Pet Insurance Market in UAE
Globally, the pet insurance service industry is valued at $4.5 billion as of 2020, and it’s predicted to grow into a $16.5 billion market in 2030. In 2019, the USA households with pets estimates show that a meagre 3.3%of dogs and 1% of cats were insured.
When comparing it with Europe in the same period, around 25-30 % of pets in the UK were insured. In 2022, the Middle East and Africa pet insurance market size is valued at USD 318.71 million, and it is expected to grow at a CAGR of 9.9% by 2027.
These data are collected through reputed sources with simple estimation to show the promising potential and compelling demand in future. Post covid-19, there is a significant increase in inquiries regarding pet protective insurance and UAE is one of the key markets to witness this positive wave of interest.
Increasing Interest in Pet Insurance
The age, breed and size of the pets are considered to determine the cost of insurance premiums. Currently, pet insurances are only available for cats and dogswith relatively few policy options from a limited list of companies. In future, pet insurance is expected to extend its protection to other pets (not just dogs and cats) as well.
Many pets are abandoned as stray animals on the street or put to sleep owing to escalated prices of veterinary care. The good news is, the awareness of securing pet insurance is gaining momentum.
The owners of the pets have realized the importance of pet insurance and are ready to accommodate the additional expenditure to keep their companions happy and healthy. This would also reduce veterinary care costs in the long run.
The pet services industry has become the need of the hour in the UAE. Many modern-day pet owners try their best to provide essential careto their furry friends, and in the process, they pose a lot of queries regarding pet insurance.
Pet insurance comes with a list of coverages, and pet parents have options to customize the insurance plan based on their financial situation and pet needs.
The usual coverage includes:
● General and veterinary treatments
● Emergency and accidental care
● Finding the lost pet
● Rehabilitation support
● Annual cover
● Reimbursement and claims
A handful of insurance packages provide the optional add-on care that covers the routine medical check-ups and vaccinations feasible within the policy.
The arising need for pet insurance comes from the constant rising of veterinary costs and the pet lovers’ willingness to go the extra mile to provide better care. With more players joining this insurance wagon and better partnership strategies ensure affordable pet care for insured pets.
This is where OSLO pet insurance comes as a saviour to our companions and shields pet parents from expensive pet care. OSLO insurance offers UNIQUE benefits that include customized plans, seamless digital experience, and a lot more.