GVR Report cover Germany Pet Insurance Market Size, Share & Trends Report

Germany Pet Insurance Market Size, Share & Trends Analysis Report By Coverage Type (Liability Insurance, Health Insurance), By Animal Type (Dogs, Cats, Horses), By Sales Channel (Agency, Broker), And Segment Forecasts, 2021 - 2028

  • Published Date: Sep, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68038-322-5
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 100

Report Overview

The Germany pet insurance market size was valued at USD 693.3 million in 2020 and is estimated to expand at a compound annual growth rate (CAGR) of 14.1% from 2021 to 2028. Growing pet ownership, supportive regulations, humanization of pets, and costly veterinary treatments and surgeries are anticipated to drive the market. Some German states, for example, Brandenburg, Hamburg, Berlin, Lower Saxony, Thüringen, Niedersachsen, and Schleswig-Holstein, have made it mandatory for dog owners to have liability insurance for their pet dogs, thus propelling the market growth.

Germany pet insurance market size, by coverage type, 2018 - 2028 (USD Million)

The COVID-19 outbreak catalyzed the market growth with a surge in demand for health and liability insurance plans for pets. The country also witnessed a steep rise in pet adoption and ownership as people were forced indoors due to movement restrictions and quarantine protocols. In January 2021, Deutsche Welle (DW) reported an exponential rise in demand for dogs and cats in the country. As per the German Kennel Club (VDH), during 2020, around 20% more pet dogs were purchased compared to previous years. The rise in single-person or small households in the country combined with an aging population is further expected to contribute to the growing pet population.

According to a 2020 survey by Coya, an insurance provider for pets in Germany, the country has some of the best cities in the world to own and raise a pet. In fact, in its Best Cities for Dogs Index, Hamburg, Munich, Berlin, Cologne, and Frankfurt ranked in the top 30. The factors considered in the study included dogs/capita, number of vets/dogs, number of pet stores, dog-friendly restaurants, hotels, and parks in the infrastructure category.

Lifetime costs, abandoned dogs/year, dog waste fine, and dog waste survey factors were considered under the cost, regulation, and ownership category. The results indicated a rising trend of pet humanization that leads to more expenditure on pets and premiumization of pet products and services.

Coverage Type Insights

The health insurance segment dominated the market and accounted for the largest revenue share of 80.0% in 2020. This is owing to a growing number of pet health insurance policies offered by market players, pet humanization, and rising veterinary costs. Lifetime insurance policies offer more comprehensive and long-term protection for securing pet health as compared to other types. The Accident-only segment, on the other hand, is expected to grow the fastest, followed by the surgery segment. This can be attributed to market players offering tailored insurance plans targeting specific pet owner requirements at affordable premiums.

The liability insurance segment is expected to witness a significant CAGR from 2021 to 2028. As per German law, dog owners are legally responsible for damages caused by their pets, which may lead to a high financial burden for owners. This is a key driver expected to boost the demand and adoption of dog liability insurance in Germany.

Animal Type Insights

The dogs’ segment dominated the market and accounted for the largest revenue share of 57.5% in 2020. This is due to an increase in the number of companion animals, chronic diseases in pets, expensive veterinary treatments, and the need to lower financial risk. According to the 2020 European Pet Food Industry and FEDAIF report, Germany has one of the largest pet populations in Europe. Cats were the most adopted pets in German households while dogs were a close second. The report pegged the country’s dog population at about 10.7 million in 2020 and the number is estimated to increase over the forecast period.

With the growing pet population, vet visits, which can be expensive, are estimated to increase. Costs for treatment can lead to a four-digit range in case of accidents or sickness. However, pet insurance provides coverage for such treatments, protecting pet owners from financial risks. The growing need to lower financial risk and safeguard pet health is expected to drive the market.

Sales Channel Insights

The agency segment dominated the market and held the largest revenue share of 56.9% in 2020. Insurance agencies sell an insurance company’s products to pet owners and other consumers for a commission. They represent the insurance company in the transaction and help consumers select the right policy. The agencies also have the flexibility to represent a single insurer or more than one insurer. The growing adoption of pet health and liability insurance in the country combined with increasing pet insurance agencies is estimated to fuel segment growth in the coming years.

Germany pet insurance market share, by sales channel, 2020 (%)

The direct writing segment is expected to witness the fastest CAGR of 15.3% over the forecast period. Direct writers have specialized knowledge as they have to deal with fewer products and partner with a particular provider. This enables these providers to spend more time on relationship building and customer service, which contributes to segment growth. In addition, the bancassurance segment is anticipated to register notable growth. The segment combines banking and insurance industries, in which banks sell insurance products in a partnership. These benefit both entities, as the bank earns a fee or commission, whereas the insurance firm increases its customers and market reach. The U.K., Spain, France, Germany, and Italy are some of the leading markets in Europe for insurance premiums through bancassurance channels.

Key Companies & Market Share Insights

The Germany pet insurance market is competitive in nature. Key companies are involved in deploying strategic initiatives that include custom insurance plans, various pricing models, partnerships, and expansion of global footprint. For instance, in November 2020, SantéVet, a French company, launched its pet health insurance portfolio in Germany to enter the market. SantéVet offers dog and cat health insurance products. Its dog health policy covers all risks and guarantees reimbursement of veterinary costs in the event of illness, surgery, or accident, at an all-in-one tariff. While the company’s cat insurance policy comes in 2 price variants and is tailored to the needs of outdoor and indoor cats.

DFV, on the other hand, expanded its cooperation with ProSiebenSat.1 Digital in May 2019, to launch digital animal health insurance under the brand Petprotect. With this, it entered the emerging animal health insurance market in Germany. The company’s portfolio includes health insurance plans for dogs and cats, as well as liability insurance for dogs. Some of the prominent players in the Germany pet insurance market include:

  • Petplan

  • Barmenia Versicherungen aG

  • ELEMENT Insurance AG

  • Coya Ltd.

  • DFV Deutsche Familienversicherung AG

  • Getsafe GmbH

  • Helvetia Insurance

  • AGILA Pet Insurance AG

  • SantéVet

  • Balunos

Germany Pet Insurance Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 783.5 million

Revenue forecast in 2028

USD 1.9 billion

Growth rate

CAGR of 14.1% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Coverage type, animal type, sales channel

Country Scope

Germany

Key companies profiled

Petplan; Barmenia Versicherungen aG; ELEMENT Insurance AG; Coya Ltd.; DFV Deutsche Familienversicherung AG; Getsafe GmbH; Helvetia Insurance; AGILA Pet Insurance AG; SantéVet; Balunos

Customization scope

Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional, and segment scope.

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Segments Covered in the Report

This report forecasts revenue growth at the country level and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this report, Grand View Research has segmented the Germany pet insurance market report on the basis of coverage type, animal type, and sales channel:

  • Coverage Type Outlook (Revenue, USD Million, 2016 - 2028)

    • Liability Insurance

    • Health Insurance

      • Accident Only

      • Lifetime

      • Surgery

  • Animal Type Outlook (Revenue, USD Million, 2016 - 2028)

    • Dogs

    • Cats

    • Horses

  • Sales Channel Outlook (Revenue, USD Million, 2016 - 2028)

    • Agency

    • Broker

    • Bancassurance

    • Direct Writing

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