Dublin, Jan. 15, 2024 (GLOBE NEWSWIRE) — The “Horse Insurance Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F” report has been added to ResearchAndMarkets.com’s offering.
The global horse insurance market has seen a considerable uptick, accentuated by increasing involvement in equestrian sports and a burgeoning awareness among equine owners of the need for financial protection.
A comprehensive market analysis reveals that the horse insurance sector has amassed a valuation of USD 476.5 million as of 2022. Forecasted trends point to a projected CAGR of 13.08% through to 2028, underpinning the vigorous development expected in this specialized insurance market.
One of the fervent drivers of this surge is the expanding interest in equestrian sports. Events such as horse racing, show jumping, and dressage burgeoning the need for robust insurance mechanisms to mitigate financial risks for owners and stakeholders.
With the global population veering towards urbanization, an upswing in leisure horse ownership has been observed, notably in key regions such as North America, Europe, and parts of Asia. A pronounced spike in the demand for insurance coverage for recreational purposes is attributed to this demographic shift.
Segmental Expansion: Major Medical & Surgical Coverage Witnesses Significant Uptake
The Major Medical & Surgical segment has emerged as a key component, responding to the enhanced awareness among stewards of equines regarding the escalating veterinary costs and the necessity of comprehensive medical coverage.
Application Insights: The commercial segment is identified as an incubator for growth within the horse insurance market. Commercial enterprises, reflecting the robust equestrian environment, are increasingly seeking coverage for liabilities, assets, and enterprise-specific risks.
Regional Market Dynamics: North America at the Forefront of Market Development
Fueled by an entrenched culture of equine sports and activities, North America continues to reign as a significant contributor to the global horse insurance market. With a steady demand for insurance coverage within the United States and surrounding areas, the regional market is poised for sustained growth.
The horse insurance market landscape is rich with established insurance giants alongside specialized equine insurance firms, providing tailored coverage options that extend beyond accidental and illness-related risks, sporting thorough coverage for medical care and mortality.
The insights in the report layout comprehensive coverage of the horse insurance market by type and application. Additionally, a deep dive into regional market dynamics offers stakeholders an in-depth understanding of localized trends that shape the market on a global scale.
The report provides invaluable insights for horse owners, equine businesses, insurance professionals, and market analysts to comprehend the facets propelling the global horse insurance market while delineating the challenges and opportunities that lay ahead.
Report Scope:
The Global Horse Insurance Market has been segmented into the following categories:
Horse Insurance Market, By Type:
- Major Medical & Surgical
- Loss of Use
- Liability
- Others
Horse Insurance Market, By Application:
Horse Insurance Market, By Sales Channel:
- Broker
- Agency
- Direct Sales
- Others
Companies Profiled
- 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
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 178 |
| Forecast Period | 2023 – 2028 |
| Estimated Market Value (USD) in 2023 | $476.5 Million |
| Forecasted Market Value (USD) by 2028 | $986.2 Million |
| Compound Annual Growth Rate | 13.0% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/83ymrf
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- Global Horse Insurance Market
