also covering veterinary expenses for surgery, rehabilitation, and funeral costs. Moreover, the policy is designed to cater to microchipped or tattoo-identified dogs and cats, ensuring pets are well within a safety net of care and coverage.
  • HD Assurances: Originally founded in France, HD Assurances has cemented its position in the market by focusing on the development of essential and creative insurance products for animal health. Noteworthily, the strength of HD Assurances lies in dedicated sales teams and customer service that specialize in distributing comprehensive health contracts tailored to the needs of both humans and animals alike.
  • 24hAssistance: With a presence in over 900 outlets across Italy, 24hAssistance has carved out a niche for itself by specializing in insurance offerings for a variety of vehicles and pets. Their comprehensive policies cover dogs and cats, reflecting a keen understanding of pet owners' needs and the nuances of pet care in everyday life. **Poste Italiane**: An Italian institution with a rich history spanning more than 160 years, Poste Italiane's vast network and extensive customer base make it a staple in the national postal and financial services sector. With its strategic embrace of the insurance market, the company extends its reach to provide security and assurance to pet owners through a variety of insurance policies designed for the well-being of their furry companions.
  • Generali Italia: A market leader, Generali Italia emerged from a merger of Assicurazioni Generali’s Italian operations and INA Assitalia. Its prowess in the insurance industry is further bolstered by the integration of Toro Group's insurance activities, bringing a wealth of expertise and a wide array of insurance solutions that cater to the diverse needs of pet owners across Italy. 
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Summary and extracts

1 Synthèse du marché

1.1 Introduction

That of pet insurance policies is an industry concerned with providing insurance coverage for veterinary expenses and other pet health-related emergencies.

Offerings and products in the pet insurance policy market may include:

  • Health coverage policies: These policies cover veterinary expenses for preventive care, checkups, vaccinations, medical treatments, surgeries and therapies for pets.
  • Liability policies: These policies provide coverage in case of damage caused by pets to third persons or property.
  • Policies forloss or misplacement of pet: These policies provide coverage in case the pet is lost or stolen.
  • Pet death policies: These policies cover expenses associated with the death of the pet, such as funeral or cremation costs.

Pet insurance policies are becoming increasingly popular in Italy, with a potential market of more than 1.3 billion euros. According to an analysis by Facile.it, online searches for these coverages showed a 23 percent increase in January 2023 compared to the previous year. Among the most insured dog breeds, the Labrador Retriever ranks first, followed by the Golden Retriever and the Bulldog. For cats, the Maine Coon is the most insured breed, followed by the Siberian, European, British Shorthair, and Persian. Policy costs vary depending on the coverage desired. Policies that cover liability only start at about 6 euros per month, while those that also include veterinary coverage start at 12 euros and up.[Republic]

The study will discuss the economic and structural characteristics of the Italian pet insurance policy market, with the highest degree of detail made possible by available sources. For more general information on the Italian insurance market, please refer to the other specific studies available in the Businesscoot catalog.

1.2 The global market

The global pet insurance market is facing a period of strong growth, which is expected to reach a total value of $**.* billion by **** (***); an extremely positive figure compared to $*.** billion in ****.

Insurance is certainly useful to cover any costs of veterinary care, as well as to protect the pet's owners against ...

1.3 The local market

One of the aspects covered by insurance policies is the care of the animal's health. In ****, according to data from the latest expenditure monitoring report of the General Accounting Office of the state, Italians spent about *** million euros on this aspect, compared to *** million in ****. The increase compared to the pre-pandemic ...

1.4 Lockdown and pets

The dilgare of Covid-** has led to an increase in pet purchases. A survey vaulted by YouGov shows that as of ****, one in four Italians had begun to devote themselves to caring for a pet. According to data in the interview, the choice was strongly influenced by the consequences of lockdown ...

2 Analyse de la demande

2.1 Demand characteristics

In ****, one-third of Italians will welcome a pet in their home. Compared to ****, a decrease of **.* percent (***).[***]

Pets in Italy Italy, ****, % Eurispes

The following graph provides an interesting overview regarding Italians' choice of pets. The figures clearly show that dogs are the most popular pet in Italy, accounting for ** percent of ...

2.2 Factors influencing demand

Although the option to insure one's pets has existed for years, since **** there has been a significant increase in membership, leading most auto and home insurance companies to make extensions for pet policies. A prerequisite for applying for an insurance plan is that the pet is registered with the registry, has ...

2.3 Geographical distribution of demand

Geographically, the center obtains the primacy of demand for one or more pets with **.* percent; followed by the Northwest (***).

3 Structure du marché

3.1 Market structure and size

The analysis of the size of the insurance market is carried out based on data belonging to the category related to the activities of insurance agents and brokers (***). Specifically, three different magnitudes are considered:

number of active enterprises number of employees legal form of active enterprises

Number of active enterprises

During ...

3.2 The value chain

In the pet insurance landscape, there are two main macro-areas:

insurance dealing with liability and third-party damage: covering damage caused by the animal to people, property or other animals; some insurances also include legal protection in case of damage done or suffered by the dog; insurance covering medical-veterinary expenses: covering medical-veterinary ...

3.3 Distribution channels

The passage of product distribution through agents and brokers is a traditional practice in the insurance industry. These brokers play a key role in the insurance market by connecting insurance companies to customers' needs. The following are some additional considerations:

the role of agents and brokers: insurance agents are often affiliated ...

3.4 Main actors

The following is an analysis of the most important insurance companies that offer pet policies in their offerings.

UnipolSai

UnipolSai Assicurazioni S.p.A. is the insurance company of the Unipol Group, a leader in Italy in non-life insurance and, in particular, in motor liability. It operates through the largest agency ...

4 Analyse de l'offre

4.1 Type of offer and prices

Taking out insurance is required by law only in derminate specific situations: when dogs are considered to be at high risk of aggression (***):

UnipolSai C@NE&G@TTO

The policy offered by the UnipolSai group is for dogs and cats with microchips or identification tattoos only; it offers coverage for care, ...

4.2 Features and costs

Choosing the best insurance policy takes into consideration several variables, one of them being the convenience of one rate over another; the following are some examples:[***]

The cost of dog insurance

Comparing the main features of the policies on the market, the costs of an insurance that covers only third-party liability ...

4.3 New demand trends: mutual assistance

The Assigeco insurance company is offering a new insurance project for the protection of pets. The veterinary care mutual that bears the name "Protect Me Forever" and is on sale online at assaperlo.com is an innovative protection solution designed to provide many useful services for both pet and owner.

The ...

5 Règlementation

5.1 The regulation

At the regulatory level, there is no law that makes it compulsory to take out insurance for one's pets; the legislation provides for a compulsory policy only if the pet is included in the register of animals (***) declared to be at high risk of aggression, compiled and updated by the Veterinary ...

5.2 Pet bonus

In one of the many amendments proposed in the Budget Law of ****, an annual allowance of approximately €*** was to be established for each pet (***) living in the household and registered in the relevant registry, providing for activation for all beneficiaries with an Isee under €**,***. The proposal, however, was not approved and ...

6 Positionnement des acteurs

6.1 Segmentation

Italian companies

Foreign companies

  • UnipolSai Assicurazioni
  • Assicurazioni Generali
  • HD Assurances (JAB Holding)
  • Poste Italiane
  • ConTe - Gruppo Admiral

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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. :

UnipolSai Assicurazioni
Assicurazioni Generali
HD Assurances (JAB Holding)
Poste Italiane
ConTe - Gruppo Admiral

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