Dublin, Dec. 14, 2021 (GLOBE NEWSWIRE) — The “Middle East & Africa Pet Insurance Market Outlook, 2026” report has been added to ResearchAndMarkets.com’s offering.
The Middle East & Africa Pet Insurance market was valued at merely USD 0.12 Billion in 2015.
The increasing rate of urbanization in developing countries like South Africa, increasing disposable income of people, rising knowledge about pet care, are expected to allow the market to grow at a rate of over 13% in the forecasted period.
Pet ownership is on the rise in the region due to the growing number of single professionals, empty-nesters, couples who delay having children, and families who need additional guard dogs. Most of the dog insurance demand is met by expatriates as dogs are regarded ‘bad omen’ in Islam.
In Middle-East & Africa, more cats are kept as pets than dogs, as Islam considers dogs to be unclean. There are some regional cat breeds, like the Egyptian Mau that are kept as pets. However, the dog insurance type leads the market with a market share of nearly 75% in the year 2020.
The share for dog insurance in the country is more due to higher exposure to illness as the high temperature of the region is unsuitable for them. In South Africa amongst breeds, the Jack Russel Terrier is the most popular enrolled dog, the Domestic Short-Hair the most popular cat, and the African Gray parrot the most popular exotic pet. In the coming years, the market growth rate of the other animal insurance segment is expected to be more than 23%.
Accident and Illness policy dominates the market with high concerns about the health of pets, especially dogs in the region. The segment holds nearly the whole market share in the year 2020. The vet fees in the developed countries of the region such as the UAE are sky-rocketing.
This has created a need for pet insurance, especially for accident-only insurance in the urbanized sections. The segment is expected to grow with an anticipated CAGR of over 30% through the forecasted period.
In addition, in a still-struggling economy, with the rising cost of owning and caring for pets, pet insurance is becoming increasingly popular. Rising literacy rates and the growing preference of people to adopt a pet and delay having children is a supporting factor to the growth of the industry in the Middle East & Africa.
There are no major players in the UAE and Saudi owing to the lack of motivation among the pet owners and insufficient knowledge regarding the benefits of pet insurance. The agency segment in the region accounted for the highest market share, while the direct writing segment is to portray the highest CAGR in the coming period.
The increasing popularity of the pet humanization concept is increasing the demand for pet grooming and care products. Owners, especially millennials, are willing to spend more on their animals to ensure a healthy and secure life
Private players tend to supply insurance policies with maximum coverage plans and minimum premium offers. Leading insurance agencies allow various novel pet schemes to retain consumers, which will further foster market growth in the region.
The major market players are
- Agria Pet Insurance
- Figo Pet Insurance, LLC
- Veterinary Pet Insurance (Nationwide)
- PetFirst Pet Insurance
- Petplan Pet Insurance
- PetSure (Australia) Pty Ltd
- TRUPANION, INC.
Key Topics Covered:
3.Global Pet Insurance Market Outlook
3.1. Market Size by Value
3.2. Market Share
3.2.1. By Animal Type
3.2.2. By Insurance Type
3.2.3. By End User
3.2.4. By Region
3.2.5. By Country
3.2.6. By Company
4. Middle East & Africa Pet Insurance Market Outlook
4.1. Market Size by Value
4.2. Market Share
4.2.1. By Animal Type
4.2.2. By Insurance Type
4.2.3. By End User
4.2.4. By Country
4.3. UAE Pet Insurance Market Outlook
4.3.1. Market Size by Value
4.3.2. Market Share by Animal Type
4.3.3. Market Share by Insurance Type
4.4. Saudi Arabia Pet Insurance Market Outlook
4.4.1. Market Size by Value
4.4.2. Market Share by Animal Type
4.4.3. Market Share by Insurance Type
4.5. South Africa Pet Insurance Market Outlook
4.5.1. Market Size by Value
4.5.2. Market Share by Animal Type
4.5.3. Market Share by Insurance Type
5.1. Market Drivers
5.2. Market Challenges
6. Market Trends & Development
6.1. Improvement in Efficiency
6.2. Increasing Digitization
6.3. Shedding of Legacy
6.4. Utilizing the Power of Data
For more information about this report visit https://www.researchandmarkets.com/r/lfc2zp