Sweden Pet Insurance Market Outlook 2027F
driven by an increasing pet adoption, high veterinary costs, rising pet health issues and awareness among pet owners
Region:Europe
Author(s):Roshitha, Oshina
Product Code:KR1296
December 2022
71
About the Report
The report provides a comprehensive analysis of the potential of Sweden Pet Insurance Market. The report covers an overview and genesis of the industry, market size in terms of insurance coverage.
Its market segmentations includes by type of Pet (Dog, Cat, Others), by Mode of distribution ( Agency, Broker, Bancassurance, Direct). The report includes Porter’s five force analysis, growth enablers, recent trends & developments, pain points & solutions. The report concludes with future market projections of each market segmentation and analyst recommendations.
Market Overview:
According to Ken Research estimates, the Sweden Pet Insurance which grew at a CAGR of 9.2% from 2017-2022 & is forecasted to grow at a CAGR of 8.6% from 2023-2027F owing to increasing pet adoption, high veterinary costs, rising pet health issues and awareness among pet owners.
- High insurance penetration rates, growing pet humanization, sophisticated product offerings by players involved are the major trends and developments in Sweden Pet Insurance Market.
- Approximately 15% and 21% of the households own at least one dog or one cat respectively in Sweden basis the data reported by European Pet Food Industry Federation
Key Trends by Market Segment:
By Type of Pet: Dogs account for the highest proportion in Sweden Pet Insurance Market. Cats are the second most popular pets in Sweden because they are low-maintenance. They don’t require formal training and are able to take care of basic self-cleaning. They account for 41.1% of the total premiums collected.
By Type of Distribution Mode: Agencies are the most preferred mode of distribution in Sweden with a lion’s share in 2022. This is because agencies have a direct relationship with animal owners and hence, pre and post-sale services remain intact.
Competitive Landscape
Future Outlook
Sweden Pet Insurance Market is highly consolidated with 10-15 key players operating in the market. Moreover, Agria and Folksam are the top players followed by IF Skadeförsäkring and Sveland. Increasing pet ownership, veterinary costs and pet related health issues are some of that factors driving growth.
Scope of the Report
|
By Type Pet |
Dogs Cat Others |
|
By Type of Mode of Distribution |
Agencies Broker Bancassurance Others |
Products
Key Target Audience
- Millennials
- Young Individuals
- Senior Citizens
- Unmarried Individuals
Time Period Captured in the Report:
- Historical Period: 2017-2022
- Base Period: 2022
- Forecast Period: 2023-2027F
Companies
Key Companies Covered
- Agria
- Svedea
- Sveland
- Moderna
- Folksam
- Furry Champ
- If
- ManyPets
- Trygg Hansa
- Dina Forsakringer
Table of Contents
1. Executive Summary
1.1 How is Pet Insurance Market Positioned in Sweden?
2. Country Overview of Pet Insurance Market
2.1 Sweden Country Overview
2.2 Sweden Population Analysis
3. Sweden Pet Market Overview
3.1 Sweden Pet Market Overview
3.2 Overview of Pet Dogs and Cats in Sweden
3.3 Overview of Other Animals in Sweden
3.4 Overview of Veterinary Clinics and Regulations in Sweden
4. Sweden Pet Insurance Market Overview
4.1 Ecosystem of Sweden Pet Insurance Market
4.2 Business Cycle of Sweden Pet Insurance Market
4.3 Common Types of Pet Insurance in Sweden
4.4 Business Model in Sweden Pet Insurance Market
4.5 Timeline of Major Players in Sweden Pet Insurance Market
4.6 Recent collaborations in Sweden Pet Insurance Market
5. Sweden Pet Insurance Market Segmentation, 2022P
5.1 Sweden Pet Insurance Market Size, 2017-2022P
5.2 Sweden Pet Insurance Market Segmentation based on the type of animals, 2022P
5.3 Sweden Pet Insurance Market Segmentation based on the mode of distribution, 2022P
6. End User Analysis of Sweden Pet Insurance Market
6.1 End-to-end process in Sweden Pet Insurance Market
6.2 Decision Making Parameters for Pet Owners in Sweden Pet Insurance Market
6.3 Pet Insurance Compensation Calculation Method
7. Industry Analysis of Sweden Pet Insurance Market
7.1 Key AI enabled use cases across pet insurance value chain
7.2 Porter’s Five Forces Analysis on Sweden Pet Insurance Market
7.3 Growth Enablers in Sweden Pet Insurance Market
7.4 Bottlenecks and Challenges in the Sweden Pet Insurance Market
7.5 Trends and Developments in Sweden Pet Insurance Market
7.6 SWOT Analysis of Sweden Pet Insurance Market
7.7Overview of how the COVID-19 Pandemic impacted the Sweden Pet Insurance Industry
8. Competition Framework for Sweden Pet Insurance Market
8.1 Competitive Landscape in Sweden Pet Insurance Market
8.2 Market shares for Major Players present in Sweden Pet Insurance Market
8.3 Cross Comparison of Major Players in Sweden Pet Insurance Market
8.4 Business Strategies of Major Players in Sweden Pet Insurance Market
9. Future Outlook and Projections of the Market, 2022P-2027F
9.1 Sweden Pet Insurance Market Size Future Outlook, 2022P-2027F
9.2 Sweden Pet Insurance Market Segmentation based on the mode of distribution, 2027F
9.3 Sweden Pet Insurance Market Segmentation based on the type of animals, 2027F
9.4 Upcoming Technologies in Sweden Pet Insurance Market
10. Market Opportunity and Analyst Recommendations
10.1 Recommendation for Pet Insurance Players- Operational Strategies
10.2 Recommendation for Pet Insurance Players- Marketing Strategies
11. Research Methodology
11.1 Market Definitions
11.2 Abbreviations Used
11.3 Market Sizing Approach
11.4 Consolidated Research Approach
11.5 Understanding Market Potential through In-Depth Industry Interviews
11.6 Research Limitations
11.7 Future Conclusion
Disclaimer
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Research Methodology
Step 1:
Exhaustive research done to identify the list of major players which have a presence in Sweden Pet Insurance Market
Step 2:
Identification of distributors of insurance, majorly websites of different insurance companies and government regulated websites to find insurance premiums charged by the companies. CATIs with the management to understand their business model, technological capabilities, operational and Financial Key Performance Indicators including Revenue, segment wise performance, USPs, challenges and future strategies
Step 3:
Ascertaining the share of different animals insured and yearly number of policies sold for different animals, to get average GWP collected per policy. Bottom-to-Top approach in order to evaluate the industry revenue and premium collection. Sanity Checking from Industry Veterans and Professionals.
Frequently Asked Questions
01 What is the Study Period of this Market Report?
The Sweden pet InsuranceMarket is covered from 2017–2022 in this report, including a forecast for 2023-2027.
02 What is the Future Growth Rate of the Sweden pet Insurance Market?
The Sweden pet Insurance Market is expected to witness a CAGR of 8.6% over the next four years.
03 What are the Key Factors Driving the Sweden pet Insurance Market?
Increasing pet adoption, high veterinary costs, rising pet health issues and awareness among pet owners are some of the major growth drivers of Sweden pet Insurance Market.
04 Who are the Key Players in the Sweden pet Insurance Market?
Agria, Svedea, If, Sveland, Moderna, Furry champ are some of the prominent players in the market.
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