Top Pet Insurance Companies

With the rise of pet ownership as well as the increasing trend of people treating their pet's (animal friends') as family, the pet insurance industry is booming. More pet owners are coming to realize that they need to provide for their pets financially to maintain proper veterinary care as animal health awareness has increased while veterinary costs continue to increase with advanced diagnostics, surgical procedures, etc. In addition to this, modernization has allowed for more access to the pet insurance industry through digital applications, easy online comparisons of policies, quicker claim processing, etc.

Industry Overview

According to SkyQuest Technology “Pet Insurance Market By Coverage Type (Accident-only, Accident & Illness), By Animal Type (Dogs, Cats), By Provider (Private Insurers, Mutual / Cooperative Insurers), By Policy Type, By End, By Sales Channel, By Region- Industry Forecast 2026-2033,” Global Pet Insurance Market is projected to grow at a CAGR of over 10.4% by 2033, on account of urgent need for automating quantified data. With many insurance companies/agents and veterinary organizations providing awareness to the public regarding the availability of pet insurance, increasing availability through employee benefits in certain countries, and the recent trend of pet adoption driving the demand for pet insurance, the market is expected to continue to grow rapidly.

Top 10 Global Pet Insurance Companies

1. Trupanion (USA/Canada)

Trupanion (USA/Canada) is known for its technology that allows pet owners to pay directly to the veterinarian's office after treatment. Pet owners can use the technology at checkout and will only be responsible for paying their portion of the bill within seconds of their treatment. Founded in 2000, Trupanion only offers a single comprehensive "medical insurance" plan and does not provide tiered coverage options.

2. Petplan (Allianz) (Germany/UK)

Petplan (Allianz) (Germany/UK) part of the Allianz Group, has established itself as the "gold standard" for pet insurance in the UK and Europe. Petplan was one of the first insurance companies in Europe to offer lifetime insurance plans for pets, which allows for coverage of a chronic condition such as diabetes or arthritis for the lifetime of the pet, if the policy is renewed annually.

3. Nationwide (USA)

Nationwide (USA) is the first-ever pet insurance company in the U.S. that has captured a large share of the pet insurance market. Nationwide is unique in that it provides coverage for exotic pets such as birds, reptiles, and small mammals, which many pet insurance competitors exclude.

4. Anicom Holdings (Japan)

Anicom Holdings (Japan) has a strong market presence in Asia. Anicom has developed a unique business model that resembles a health management company rather than a traditional insurance company. As part of their innovative customer service model, Anicom has created an "Animal Health Insurance Card" that allows customers to receive discounts at thousands of veterinary clinics in Japan.

5. Healthy Paws

Healthy Paws Pet Insurance is a provider that has been recently acquired by Chubb as of 2024 and is known for being a 'simple' insurance provider. Its policies are easy to understand and provide accident, illness, and other comprehensive coverage, all with no annual or lifetime limits.

6. Embrace Pet Insurance

Another popular provider is Embrace Pet Insurance, which falls under the umbrella of JAB Holding. The company offers a program called Personalized Wellness Rewards. Unlike regular insurance, this program functions more like a savings account that can be used for pet care such as grooming, training, and vet bills. Embrace also has a unique program called the Diminishing Deductible, which states that your deductible amount decreases by $50 per year if no claims were submitted to Embrace. The longer you go without submitting a claim to them, the lower your deductible will eventually get.

7. Lemonade

Lemonade is a company that operates both in the US and in Europe and describes itself as a digital-first InsurTech company. With the help of AI (artificial intelligence) technology, this company processes their claims through a platform that uses a chatbot called AI Maya that can process enrollment and simple claims in a matter of seconds. Many younger generations of tech-savvy pet owners are drawn to Lemonade's Giveback Program, which gives back any premiums collected that have not been claimed on to a pre-determined charity chosen by the customer.

8. ManyPets

ManyPets (which was formerly called Bought by Many) built its foundation on listening to customer feedback that was posted on various social media platforms to identify the 'pain points' related to purchasing pet insurance. One thing about Many Pets is that they cover pre-existing conditions after a set period that is typically two years for coverage to go into effect.

9. Pets Best (USA)

Pets Best (USA), founded by the veterinarian who created the first US pet insurance company, is focused on affordability and customization. In this regard, they have a "Direct Pay" program with many vets. In addition, of the few providers that cover wheelchairs and prosthetics for mobility-challenged pets, they are also one of them. Their "BestBenefit" plans let a pet owner define precisely how much accident/illness coverage fits their need and budget.

10. Agria Pet Insurance (Sweden/Europe)

Agria Pet Insurance (Sweden/Europe) is the world's original pet insurer, established in 1890, and they have ACCESS to over a century of data. As the market leader in Sweden and the UK in terms of specialist breeding coverage, they have established strong partnerships with both kennel clubs and breed associations to provide specialized insurance plans that address breed-specific genetic issues. Agria is also recognized globally as the world's original "carbon-positive" pet insurer.

Other Leading Global Pet Insurance Companies

• Hollard Insurance Group
• PetSure
• Rakuten General Insurance
• Sompo Japan Insurance
• Deutsche Familienversicherung (DFV)
• Wagmo
• Medibank Pet Insurance
• Digit Pet Insurance
• Companion Protect
• Bupa Pet Insurance

Conclusion

As pet owners become more aware of the importance of preventive care and long-term health management, the demand for pet insurance will continue to increase. Currently, there are several issues facing the pet insurance industry such as not enough people knowing about the coverage provided and how to get the most value out of their premium. However, with time, there will be more innovative products being created within the pet industry and more veterinarians developing partnerships with pet insurance companies that together are helping to expand the overall reach of the pet insurance market. Therefore, due to pet owners developing emotional ties to their pets, the increasing costs associated with providing health care for their pets, and the improvements made to pet insurance products; it appears that the pet insurance market will receive long-term growth in the future.