The global horse insurance market revenue was around US$ 521.5 million in 2022 and is estimated to reach US$ 1,656 million by 2031, growing at a compound annual growth rate (CAGR) of 13.7% during the forecast period from 2023 to 2031.
Horse insurance is a kind of insurance policy that reimburses the horse owner in case of any unexpected events related to the horse such as accident, death, theft, illness, and injury, among others.
Market Driving Factors
The surge in demand for horse insurance policies is estimated to drive the market. This is mainly owing to the increase in horse ownership. Additionally, the idea of pet humanization is becoming more popular, which is raising the requirement for pet grooming and care products. Owners, especially millennials, are willing to spend extra money on their pets to give them a happy and safe existence. Moreover, different nations across the world have observed a substantial increase in the adoption of animals, including cats, dogs, and horses as companion animals. Thus, horse insurance companies are providing customized policies with the changing consumer demand such as multi-pet insurance and many others.
The demand for quality veterinary services is increasing with the surge in the number of horses, which, in turn, is propelling the veterinary services prices. Therefore, the demand for horse insurance is increasing. Moreover, the policy covers urinalysis, blood tests, x-rays, CT scans, lab work, ultrasounds, specialty and emergency care practices, and outpatient, along with surgery and hospitalization. As a result, with the increase in medical price, horse owners can also obtain an extended accident and disease package that reaches beyond the initial coverage of accidents, poisonings, and various disorders.
Lower awareness and higher prices of horse insurance are hampering the market expansion.
Regional Analysis
North America dominated the market in terms of revenue and is predicted to maintain its dominance. Surged adoption of horses by high net-worth individuals (HNWI), has assisted this region in becoming the vast shareholder in the market.
Segmentation Insights
Type Insight
The mortality segment dominates the market in terms of the largest shares. This is mainly due to the surge in several horse racing competitions around the world. Therefore, mortality insurance offers different benefits to its owner such as if the horse dies, or is stolen, the mortality insurance aids cover those prices as specified in the policy.
The major medical & surgical segment is estimated to dominate the market in terms of shares. This is mainly owing to various factors, such as surging awareness among horse owners about the significance of comprehensive medical coverage for their horse companions, the emotional attachment that owners have towards their horses, and the availability of cutting-edge medical treatments. Moreover, high-value equines, specifically those involved in horse racing, sports, and breeding, often need specialized and costly medical care. This has led to an increase in demand for policies that cover a broad spectrum of medical and surgical techniques, ensuring that these beneficial animals receive the most suitable possible care.
Application Insight
The commercial segment is predicted to dominate the market in terms of growth rate. This is owing to the growth of horse sports and leisure activities increases in commercial enterprises catering to horse enthusiasts. Furthermore, training centers, riding schools, and horse event organizers are succeeding in response to rising demand. As a result, these businesses need insurance coverage to cover their assets, such as facilities, horses, equipment, and liabilities associated with their functions.
Prominent Companies
Segmentation Outline
The global horse insurance market segmentation focuses on the Type, Horse Type, Application, Sales Channel, and Region.
By Type
By Horse Type
By Application
By Sales Channel
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL HORSE INSURANCE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: HORSE INSURANCE MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL HORSE INSURANCE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL HORSE INSURANCE MARKET, BY TYPE
5.1 OVERVIEW
5.2 MORTALITY
5.3 MAJOR MEDICAL & SURGICAL
5.4 LOSS OF USE
5.5 LIABILITY
5.6 OTHERS
6 GLOBAL HORSE INSURANCE MARKET, BY HORSE TYPE
6.1 OVERVIEW
6.2 AMERICAN QUARTER HORSE
6.3 ARABIAN
6.4 THOROUGHBRED
6.5 MORGAN
6.6 APPALOOSA
6.7 OTHERS
7 GLOBAL HORSE INSURANCE MARKET, BY APPLICATION
7.1 OVERVIEW
7.2 RECREATIONAL
7.2.1 RIDING
7.2.2 RACING
7.2.3 GROOMING/SHOWING
7.2.4 OTHERS
7.3 COMMERCIAL
8 GLOBAL HORSE INSURANCE MARKET, BY SALES CHANNEL
8.1 OVERVIEW
8.2 BROKER
8.3 AGENCY
8.4 DIRECT RESPONSE
8.5 OTHERS
9 GLOBAL HORSE INSURANCE MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL HORSE INSURANCE MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 DE WET DE VILLIERS BROKERS
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 PET PLAN
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 ONE INSURANCE
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 ASPCA
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 HOLLARD
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 PET ASSURE
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 EPIC INSURANCE BROKERS & CONSULTANTS
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8 AXA
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 BROADSTONE EQUINE INSURANCE AGENCY
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 GREAT AMERICAN INSURANCE GROUP
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.11 MARKEL CORPORATION
11.11.1 OVERVIEW
11.11.2 FINANCIAL PERFORMANCE
11.11.3 PRODUCT OUTLOOK
11.11.4 KEY DEVELOPMENTS
11.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.12 HARRY HALL HORSE INSURANCE
11.12.1 OVERVIEW
11.12.2 FINANCIAL PERFORMANCE
11.12.3 PRODUCT OUTLOOK
11.12.4 KEY DEVELOPMENTS
11.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.13 QUOTEZONE HORSE INSURANCE
11.13.1 OVERVIEW
11.13.2 FINANCIAL PERFORMANCE
11.13.3 PRODUCT OUTLOOK
11.13.4 KEY DEVELOPMENTS
11.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.14 TRUSTED CHOICE
11.14.1 OVERVIEW
11.14.2 FINANCIAL PERFORMANCE
11.14.3 PRODUCT OUTLOOK
11.14.4 KEY DEVELOPMENTS
11.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.15 THE INSURANCE EMPORIUM
11.15.1 OVERVIEW
11.15.2 FINANCIAL PERFORMANCE
11.15.3 PRODUCT OUTLOOK
11.15.4 KEY DEVELOPMENTS
11.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.16 HORSE INSURANCE NATIONWIDE
11.16.1 OVERVIEW
11.16.2 FINANCIAL PERFORMANCE
11.16.3 PRODUCT OUTLOOK
11.16.4 KEY DEVELOPMENTS
11.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.17 ANIMAL FRIENDS HORSE INSURANCE
11.17.1 OVERVIEW
11.17.2 FINANCIAL PERFORMANCE
11.17.3 PRODUCT OUTLOOK
11.17.4 KEY DEVELOPMENTS
11.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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