Spain Pet Insurance Market Outlook to 2027F

Spain Pet Insurance Market Outlook to 2027F

The report provides a comprehensive analysis of the potential of Pet Insurance in Spain. The report covers an overview and genesis of the industry, market size in terms of gross written premium.

Its market segmentations include by policy type, by type of animals, by sales channel, by veterinary insurance coverage type and by insurance type; growth enablers and drivers; challenges and bottlenecks; trends driving adoption trends; regulatory framework; end-user analysis, industry analysis, competitive landscape including competition scenario and market shares of major players. The report concludes with future market projections of each market segmentation and analyst recommendations.

Market Overview:

According to Ken Research estimates, the Spain Pet Insurance Market – which grew from approximately EUR ~24 Mn in 2017 to approximately EUR ~88 Mn in 2022 – is forecasted to grow further into EUR ~150 Mn opportunity by 2027F in terms of gross written premium, owing to the New Government Policies, Growth in Adoption of Pets and Entry of New Players in the Market.

In 2019, Spanish households spent 3,721 million euros on products and services for pets.

The number of dogs and cats living in Spain already exceeds 20 million.

Spaniards spend an average of 1,260 euros a year on their pets in 2019, 7.3% more than 2 years ago. That is, €823 in food, €353 in veterinary expenses and €83 in accessories and toys.

Key Trends by Market Segment:

By Policy Type: A gradual decreasing trend is observed in Pet Liability insurance segment from 2017 to 2022P. More awareness about pet’s health is spreading and because of new animal welfare and protection law, people are valuing their pets more, leading to increased % share of Veterinary insurance segment.

By Sales Channel: Sales through brokers had the highest % share in the Spanish Pet Insurance market in 2022P, followed by Direct Sales by Pet Insurance companies. An increasing trend in the % share of Direct sales and Bancassurance is observed from the period of 2017 to 2022P.

Competitive Landscape

Spain Pet Insurance Market is at a growing stage and has a consolidated market with about 5-6 major players capturing large portion of the market. Mapfre is the market leader. The players are competing on the basis of Animals Covered, Coverage Type, % of claim provided, network and Annual max. amount given.

Future Outlook

The Spain Pet Insurance Market witnessed significant growth during the period 2017-2022, owing to Pet Tech and Increasing Companion Animal Population.

Growth rate of total pet insured is going to increase over the period as Increase in Online Presence, Spain’s new Animal Protection Law and Rise of Pet Tech & Explosion of Data

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