Portland, OR, April 19, 2022 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the Pet insurance market in Latin America generated $0.28 billion in 2020, and should reach $1.27 billion by 2030, growing at a CAGR of 16.4% from 2021 to 2030. The report provides an in-depth analysis of major investment pockets, winningest strategies, drivers and opportunities, market size and estimates, competitive scenario and hesitant market trends.
The increase in the number of veterinary centers, the increase in medical expenses in veterinary medicine, the significant increase in the demand for pet policies and the growth in the need for financial security in times of uncertainty are expected to drive the growth of the pet insurance market in Latin America. On the other hand, the exorbitant cost of pet insurance policies is expected to hamper the growth to some extent. However, the increase in government initiatives regarding pet insurance policies is expected to create many opportunities for the industry.
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- The COVID-19 outbreak has negatively impacted the growth of the Latin America pet insurance market, owing to the prevalence of lockdowns in various countries in the region. Lockdowns have resulted in the closure of the majority of diagnostic and veterinary centers during the pandemic due to strict social distancing restrictions imposed by several government agencies.
- However, the market should recover soon.
The report offers detailed segmentation of the Latin America pet insurance market based on policy coverage, animal type, sales channel, and region.
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Based on policy coverage, the accident and illness segment generated the highest market share in 2020, attracting more than four-fifths of the total market. The accident-only segment, on the other hand, is expected to quote the fastest CAGR of 20.1% during the forecast period.
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Based on animal type, the dogs segment held the majority share in 2020, holding more than two-thirds of the total market. The cat segment, on the other hand, is expected to show the fastest CAGR of 19.7% during the forecast period.
By sales channel, the agency segment held the lion’s share in 2020, capturing nearly two-thirds of the total market. The broker segment, on the other hand, is expected to quote the fastest CAGR of 20.1% during the forecast period.
The major market players analyzed in the Latin America Pet Insurance Market report are Ipet Insurance, Pets Best Insurance Services, LLC, Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC, Hartville Group, Royal & Sun Alliance (RSA) and Trupanion, Hartville. Group, National, Pet Assure Corp., PetFirst.
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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
Pawan Kumar, CEO of Allied Market Research, leads the organization in delivering high quality data and insights. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.