The pet care industry in India is witnessing an unprecedented surge, with an increasing number of households adopting pets as beloved family members. As pet ownership continues to rise, the demand for pet insurance is also gaining traction. This growing awareness about the financial protection and well-being of pets is driving the expansion of the pet insurance market in India. In this article, we’ll explore the pet insurance market trends, the factors fueling its growth, and the benefits of pet insurance for owners.
The pet care industry in India is experiencing unprecedented growth, with pet ownership becoming a significant trend across urban households. Alongside this growth, there is a rising awareness about the importance of pet insurance to ensure the health and well-being of beloved furry companions. According to industry experts, the pet insurance market in India is set to reach an impressive Rs 6,500 crore by 2025.
This surge in the pet insurance industry is not just a trend but a reflection of the increasing number of pet owners who view their pets as family members. As veterinary costs continue to rise, pet insurance is becoming a vital safety net to protect pets from unexpected medical emergencies. This article will dive into the evolving pet insurance market in India, its significance to make it easier for pet owners to secure their pets’ health.
Dogs are the most popular pets in India, with an estimated 31 million pet dogs projected by the end of 2023.
Understanding the Pet Insurance Market in India
Pet insurance is a financial product that helps pet owners manage the often-high costs of veterinary care. Much like health insurance for humans, it covers medical expenses related to accidents, illnesses, surgeries, and sometimes routine preventive care, based on the specific policy terms. As veterinary costs continue to rise in India, pet insurance is becoming an essential tool for ensuring pets receive the necessary medical attention without burdening their owners with exorbitant out-of-pocket expenses.
In India, the pet insurance market is expected to reach a staggering Rs 6,500 crore by 2025. This growth is fueled by several factors, including the rise in pet ownership, increasing awareness about pet healthcare, and the expansion of pet insurance products to suit diverse needs.
Key Benefits of Pet Insurance:
- Emergency Medical Care: If your pet gets injured or falls seriously ill, pet insurance can cover the cost of diagnostics, treatments, and surgeries.
- Chronic Illnesses: Some pets develop chronic conditions like diabetes or arthritis as they age. Having pet health insurance ensures long-term care for such conditions.
- Vaccinations and Preventive Care: Some pet insurance plans cover routine check-ups, vaccinations, and preventive care, which are essential for keeping pets healthy.
- Peace of Mind: As a pet parent, knowing that your pet’s medical needs will be covered gives you peace of mind, allowing you to focus on their well-being rather than worrying about unexpected expenses.
Pet Insurance for Dogs and Cats: How It Works
If you’re wondering how to get the best protection for your furry friend, pet insurance in India has evolved to provide flexible, comprehensive plans that suit various needs and budgets. When considering dog insurance or cat insurance India, there are several factors to keep in mind:
Coverage Options
Most pet insurance plans in India offer coverage for accidents, illnesses, surgeries, and hospitalization. Some policies even cover preventive care, like vaccinations and routine check-ups.
Customizable Plans
Leading platforms offer customizable pet insurance policies. Whether you’re looking for pet insurance for dogs, cat insurance, or comprehensive pet health coverage, you can tailor your policy according to your pet’s breed, age, and medical history. This flexibility ensures you only pay for the services you need.
Sum Insured and Premiums
The sum insured (the maximum amount the insurer will pay) varies depending on the policy you choose. Typically, the sum insured for dog insurance India is based on the breed and age of the dog, as different breeds are prone to specific health conditions. The premiums also depend on these factors, but in general, the cost of pet insurance is affordable and much lower than the potential out-of-pocket expenses for veterinary treatments.
India Pet Insurance Market Segmentation:
- IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on policy, animal, and provider.
- Every year, 600,000 pets are adopted in India, out of which 63 percent are dogs and 37 percent are cats, he said.
- As the pet care market in India is growing at about 14 percent and is expected to become over Rs 6500 crore by 2025, insurance companies are aggressively trying to take a share of this sector.
- Industry experts said insurance companies are trying to address this rapidly evolving market with bespoke plans to cater to the increasing rate of adoption of pets and the rising cost of medical treatment incurred to protect these furry companions.
Future Generali India Insurance Chief Distribution Officer Ramit Goyal, said, “While pet insurance products have been in existence in India for some years now, it has witnessed a significant progression over the last few years post Covid with the rising pet ownership and affection for pets translating into a higher demand for pet insurance.”
India is considered to be one of the fastest-growing pet markets in the world clocking an annual growth rate of nearly 14 percent and the country’s pet care market is likely to touch $800 million by 2025.
Dogs are the most popular pets in India, with an estimated 31 million pet dogs projected by the end of 2023. The country’s veterinary healthcare market, which is currently valued at around $169 million, is also expected to reach $186 million by 2027 with pet owners in India spending an average of close to $52 (approx Rs 4300) a month on their pets.
“Given the data, there’s significant potential for pet insurance, especially for dogs, in India. The growth is driven by increased awareness of pet care responsibilities and rising veterinary costs. Insurers are responding to this need with tailored products. Future Generali was among the first to launch a product, FG Dog Health Cover, to help cover unexpected pet medical expenses.” Goyal told PTI.
“Rising pet ownership, industry growth, proactive insurance companies, and pets being seen as family members are driving the increased awareness and uptake of pet insurance. As more homes welcome pets, the demand for financial protection against unexpected pet medical expenses is set to grow,” said T A Ramalingam, CTO, of Bajaj Allianz General Insurance.
The change in the mindset of pet parents has contributed to the uptick in pet insurance adoption. Consequently, they are more willing to invest in pet insurance as a means of ensuring their pets receive the necessary medical care without financial constraints, Ramalingam said.
By taking the insurance, pet owners can choose to cover the pet’s surgery, hospitalizations and OPD. They can also go for optional covers such as terminal illness, vet on call, emergency pet minding, lost & stolen, third-party liability, and funeral costs among others. Some of the most common claims incurred by insurance companies are those pertaining to accidents, skin diseases, and sickness like stomach and kidney ailments, the insurers said.
Parthanil Ghosh, Director & Chief Business Officer, HDFC ERGO General Insurance said, “There is a considerable lack of awareness about the need for pet insurance and the benefits which this product can offer during emergencies. To boost awareness about this product, one of the initiatives by the company was to introduce a dedicated section on the pet ecosystem on an app, which is a unique insurance-led ecosystem.”
Every year, 600,000 pets are adopted in India, out of which 63 percent are dogs and 37 percent are cats, he said.
Securing Your Pet’s Health in India’s Growing Pet Insurance Market
The pet insurance market in India is on a rapid growth trajectory, set to reach Rs 6,500 crore by 2025. With rising veterinary costs and the increasing importance of pets in our lives, having pet insurance is not just a luxury but a necessity. Bima Company makes it easier than ever to ensure that your furry friends are protected, no matter what life throws their way.
If you haven’t considered pet insurance for your dog or cat yet, now is the time. With the right plan, you can provide your pet with the medical care they deserve while keeping your finances intact.
Please fill out a form at www.bimacompany.com and we will get you a quote from different insurers to start your coverage for your furry family.
Protect your pet today. Get a customized pet insurance plan that suits your pet’s needs and enjoy peace of mind knowing they’re in good hands.