Spain Pet Insurance Market Outlook to 2027F
Driven by rising pet population, increased humanization of pets and awareness of pet health in Spain
Region:Europe
Author(s):Ms. Hiteshi Kaul
Product Code:KR1292
December 2022
82
About the Report
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.
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- 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
Scope of the Report
|
By Policy Type |
Pet Liability Insurance Pet Veterinary Insurance Others |
|
By Type of Animal |
Dog Cat Others |
|
By Sales Channel |
Direct Agents Brokers Bancassurance |
|
By Veterinary Insurance Coverage Type |
Accidental only General health (accident + illness) |
|
By Insurance Type |
House Insurance Stand-alone Policy |
Products
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Private Insurance Providers
- Public Insurance Providers
- Insurance Agency
- Bancassurance
- Brokers
- Related Government Agencies
- New Entrants
Time Period Captured in the Report
- Historical Period: 2017-2022
- Base Year: 2022
- Forecast Period: 2022-2027F
Companies
Major Players Mentioned in the Report
- Mapfre
- SantéVet
- Asisa
- Caser
- Santa LucÃa
- Pet Plan
- Barkibu
- Mascota Y Salud
Table of Contents
1. Executive Summary
1.1 Position of Spain Pet Insurance Market (Market Overview, Market Size, Growth Drivers and Restraints, Competition Scenario and Way Forward)
2. Country Overview
2.1 Spain Country Profile (Overview, Major Cities, GDP and Inflation Rate, Percentage of GDP Composition by Sector, Trade Scenario)
2.2 Spain Population Analysis (Population by Gender, by Age Group, Demographics of Spain)
3. Overview of Pet Insurance Industry in Spain
3.1 Market Definitions
3.2 Overview and Genesis of Spain Pet Insurance Market
3.3 End-to-End Buying Process of Pet Insurance
3.4 Ecosystem of Spain Pet Insurance Market
3.5 Timeline of Major Players in Spain Pet Insurance Market
3.6 Types of Insurance products in Spain Pet Insurance Market in 2022P
3.7 Regulations in Spain pertaining to Pets and Pet Insurance
4. Market Size of Spain Pet Insurance Market 2022PP
4.1 Market Size of Pet Insurance Market by Total Written Premium, 2017-2022P
5. Market Segmentation of Pet Insurance Market in Spain, 2022P
5.1 Spain Pet Insurance Market Segmentation by Policy Type, 2017-2022P
5.2 Spain Pet Insurance Market Segmentation by Pet type, 2017-2022P
5.3 Spain Pet Insurance Market Segmentation by type of Sales Channel, 2017-2022P
5.4 Spain Pet Insurance Market Segmentation by type of Veterinary Coverage, 2017-2022P
5.5 Spain Pet Insurance Market Segmentation by Insurance Type, 2017-2022P
5.6 Number of Pets in Spain and Percentage of Pets Insured, 2017-2022P
6. Industrial Analysis of Pet Insurance Market in Spain, 2022P
6.1 SWOT Analysis of Spain Pet Insurance Market
6.2 Trends and Developments in Spain Pet Insurance Market
6.3 Growth Drivers in Spain Pet Insurance Market
6.4 Challenges in Spain Pet Insurance Market
7. Technological Trends of Pet Insurance Market in Spain, 2022P
7.1 Key Business and Technology Themes
7.2 Digital user experience enhancement: Transition from customer satisfaction to customer delight
7.3 Key AI-enabled use cases across the Pet Insurance Value Chain
7.4 Reconfigured Pet Claims Journey
7.5 New Initiatives in Spain Pet Market
8.Customer Analysis of Pet Insurance Market in Spain, 2022P
8.1 Decision Making Parameters
8.2 Customer Demographic Analysis
8.3 Customer Purchase Journey of Pet Insurance in Spain
8.4 Distribution Channel in Spain Pet Insurance Market
9. Competitive Analysis of Pet Insurance Market in Spain, 2022P
9.1 Strengths and Weaknesses of Major Players in Spain Pet Insurance Market
9.2 Cross Comparison of Major Players in Spain Pet Insurance Market
10. Future Outlook and Projections of Pet Insurance Market in Spain, 2022P-2027F
10.1 Market Size of Pet Insurance Market by Total Written Premium, 2022P-2027F
10.2 Spain Pet Insurance Market Segmentation by Policy Type, 2022P-2027F
10.3 Spain Pet Insurance Market Segmentation by Pet type, 2022P-2027F
10.4 Spain Pet Insurance Market Segmentation by type of Sales Channel, 2022P-2027F
10.5 Spain Pet Insurance Market Segmentation by type of Veterinary Coverage, 2022P-2027F
10.6 Spain Pet Insurance Market Segmentation by Insurance Type, 2022P-2027F
10.7 Number of Pets in Spain and Percentage of Pets Insured, 2022P-2027F
11. Impact of COVID-19 on Pet Insurance Market in Spain
11.1 Impact of Covid-19 on Pet Insurance Market in Spain
12. Analyst Recommendations for Pet Insurance Market in Spain
12.1 Increased Insurance Penetration through creating awareness
12.2 Target Population in Spain Pet Insurance Market
12.3 Use of Technology to Prevent Frauds and Increase Efficiency
13. Research Methodology
13.1 Market Definitions
13.2 Abbreviations Used
13.3 Market Sizing Approach
13.4 Consolidated Research Approach
13.5 Sample Size Inclusion
13.6 Research Limitations
13.7 Future Conclusion
Disclaimer
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Research Methodology
Step 1: Identifying Key Variables:
Ecosystem creation for all the major entities and referring to multiple secondary and proprietary databases to perform desk research around market to collate industry level information.
Step 2: Market Building:
Collating statistics on pet insured over the years, penetration of pet insurance companies’ ratio to compute gross written premium for pet insured. We will also review pet insurance firm’s statistics to understand GWP and number of pets which can ensure accuracy behind the data points shared.
Step 3: Validating and Finalizing:
Building market hypothesis and conducting CATIs with industry exerts belonging to different companies to validate statistics and seek operational and financial information from company representatives.
Step 4: Research output:
Our team will approach multiple insurance providing channels and understand nature of product segments and sales, consumer preference and other parameters, which will support us validate statistics derived through bottom to top approach from car finance providers.
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Frequently Asked Questions
01 What is the Study Period of this Market Report?
The Spain Pet Insurance Market is covered from 2017–2027 in this report, including a forecast for 2022-2027.
02 What is the Future Growth Rate of the Spain Pet Insurance Market?
The Spain Pet Insurance Market is expected to witness a CAGR of ~11.6% over the next years.
03 What are the Key Factors Driving the Spain Pet Insurance Market?
New Government Policies, Rising Animal Health Concerns, Entry of New Players in the Market and Spaniards prefer pet over child.
04 Which is the Largest Sales Channel Segment within the Spain Pet Insurance Market?
The broker type sales channel segment held the largest share of the Spain Pet Insurance Market in 2022.
05 Who are the Key Players in the Spain Pet Insurance Market?
Mapfre, Santevet, Asisa, Caser and Santa LucÃa
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