Middle East & Africa Pet Insurance Market Outlook 2021-2026 Report – ResearchAndMarkets.com
DUBLIN – (COMMERCIAL THREAD)–The “Middle East & Africa Pet Insurance Market Outlook, 2026” the report was added to ResearchAndMarkets.com offer.
The pet insurance market in the Middle East and Africa was valued at just $ 0.12 billion in 2015.
The increasing rate of urbanization in developing countries like South Africa, increasing disposable income of people, increasing knowledge about pet care are expected to allow the market to grow at an increasing rate. by 13% over the forecast period.
Pet ownership is on the rise in the region due to the growing number of single professionals, empty nests, couples who are late in having children, and families who need additional watch dogs. Most dog insurance claims are met by expats, as dogs are considered a “bad omen” in Islam.
In the Middle East and Africa, more cats are kept as pets than dogs, because Islam considers dogs unclean. Some regional cat breeds, like the Egyptian Mau, are kept as pets. However, the type of dog insurance leads the market with a market share of almost 75% in 2020.
The share of dog insurance in the country is more due to higher exposure to the disease as the high temperature in the region is not suitable for them. In South Africa, among the breeds, the Jack Russel Terrier is the most popular registered dog, the short-haired domestic the most popular cat, and the African gray parrot the most popular exotic animal. In the coming years, the market growth rate of the other animal insurance segment is expected to exceed 23%.
Accident and sickness policy dominates the market with strong concerns for the health of pets, especially dogs in the region. The segment holds almost all of the market share in 2020. Veterinary costs in developed countries in the region such as the United Arab Emirates are skyrocketing.
This has created a need for pet insurance, especially for accident insurance in urbanized sections. The segment is expected to grow with an expected CAGR of over 30% during the forecast period.
Additionally, in an ever struggling economy, with the rising cost of owning and caring for pets, pet insurance is becoming more and more popular. Rising literacy rates and people’s growing preference for adopting pets and delaying having children is a factor supporting the growth of the industry in the Middle East and Africa.
There are no major players in UAE and Saudi Arabia due to the lack of motivation of pet owners and insufficient knowledge of the benefits of pet insurance. The region’s agency segment accounted for the highest market share, while the direct write segment is expected to represent the highest CAGR in the coming period.
The growing popularity of the concept of humanizing pets is increasing the demand for pet grooming and care products. Owners, especially Millennials, are willing to spend more on their pets to ensure safe and healthy lives
Private players tend to offer insurance policies with maximum coverage plans and minimum premium offers. Major insurance agencies are authorizing various new pet programs to retain consumers, which will further promote market growth in the region.
The main market players are
Agria Animal Insurance
Figo Pet Insurance, LLC
Pet Veterinary Insurance (Nationwide)
PetFirst pet insurance
Petplan pet insurance
PetSure (Australia) Pty Ltd
Main topics covered:
2. Methodology of the report
3. Global Pet Insurance Market Outlook
3.1. Market size by value
3.2. Market share
3.2.1. By animal type
3.2.2. By type of insurance
3.2.3. By end user
3.2.4. By region
3.2.5. By country
3.2.6. By company
4. Outlook for the Middle East and Africa Pet Insurance Market
4.1. Market size by value
4.2. Market share
4.2.1. By animal type
4.2.2. By type of insurance
4.2.3. By end user
4.2.4. By country
4.3. United Arab Emirates Pet Insurance Market Outlook
4.3.1. Market size by value
4.3.2. Market share by animal type
4.3.3. Market share by type of insurance
4.4. Saudi Arabia Pet Insurance Market Outlook
4.4.1. Market size by value
4.4.2. Market share by animal type
4.4.3. Market share by type of insurance
4.5. South Africa Pet Insurance Market Outlook
4.5.1. Market size by value
4.5.2. Market share by animal type
4.5.3. Market share by type of insurance
5. Market dynamics
5.1. Market factors
5.2. Market challenges
6. Market trends and development
6.1. Improved efficiency
6.2. Growing digitization
6.3. Shedding of inheritance
6.4. Harness the power of data
7. Company profiles
For more information on this report, visit https://www.researchandmarkets.com/r/jtzp3i