The pet insurance market - Italy

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. 

Inforamtion

• Number of pages : 30 pages
• Format : Digital and PDF versions
• Last update : 21/09/2023

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