Horse Insurance Market to Grow with a CAGR of 13.08% Globally through 2028
The global horse insurance market is expanding, driven
by rising equine ownership. Providers offer diverse coverage options to
safeguard against accidents, illnesses, and theft, catering to the growing
demand.
According to
TechSci Research report, “Global Horse Insurance Market - Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the
Global Horse Insurance Market stood at USD 476.5 Million in 2022 and is
anticipated to grow with a CAGR of 13.08% in the forecast period, 2024-2028.
The Global
Horse Insurance Market is driven by increasing equine ownership, a growing
equestrian sports industry, diverse coverage options, urbanization leading to
leisure horse ownership, and specialized providers. It's marked by challenges
such as high veterinary costs, valuation disputes, high-risk equine activities,
geographic variations, and the need to adapt to emerging trends. Trends include
customized coverage solutions, technology integration, sustainability concerns,
expanded high-value horse coverage, data-driven risk assessment, and market
globalization. As the equine industry evolves and diversifies, horse insurance
remains vital for safeguarding valuable assets and meeting the unique needs of
horse owners, breeders, trainers, and equestrian businesses globally. The
Global Horse Insurance Market is propelled by several key drivers that
underscore the significance of insurance in the realm of equine ownership and
related industries. Firstly, the increasing prevalence of equine ownership
worldwide is a fundamental driver. Horses are not just pets; they are valuable
assets, and as their ownership grows, the demand for insurance to protect these
investments intensifies. Whether for pleasure, sport, or business, horse owners
seek financial safeguards against various risks, making insurance a critical
necessity in the contemporary equine landscape. Secondly, the
booming equestrian sports industry is a major catalyst for the market's growth.
From horse racing to show jumping, the scale and financial stakes of these
events necessitate robust insurance coverage. Insurers provide policies that
safeguard not only the horses themselves but also cover jockeys, riders, event
organizers, and even spectators. As equestrian sports continue to gain global
popularity, the demand for insurance in this sector is poised to rise further.
Diverse coverage
options represent another pivotal driver. Horse insurance providers offer a
spectrum of coverage, addressing the nuanced needs of horse owners. Whether
it's coverage for mortality, medical expenses, surgical procedures, loss of
use, or theft, the flexibility of options allows owners to tailor their
insurance to the unique circumstances of their equine companions. This
adaptability is crucial in an industry where each horse is distinct in terms of
value, use, and risk exposure.
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Urbanization and
the rise of leisure horse ownership are shaping the market as well. Even in
urban areas, the interest in recreational riding, therapeutic interactions with
horses, and other horse-related activities is on the ascent. Leisure horse
owners, driven by emotional connections with their animals, seek insurance
coverage for the well-being and protection of their equine companions. This
trend adds a layer of complexity to the market, as insurers must cater to a
diverse range of horse owners with varying needs and preferences.
The presence of
specialized providers and their expertise is a driving force behind the
market's growth. These specialists possess in-depth knowledge of the equine
industry and its risks. From evaluating the value of horses to understanding
the intricacies of different equestrian activities, specialized providers can
offer tailored solutions that address the specific needs of individual horse
owners, breeders, trainers, and equestrian businesses. The trust and
credibility associated with these experts contribute significantly to the
market's expansion. In essence, the
Global Horse Insurance Market is driven by the collective force of increasing
equine ownership, the booming equestrian sports industry, diverse coverage
options, urbanization and leisure horse ownership, and the specialized
expertise of insurance providers. These drivers reflect the multifaceted nature
of the equine industry and the evolving landscape of horse ownership globally.
As the market continues to grow, it will be essential for insurers to adapt to
these drivers and provide innovative solutions that meet the unique needs of
the equine community. The Major
Medical & Surgical segment within the global horse insurance market is
experiencing substantial growth. This specialized category offers comprehensive
coverage for medical expenses and surgical interventions for horses. With the
rising cost of advanced veterinary treatments and an increasing demand for
top-notch healthcare for valuable equines, this segment has gained prominence.
High-value horses, particularly those involved in equestrian sports and
breeding, often require specialized and expensive medical care. This has led to
a surge in demand for policies that cover a wide spectrum of medical and
surgical procedures, ensuring that these valuable animals receive the best
possible care.
Major companies operating in Global Horse
Insurance Market are:
- AXA
- Quotezone Horse Insurance
- The Insurance Emporium Horse
Insurance
- Trusted Choice
- Broadstone Equine Insurance
Agency
- EPIC Insurance Brokers &
Consultants
- Great American Insurance
Group
- Animal Friends Horse
Insurance
- ONE Insurance
- Markel Corporation
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“The Global
Horse Insurance Market is on the rise, fueled by a surge in equine ownership,
the flourishing equestrian sports industry, and the availability of diverse
coverage options. Urbanization and growing interest in leisure horse ownership
further boost demand. Specialized insurance providers with expertise in the
equine industry play a vital role. However, the market faces challenges,
including escalating veterinary costs, valuation disputes, the inherent risks
of equine activities, and geographic variations. To sustain growth, the market
is adapting with customized coverage, technology integration, sustainability
considerations, and data-driven risk assessment, while also expanding into
emerging equestrian communities globally.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Horse Insurance Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By
Type (Major Medical & Surgical, Loss of Use, Liability, Others), By
Application (Recreational, Commercial), By Sales Channel (Broker, Agency,
Direct Sales, Others), By Region, By Competition, 2018-2028”, has evaluated
the future growth potential of Global Horse Insurance Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Horse Insurance Market.
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