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“Pet insurance is a weird product. It is essentially a health insurance product regulated as a property and casualty product,” said Chris Blatchly, of Cognizant, explaining pet insurers have to look at health care players such as United Health. (Credit: iamnottaa/Shutterstock) “Pet insurance is a weird product. It is essentially a health insurance product regulated as a property and casualty product,” said Chris Blatchly, of Cognizant. (Credit: iamnottaa/Shutterstock)

Increasing rates of pet adoptions alongside growing awareness about animal care and treatment are anticipated to drive the pet insurance market, according to Acumen Research and Consulting, which expects the sector to grow around 7%, compounded annually, through 2027.

North America is expected to see the fastest growth during the forecast period, according to the market research company. The revue share potential for the region is also high, particularly for the U.S. where more than half of the population has a pet.

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