Increasing pet adoption, high veterinary costs, rising pet health issues and awareness among pet owners are the major growth drivers for Sweden Pet Insurance Market
Increasing Cost of Claims: With the increased rate of insurance, the costs for claims also increase among insurance companies. Around SEK 4200 Mn compensations were paid in 2022P. Almost all companies have increased premiums in the past few years. This can hinder the progress in the upcoming years & hence should be taken care of. Moreover, this will also result in more competition among the existing players which can ultimately increase the power of buyers.
Lock-in Effects: A major challenge in Sweden Pet Insurance Market is that the obligation to contract is limited for pet insurance. This makes it harder for consumers to switch insurance companies and leads to lock-in effects. Lock-in effects are negative for competition and lead to higher prices for consumers, thereby adding to financial pressure.
Availability of options: Pet Insurance companies in Sweden offer various kinds of insurance options such as breeding insurance, rehabilitation insurance & veterinary insurance which attracts consumers to them. Moreover, this also increases the overall profit generated by the companies operating in the market.
Artificial Intelligence: Digital veterinary care services are becoming the trend in Sweden Pet Insurance Market. Modern pet insurance policies are designed with the ability to cover pet medical costs and liability to third parties for the action of pets. Moreover, Sweden has a requirement for dog owners to maintain liability coverage and, as a result, 60-70% of pet owners retain pet insurance. New technologies will be the upcoming trend. Pet owners will increasingly use technology to enhance and improve quality of their pets’ lives, leading to a great potential for market. This period will be characterized by use of advanced artificial intelligence (AI) automation to ensure provision of tailor-make products for customers. Adapting individual aspects of products into modular pieces, personalized products are expected to be served. Demand for pet insurtech applications and platforms is expected to grow.
Analysts at Ken Research in their latest publication, “Sweden Pet Insurance Market Outlook 2027F- driven by an increasing pet adoption, high veterinary costs, rising pet health issues and awareness among pet owners.” By Ken Research observed that the Sweden Pet Insurance is in a growing stage. Increasing pet adoption, high veterinary costs, rising pet health issues and awareness among pet owners are some of the factors that will contribute to the growth of Sweden Pet Insurance Market in the upcoming years. It is expected that Sweden Pet Insurance market will grow at a CAGR of 8.6% in the upcoming years.
Key Segments Covered in the report
Sweden Pet Insurance Market
- By Type of Animals
- Dogs
- Cats
- Others
- By Mode of Distribution
- Agency
- Broker
- Bancassurance
- Direct
Key Target Audience
- Millennials
- Young Individuals
- Senior Citizens
- Unmarried Individuals
Time Period Captured in the Report:
- Historical Period: 2017-2022P
- Base Period: 2022P
- Forecast Period: 2023-2027F
Companies Covered
- Agria
- Svedea
- Sveland
- Moderna
- Folksam
- Furry Champ
- If
- ManyPets
- Trygg Hansa
- Dina Forsakringer
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Key Topics Covered
- How is Pet Insurance Market Positioned in Sweden?
- Country Overview (Sweden) of Pet Insurance Market
- Sweden Pet Market Overview
- Overview of Pet Dogs and Cats in Sweden
- Overview of Other Animals in Sweden
- Overview of Veterinary Clinics and Regulations in Sweden
- Ecosystem of Sweden Pet Insurance Market
- Business Cycle of Sweden Pet Insurance Market
- Common Types of Pet Insurance in Sweden
- Business Model in Sweden Pet Insurance Market
- Timeline of Major Players in Sweden Pet Insurance Market
- Recent collaborations in Sweden Pet Insurance Market
- Sweden Pet Insurance Market Size & Segmentation, 2017-2022P
- End User Analysis of Sweden Pet Insurance Market
- Decision Making Parameters for Pet Owners in Sweden Pet Insurance Market
- Pet Insurance Compensation Calculation Method
- Key AI enabled use cases across pet insurance value chain
- Porter’s Five Forces Analysis on Sweden Pet Insurance Market
- Growth Enablers in Sweden Pet Insurance Market
- Bottlenecks and Challenges in the Sweden Pet Insurance Market
- Trends and Developments in Sweden Pet Insurance Market
- SWOT Analysis of Sweden Pet Insurance Market
- Overview of how the COVID-19 Pandemic impacted the Sweden Pet Insurance Industry
- Competition Framework for Sweden Pet Insurance Market
- Market shares for Major Players present in Sweden Pet Insurance Market
- Cross Comparison of Major Players in Sweden Pet Insurance Market
- Business Strategies of Major Players in Sweden Pet Insurance Market
- Sweden Pet Insurance Market Size Future Outlook, 2022P-2027F
- Sweden Pet Insurance Market Segmentation based on the mode of distribution, 2027F
- Sweden Pet Insurance Market Segmentation based on the type of animals, 2027F
- Upcoming Technologies in Sweden Pet Insurance Market
- Recommendation for Pet Insurance Players- Operational Strategies
- Recommendation for Pet Insurance Players- Marketing Strategies
For more information on the research reports, refer to below link:
Sweden Pet Insurance Market Outlook 2027F: Ken Research
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