Pet insurance market on the rise

By 2023 the global pet insurance market is expected to be worth a whopping $7.1 billion (about R102 billion). “This growing market trend is reflected in South Africa, with 64% of our households having dogs and dotsure.co.za having covered more than 100 000 pets,” said David Roache, managing director of dotsure.co.za.

Roache said that the consistent growth of the pet insurance market can be attributed to the global growth of pet humanisation and pets being regarded as part of the family, more now than ever. Regardless of economic hardships, pet parents continue to spend money on their pets. Roache said that in 2018, Americans spent $72 billion (about R1 trillion) on their pets.

“We don’t have local data, but we do know that our pet parents are no different from our global counterparts and for many, daily spoils, festive season gifts, birthday parties and pet spa days are a part of their furry family members’ lives,” he said.

In addition, consumers have, and continue to be, more health conscious and preventative healthcare has become an integral part of their and pets’ lives.

“This has had a direct effect on the growth of the pet insurance market, as pet parents are able to have a policy that can take care of their pet on a daily basis, from annual vaccinations, to illness and accident cover,” added Roache.

He believes that the new year will continue to see an upward trend in the local pet insurance market. Pet ownership is on the rise in South Africa, with a focus on responsible pet adoption and with single homeowners, empty nesters and couples delaying having children, and turning to pets for companionship. Technology advancements are supporting the growth of the pet industry with fintech companies launching products specifically targeting pet parents.

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