The pet insurance market - France (2025)

1.2 The global market

Worldwide market

The global pet insurance market is a market with strong growth potential over the next decade.

The Business Research Company has estimated the market at $*.** billion in ****, rising to $**.* billion in **** (***). Then, between **** and ****, the market is expected to grow rapidly, reaching almost $** billion in **** with a compound annual growth rate of **.*% over the period. this gives us the following estimates:

Global pet insurance market size World, ****-****, in $ billion Source: ****

The market is driven by variables such as : the overall increase in the pet population, the growing awareness of pet owners who are "discovering" this service on the one hand, and increasingly accepting it on the other. the market is being driven by variables such as: the overall increase in the pet population, the growing awareness of pet owners who are "discovering" this service on the one hand, and increasingly willing to spend more to take better care of their pets on the other, rising veterinary costs, and finally the penetration of new geographical markets.

The main markets for pet insurance areNorth America, particularly the USA, and Europe.

Pet populations World, ****, in millions Source: ****

European market

Within the global market, the European pet insurance market is no exception. ...

1.3 The French market

Compared with its European neighbors, the French market still has strong growth potential over the next few years. Indeed, **% of French people own at least one cat or dog, yet only **% of them decide to insure them, according to an Ifop study. Although the humanization of pets is gaining ground in France, with an increasingly close connection between owners and their dogs or cats, it is surprising to note that the take-up rate for pet insurance remains relatively low.

Source: ****

This rate is to be understood on the **.* million dogs and cats counted in **** by the Fédération des Fabricants d'Aliments pour Chiens, Chats, Oiseaux et autres animaux familiers(***), a figure that rises to **.* million by ****.

Breakdown of pet owners with or without health insurance for their pets' healthcare costs France, ****, % Source : IFOP In ****, only **% of pet owners in France had health insurance to cover their pets' healthcare costs, compared with **% who did not. This indicates that the majority of households prefer to meet these costs directly, leaving significant potential for the development of the pet insurance market. With adoption rates still low, the sector could see strong growth if insurers manage to raise owners' awareness of the financial and ...

2.1 Animal population growth

The French are great fans of pets: in ****, **% of households will own at least one pet, testifying to the French people's strong attachment to their four-legged companions. Of these, **% say they have a dog and/or cat, with a breakdown of **% for dog owners and **% for cat owners [***].

the growing popularity of pets is also reflected in a significant increase in their total number: since ****, the pet population has multiplied by *.*, reaching around ** million pets in France today.

Ownership of new pets boomed in the ****s. By ****, it is estimated that there will be between * and ** million NACs (***) in France, in addition to dogs and cats.

Growth in the number of dogs and cats France, ****-****, in millions of pets Source: ****

Between **** and ****, the total number of dogs and cats in France rose from **.** to **.* million, an increase of **.*%, reflecting a clear expansion of the pet market.

Between **** and ****, the number of dogs in France rose by **.*%, from *.** to *.* million, following a period of decline between **** and ****, when it fell by **.*%. This recent growth could reflect a shift in preferences or a new dynamic in the pet market.

At the same time, the number of cats rose steadily by **%, from *.** to ...

2.2 Customer profile

There are two types of customer in this market: those who buy and those who consume.

Focus on the buyers: pet owners.

Breakdown of pet food expenditure by age group and family situation France, P* ****, % (***) Source: ****

In France, over the period January to May ****, spending on pet food is concentrated mainly among people in their sixties, who account for **.*% of purchases, followed by those in their seventies and over (***), while young people under ** and families with babies are at the lower end of the scale, accounting for *.*% and *.*% of spending respectively.

These figures reflect an over-representation of older households without young children.

Breakdown of feed expenditure by CSP France, P* ****, % (***) Source : LSAhttps://www.lsa-conso.fr/mediatheque/*/*/*/*********.pdf In ****, the majority of pet food expenditure will come from the middle socio-professional categories, accounting for **% of spending (***). Low-income categories contribute **.*%, while wealthy categories account for **.*% of expenditure. These data highlight the preponderance of middle-class households in this market, while the more modest and affluent categories show significantly lower shares, probably in line with their budget priorities and purchasing behavior. Breakdown of feed expenditure by geographic region France, P* ****, % (***) Source : LSA In France, between January and May ****, spending on animal feed is dominated by ...

2.3 A humanization of animals that supports the premiumization trend in pet products and services

Sales in the French petcare market are on the rise, driven by demand for increasingly high-quality products. Consumers are prepared to spend more on them. Indeed, more and more consumers are "humanizing" their pets, regarding them as family members in their own right, and therefore deserving of increasingly high-end care and products.

How do you view your dog or cat? France, ****, percentage of respondents Source: ****

In ****, **% of dog and cat owners would consider their pet a fully-fledged member of the family. This would be the case for **% of dog owners and **% of cat owners.

This trend is also revealed by a NielsenIQ study published in early ****, which estimates that * out of * dog and cat owners consider their pet a member of the family. This emotional factor is driving a "pleasure" trend, with increased sales in the treats segment, up **.*% for cats and *.*% for dogs between **** and ****. NielsenIQ illustrates this trend with the successful launch in **** of a special range of wet cat food by Nestlé Purina, "Gourmet Révélations", rated "best launch ****" in petfood. [***]

Another market revealing this petcare trend and the importance attached to pets is that of pet-dedicated funerals. Demand for individualized funerals for dogs and cats has ...

2.4 The French and veterinary care

French image of veterinarians France, ****, %, %, %, %, %, %, %, %, %, %, %, % Source: ****

In ****, veterinarians enjoy an excellent image among the French, with **% of respondents giving them a very good or fairly good image, including **% expressing a particularly favorable judgment . only *% share a negative perception, with only *% indicating a very poor image.

This high level of trust in veterinarians can be an asset for the development of pet insurance, building on their role as prescribers and advisors to pet owners.

Sales indices for veterinary activities (***) France, ****-*****, base *** (***) Source: ****

Another variable directly impacting demand for pet insurance is the price of veterinary care covered by insurance. You'd need to count around €** for a simple consultation (***). [***]. Data from the French National Institute for Statistics and Economic Studies (***) has thus risen by almost **% between **** and ****.

Such an increase in sales for veterinary activities thus indicates a rise in demand for veterinary care and/or a rise in the price of care, both of which could have a positive impact on the growth of the insurance market.

Pet owners' perception of the evolution of veterinary costs France, ****, % (***) Source: ****

The graph above shows a majority perception of rising veterinary costs (***), reflecting growing financial pressure for pet owners, which could reinforce the potential ...

3.1 Value chain

How pet insurance works:

There are three parties involved in the process of insuring a pet: the pet owner, the veterinarian, and the insurer chosen by the owner, who may be, as we saw earlier, a general insurer offering a "pet insurance" package, or a specialized insurer. The underwriting and insurance process works as follows:

Pet owners obtain information and sign an insurance contract. To insure a dog or cat, the animal must be neither too young - over * months old - nor too old - under ** years old. The owner must also be able to prove that the animal has up-to-date vaccinations, is properly chipped or tattooed, and is not suffering from a chronic, hereditary, congenital or recurrent disease. Once the insurance has been taken out, there is a delay before the insurance takes effect. When this is the case, during visits to the veterinarian, the owner gives the veterinarian a care sheet previously drawn up by the insurer. The veterinarian fills it out, detailing the treatments carried out and their cost. The owner then pays the veterinarian in full. The owner then sends the treatment form and invoice to the insurer. Reimbursement can take from a few days to ...

3.2 Key market players

The French market can be divided into several types of player:

traditional insurers, already well established in the insurance market, who have developed an "animal insurance" offering: Carrefour Banque et Assurancecarrefour Banque et Assurance, one of the main players in dog and cat health insurance, with ** years' experience and chosen by two million customers for its Accident and Equilibre formulas Groupama, one of France's leading insurers, also offers dog and cat insurance, with * formulas (***) Selfassurancewhich has a strong market position, notably with its Confort formula Generali, with its "mon animal generali" offer, which comes in * formulas to suit different needs Crédit Mutuel also offers a pet insurance package with just * levels of cover and an **% cover rate for expenses incurred. Macif also insures animals with its "Economique" and "Protectrice" offers Groupe Matmut with the Assur'*Pattes contract, specialized insurers, more established in the animal insurance market: SantéVet, the market leader, which offers dog, cat and NAC insurance and has won over consumers with products that are both comprehensive and less expensive Jim & Joe , SantéVet's "entry-level" brand, which offers a more affordable range than SantéVet. AssurVéto, which offers * major formulas, including its Accidents and Silver formulas, Assur ...

3.3 A niche market that attracts new entrants and investors

With the pet insurance market still relatively undeveloped in France, many new players have set their sights on establishing themselves in the market, and even revolutionizing it with new offerings. They are thus succeeding in overturning a system that is no longer dominated solely by traditional insurers.

Startups operating exclusively in the pet insurance segment have seen strong growth, and claim to better understand and adapt to the expectations of pet owners, particularly in terms of transparency and personalization of contracts to suit the animal. These Assurtech players include Lovys (***).

The market is attracting the attention of investment funds, as evidenced by the funds raised in ****: *** million raised by SantéVet from the Columna Capital fund[***].

Funds raised in the animal Assurtech market France, ****-****, in millions of euros Source: ****

In addition, insurtech Kozoo has raised funds for ****, the amount of which has not been disclosed. [***]

4.1 Prices and packages

Pet insurance providers generally offer * types of cover:

anentry-level plan, with low levels of cover, which may be limited to accident expenses, and which has relatively low rates and reimbursement ceilings an intermediate plan, covering both accident and sickness expenses, with average rates and reimbursement ceilings a top-of-the-range plan, offering much more comprehensive coverage (***), with a high reimbursement rate.

Insurance plans for dogs France, ****, in % and in euros Source: ****

Insurance plans for cats France, ****, in % and in euros Source: ****

BFM TV has published a comparison of the cheapest formulas offered by several insurers:

Development of tiers payants:

SantéVet introduced a financing solution called PayVet in ****, equivalent to tiers payants for its French customers. This offer enables pet owners insured with SantéVet not to pay in advance and to have their bills paid directly by the broker.

The process involves verification of the policyholder's contributions, confirmation by the vet via a dedicated application, and direct payment to the clinic by SantéVet in less than ** hours. The gradual roll-out of PayVet has already equipped *,*** veterinary clinics out of *,*** in France, with a forecast of **,*** claims by the end of ****.

SantéVet group brands Bulle Bleue and Jim & Joe will also ...

4.2 Product trends

Chris Blatchly, Director of Insurance Consulting at Cognizant, talks in **** about * variables to focus on in the coming years in the pet insurance sector:

the products themselves, to be made more personalized by, for example, observing the animal's lifestyle in order to offer more appropriate rates business models, to be reimagined in part by, for example, allowing people to share insurance costs partnerships with other players such as vets, breeders, etc. Crédit Mutuel Equity has thus invested in Incineris, joining the Véternity group and getting closer to its veterinary network. new value-added services to ensure the customer's enjoyment, beyond simple insurance. SantéVet, for example, makes it easy to book appointments via VétoLib and pay via PayVet for veterinary consultations. more flexible and rapid distribution of insurance products the use ofartificial intelligence and intelligent product automation safety and loss prevention services, to not only compensate but also help improve the animal's health.

Omer Bourret, from Lovys, adds:

the need for transparency and simple, easy-to-understand products, with fewer denials of coverage and no "hidden costs".

This is what Joao Cardoso, founder of the startup Lovys, presents as the company's raison d'être. Lovys claims to be "reinventing the company ...

5.1 Regulations

Pets are defined by law as "any animal kept by a person for their own enjoyment". All pets must be identified by a tattoo or microchip on their first visit to a vet. It is then registered in the national identification database for domestic carnivores in France.

French law does not require you to take out insurance to cover your pet's veterinary care. However, all pets must be regularly monitored by a veterinarian.

The only point mentioned in French pet insurance regulations concerns civil liability insurance covering potential damage caused by an animal. In this case, regulations differ for potentially dangerous dogs and other pets. Dogs likely to be dangerous are *st and *nd category dogs, which are attack dogs (***). Owners of *st and *nd category dogs are required to take out civil liability insurance, which may be included in their home insurance policy. In the case of other pets, there is no obligation to take out specific insurance. [***]

Since October *, ****, all pet owners must sign a "certificate of commitment and knowledge" in which they undertake to respect the animal's needs. The law instituting it was enacted on November **, ****, and aims to raise awareness and responsibility among pet owners. The certificate ...

6.1 Segmentation

• Dalma
• Acheel
• Santé Vet - Vetassur
• HD Assurances (JAB Holding)
• Assurances du Crédit Mutuel