Report Overview

Middle East and Africa Pet Insurance Market – Industry Trends & Forecast Report, 2030

Middle East and Africa Pet Insurance Market size was estimated at USD 0.4 billion in 2023. During the forecast period between 2024 and 2029, the size of Middle East and Africa Pet Insurance Market is projected to grow at a CAGR of 12.11% reaching a value of USD 0.81 billion by 2030. The Middle East and Africa Pet Insurance Market is experiencing the fastest growth, driven by factors such as the escalating rate of urbanization in developing nations like South Africa, the increased disposable income of individuals, and a heightened awareness of pet care. The expanding market is further fueled by the rising trend of pet ownership in the region, driven by the growing population of single professionals, empty-nesters, couples delaying parenthood, and families seeking additional guard dogs.

Pet Insurance – Overview

Pet insurance is a financial product designed to cover veterinary expenses associated with the health and well-being of pets. It typically reimburses policyholders for eligible medical expenses related to accidents, illnesses, and preventive care for their animals. Pet owners pay a monthly premium in exchange for coverage, with varying plans and options available. Insurance helps mitigate the financial burden of unexpected veterinary costs, allowing pet owners to provide necessary medical care for their beloved animals without the fear of high expenses. Coverage can include diagnostic tests, surgeries, medications, and other veterinary services, depending on the policy.

Middle East and Africa Pet Insurance Market

Growth Drivers

Rising Pet Ownership

The escalating trend of pet ownership is emerging as a potent catalyst for the expansion of the Middle East and Africa Pet Insurance Market. A noticeable surge in global households embracing pets as integral family members is driving the momentum. The phenomenon is fueled by factors such as urbanization, evolving lifestyles, and a growing recognition of the emotional rewards associated with pet companionship. As the population increasingly welcomes pets into their homes, there is a parallel uptick in the demand for pet insurance. Pet owners are actively seeking ways to ensure optimal care for their beloved animals, and insurance provides a crucial avenue for safeguarding their pets' well-being while effectively managing potential financial challenges posed by unforeseen medical expenses. The surge in pet ownership broadens the market landscape but also underscores the pivotal role of pet insurance in modern pet care practices.

Growing Expenses of Veterinary Care

The increasing expenses of veterinary care emerge as a powerful catalyst for the Middle East and Africa Pet Insurance Market. With veterinary services incorporating advanced medical procedures, specialized treatments, and innovative technology, the associated costs have witnessed a substantial increase. Pet owners are becoming increasingly cognizant of the financial implications linked to ensuring quality healthcare for their pets, thereby fostering a greater inclination towards pet insurance coverage. Pet insurance policies serve as a financial safeguard, enabling pet owners to afford the best available medical care for their beloved animals without succumbing to the strain of exorbitant veterinary bills. In the face of continually rising veterinary costs, the demand for pet insurance remains robust, presenting a pragmatic solution for managing these expenses and ensuring that pets receive necessary care without imposing an undue financial burden on their owners.

Challenges

High Premiums and Affordability

In the dynamic landscape of the Middle East and Africa Pet Insurance Market, a pressing restraint emerges as pet owners grapple with soaring premiums and mounting affordability concerns. The region witnesses a surge in the cost of pet insurance, rendering it financially burdensome for prospective policyholders. As the demand for comprehensive coverage grows, the industry faces the critical task of addressing pricing structures and enhancing accessibility. Balancing the need for extensive coverage with affordability becomes paramount, necessitating strategic interventions to ensure the sustainable growth of the pet insurance sector in the Middle East and Africa.

Impact of COVID-19 on Middle East and Africa Pet Insurance Market

The COVID-19 pandemic significantly impacted the Middle East and Africa Pet Insurance Market, witnessing a surge in demand as pet ownership rises. With increased awareness of pet health, insurance adoption has grown, reflecting a shift in consumer priorities. However, economic uncertainties led to cautious spending, affecting market growth. Insurers are adapting by introducing flexible policies to cater to changing consumer needs, ensuring the market's resilience amidst the pandemic's challenges.

Middle East and Africa Pet Insurance Market.

Segmental Coverage

Middle East and Africa Pet Insurance Market – By Policy Type

Based on policy type, Middle East and Africa Pet Insurance Market is divided into Lifetime Cover and Non-lifetime Cover segments. The Lifetime Cover segment is further sub divided into accidental cover and illness cover. Also, the non-lifetime cover segment is further classified into accidental cover and illness cover. The non-lifetime cover is a higher contributor, with further classifications into Accidental Cover and Illness Cover. The segment signifies a significant portion of the market, emphasizing the region's focus on addressing pet insurance needs without lifelong commitment. The detailed breakdown reflects a nuanced market landscape, with the Non-lifetime Cover segment, particularly its Illness Cover component, standing out as the largest and potentially most prevalent choice among pet owners in the Middle East and Africa.

Middle East and Africa Pet Insurance Market – By Animal Type

Based on animal type, Middle East and Africa Pet Insurance Market is divided into Cat, Dog, Horse, and Exotic Pets segments. In the Middle East & Africa, dogs dominate the realm of pet insurance, surpassing cats in popularity. While Islam views dogs as unclean, leading to more cats being kept as pets, the dog insurance segment holds a commanding market share, reaching nearly 75% in the year 2023. The prevalence of dog insurance can be attributed to a higher susceptibility to illness among dogs in the region, exacerbated by the unsuitable high temperatures. In South Africa, the Jack Russell Terrier stands out as the most enrolled dog breed, while the Domestic Short-Hair takes the lead among cats, and the African Grey parrot claims the top spot among exotic pets. Looking ahead, the market growth rate for other animal insurance segments is expected to exceed during the forecast period.

Middle East and Africa Pet Insurance Market – By End User

By end user, Middle East and Africa Pet Insurance Market is divided into Agency, Broker, Bancassurance, and Direct Writing segments. The agency segment dominates the market share, reflecting a significant portion of the market share. This indicates a prevalent trend where insurance services for pets are primarily distributed through agencies. The agency segment involves intermediaries who play a crucial role in connecting pet owners with suitable insurance products. This dominance suggests a preference for personalized guidance and assistance in the pet insurance purchasing process, emphasizing the role of agents in facilitating transactions and building customer relationships within the Middle East and Africa Pet Insurance Market.

Middle East and Africa Pet Insurance Market – By Country

By country, Middle East and Africa Pet Insurance Market is divided into Saudi Arabia, UAE, Qatar, Kuwait, South Africa, Nigeria, Algeria, and Rest of MEA. South Africa emerges as the largest segment, exhibiting substantial growth in the pet insurance sector. The rising awareness of pet health and the increasing pet ownership trend contribute to the market's expansion in South Africa. The country's evolving economic landscape and a growing middle-class population further drive the demand for pet insurance. With a progressive veterinary infrastructure and a heightened focus on pet well-being, South Africa stands out as a key player in the MEA pet insurance market, showcasing significant potential for future developments and investments in the sector.

Competitive Landscape

Major players in the Middle East and Africa Pet Insurance Market include Dubai Pet Insurance (DPi), PetAssure, Etiqa UAE Insurance, King Price Pet Insurance, Old Mutual Petcover, Sanlam PetSure, AXA Gulf, Pethealth Inc., and Embrace Pet Insurance Agency. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of Report

By Policy Type

• • Lifetime Cover

1. Accidental Cover

2. Illness Cover

• Non-lifetime Cover

1. Accidental Cover

2. Illness Cover

By Animal Type

• • Cat

  • Dog

  • Horse

  • Exotic Pets

By End User

• • Agency

  • Broker

  • Bancassurance

  • Direct Writing

By Country

• • Saudi Arabia

  • UAE

  • Qatar

  • Kuwait

  • South Africa

  • Nigeria

  • Algeria

  • Rest of MEA

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Middle East and Africa Pet Insurance Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rising pet ownership
         2. Emergence of specialized pet care providers
      2. Restrains
         1. Limited product offerings
         2. High premiums and affordability concerns
      3. Opportunities
         1. Targeted awareness campaigns
         2. Micro-insurance solutions
      4. Challenges
         1. Competition from traditional risk mitigation strategies
         2. Fraudulent claims and risk management
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Middle East and Africa Pet Insurance Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share and Forecast
      1. By Policy Type
         1. Lifetime Cover
            1. Accidental Cover
            2. Illness Cover
         2. Non-lifetime Cover
            1. Accidental Cover
            2. Illness Cover
         3. Others
      2. By Animal Type
         1. Cat
         2. Dog
         3. Horse
         4. Exotic Pets
         5. Others
      3. By End User
         1. Agency
         2. Broker
         3. Bancassurance
         4. Direct Writing
      4. By Country
         1. Saudi Arabia
         2. UAE
         3. Qatar
         4. Kuwait
         5. South Africa
         6. Nigeria
         7. Algeria
         8. Rest of MEA
5. Saudi Arabia Pet Insurance Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Policy Type
      2. By Animal Type
      3. By End User
6. UAE Pet Insurance Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Policy Type
      2. By Animal Type
      3. By End User
7. Qatar Pet Insurance Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Policy Type
      2. By Animal Type
      3. By End User
8. Kuwait Pet Insurance Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Policy Type
      2. By Animal Type
      3. By End User
9. South Africa Pet Insurance Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Policy Type
      2. By Animal Type
      3. By End User
10. Nigeria Pet Insurance Market
    1. Market Size & Forecast, 2019–2030
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Policy Type
       2. By Animal Type
       3. By End User
11. Algeria Pet Insurance Market
    1. Market Size & Forecast, 2019–2030
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Policy Type
       2. By Animal Type
       3. By End User
12. Rest of MEA Pet Insurance Market
    1. Market Size & Forecast, 2019–2030
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Policy Type
       2. By Animal Type
       3. By End User
13. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Middle East and Africa Pet Insurance Market Share Analysis, 2023
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
14. Impact of Covid-19 on Middle East and Africa Pet Insurance Market
15. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
    1. Dubai Pet Insurance (DPi)
    2. PetAssure
    3. Etiqa UAE Insurance
    4. King Price Pet Insurance
    5. Old Mutual Petcover
    6. Sanlam PetSure
    7. AXA Gulf
    8. Pethealth Inc.
    9. Embrace Pet Insurance Agency
    10. Other Prominent Players
16. Key Strategic Recommendations
17. Research Methodology
    1.   Qualitative Research
       1.  Primary & Secondary Research
    2.   Quantitative Research
    3.   Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.   Breakdown of Primary Research Respondents, By Region
    5.   Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

List of Figures

Figure 1       Middle East and Africa Pet Insurance Market Segmentation

Figure 2       Middle East and Africa Pet Insurance Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       Middle East and Africa Pet Insurance Market Size, By Value (USD Billion), 2019–2030

Figure 5       Middle East and Africa Pet Insurance Market Share, By Policy Type, By Value, 2019–2030

Figure 6       Middle East and Africa Pet Insurance Market Share, By Animal Type, By Value, 2019–2030

Figure 7       Middle East and Africa Pet Insurance Market Share, By End User, By Value, 2019–2030

Figure 8       Middle East and Africa Pet Insurance Market Share, By Country, By Value, 2019–2030

Figure 9       Saudi Arabia Pet Insurance Market Size, By Value (USD Billion), 2019–2030

Figure 10     Saudi Arabia Pet Insurance Market Share, By Policy Type, By Value, 2019–2030

Figure 11     Saudi Arabia Pet Insurance Market Share, By Animal Type, By Value, 2019–2030

Figure 12     Saudi Arabia Pet Insurance Market Share, By End User, By Value, 2019–2030

Figure 13     UAE Pet Insurance Market Size, By Value (USD Billion), 2019–2030

Figure 14     UAE Pet Insurance Market Share, By Policy Type, By Value, 2019–2030

Figure 15     UAE Pet Insurance Market Share, By Animal Type, By Value, 2019–2030

Figure 16     UAE Pet Insurance Market Share, By End User, By Value, 2019–2030

Figure 17     Qatar Pet Insurance Market Size, By Value (USD Billion), 2019–2030

Figure 18     Qatar Pet Insurance Market Share, By Policy Type, By Value, 2019–2030

Figure 19     Qatar Pet Insurance Market Share, By Animal Type, By Value, 2019–2030

Figure 20     Qatar Pet Insurance Market Share, By End User, By Value, 2019–2030

Figure 21     Kuwait Pet Insurance Market Size, By Value (USD Billion), 2019–2030

Figure 22     Kuwait Pet Insurance Market Share, By Policy Type, By Value, 2019–2030

Figure 23     Kuwait Pet Insurance Market Share, By Animal Type, By Value, 2019–2030

Figure 24     Kuwait Pet Insurance Market Share, By End User, By Value, 2019–2030

Figure 25     South Africa Pet Insurance Market Size, By Value (USD Billion), 2019–2030

Figure 26     South Africa Pet Insurance Market Share, By Policy Type, By Value, 2019–2030

Figure 27     South Africa Pet Insurance Market Share, By Animal Type, By Value, 2019–2030

Figure 28     South Africa Pet Insurance Market Share, By End User, By Value, 2019–2030

Figure 29     Nigeria Pet Insurance Market Size, By Value (USD Billion), 2019–2030

Figure 30     Nigeria Pet Insurance Market Share, By Policy Type, By Value, 2019–2030

Figure 31     Nigeria Pet Insurance Market Share, By Animal Type, By Value, 2019–2030

Figure 32     Nigeria Pet Insurance Market Share, By End User, By Value, 2019–2030

Figure 33     Algeria Pet Insurance Market Size, By Value (USD Billion), 2019–2030

Figure 34     Algeria Pet Insurance Market Share, By Policy Type, By Value, 2019–2030

Figure 35     Algeria Pet Insurance Market Share, By Animal Type, By Value, 2019–2030

Figure 36     Algeria Pet Insurance Market Share, By End User, By Value, 2019–2030

Figure 37     Rest of Middle East & Africa Pet Insurance Market Size, By Value (USD Billion), 2019–2030

Figure 38     Rest of Middle East & Africa Pet Insurance Market Share, By Policy Type, By Value, 2019–2030

Figure 39     Rest of Middle East & Africa Pet Insurance Market Share, By Animal Type, By Value, 2019–2030

Figure 40     Rest of Middle East & Africa Pet Insurance Market Share, By End User, By Value, 2019–2030

List of Tables

Table 1 Middle East and Africa Pet Insurance Market Share, By Policy Type, By Value, 2019–2030

Table 2 Middle East and Africa Pet Insurance Market Share, By Animal Type, By Value, 2019–2030

Table 3 Middle East and Africa Pet Insurance Market Share, By End User, By Value, 2019–2030

Table 4 Middle East and Africa Pet Insurance Market Share, By Country, By Value, 2019–2030

Table 5 Saudi Arabia Pet Insurance Market Share, By Policy Type, By Value, 2019–2030

Table 6 Saudi Arabia Pet Insurance Market Share, By Animal Type, By Value, 2019–2030

Table 7 Saudi Arabia Pet Insurance Market Share, By End User, By Value, 2019–2030

Table 8 UAE Pet Insurance Market Share, By Policy Type, By Value, 2019–2030

Table 9 UAE Pet Insurance Market Share, By Animal Type, By Value, 2019–2030

Table 10      UAE Pet Insurance Market Share, By End User, By Value, 2019–2030

Table 11      Qatar Pet Insurance Market Share, By Policy Type, By Value, 2019–2030

Table 12      Qatar Pet Insurance Market Share, By Animal Type, By Value, 2019–2030

Table 13      Qatar Pet Insurance Market Share, By End User, By Value, 2019–2030

Table 14      Kuwait Pet Insurance Market Share, By Policy Type, By Value, 2019–2030

Table 15      Kuwait Pet Insurance Market Share, By Animal Type, By Value, 2019–2030

Table 16      Kuwait Pet Insurance Market Share, By End User, By Value, 2019–2030

Table 17      South Africa Pet Insurance Market Share, By Policy Type, By Value, 2019–2030

Table 18      South Africa Pet Insurance Market Share, By Animal Type, By Value, 2019–2030

Table 19      South Africa Pet Insurance Market Share, By End User, By Value, 2019–2030

Table 20      Nigeria Pet Insurance Market Share, By Policy Type, By Value, 2019–2030

Table 21      Nigeria Pet Insurance Market Share, By Animal Type, By Value, 2019–2030

Table 22      Nigeria Pet Insurance Market Share, By End User, By Value, 2019–2030

Table 23      Algeria Pet Insurance Market Share, By Policy Type, By Value, 2019–2030

Table 24      Algeria Pet Insurance Market Share, By Animal Type, By Value, 2019–2030

Table 25      Algeria Pet Insurance Market Share, By End User, By Value, 2019–2030

Table 26      Rest of Middle East & Africa Pet Insurance Market Share, By Policy Type, By Value, 2019–2030

Table 27      Rest of Middle East & Africa Pet Insurance Market Share, By Animal Type, By Value, 2019–2030

Table 28      Rest of Middle East & Africa Pet Insurance Market Share, By End User, By Value, 2019–2030

Table 29      Dubai Pet Insurance (DPi) Company Overview

Table 30      Dubai Pet Insurance (DPi) Financial Overview

Table 31      PetAssure Company Overview

Table 32      PetAssure Financial Overview

Table 33      Etiqa UAE Insurance Company Overview

Table 34      Etiqa UAE Insurance Financial Overview

Table 35      King Price Pet Insurance Company Overview

Table 36      King Price Pet Insurance Financial Overview

Table 37      Old Mutual Petcover Company Overview

Table 38      Old Mutual Petcover Financial Overview

Table 39      Sanlam PetSure Company Overview

Table 40      Sanlam PetSure Financial Overview

Table 41      AXA Gulf Company Overview

Table 42      AXA Gulf Financial Overview

Table 43      Pethealth Inc. Company Overview

Table 44      Pethealth Inc. Financial Overview

Table 45      Embrace Pet Insurance Agency Company Overview

Table 46      Embrace Pet Insurance Agency Financial Overview

Table 47      Other Prominent Players Company Overview

Table 48      Other Prominent Players Financial Overview