The global horse insurance market revenue was around US$ 459 billion in 2021 and is estimated to reach US$ 1.8 billion by 2031, growing at a compound annual growth rate (CAGR) of 13.7% during the forecast period from 2022 to 2031.

The "equine insurance" policy, which is intended exclusively for the horse industry, offers a variety of policies and coverage. It offers protection from unforeseen expenses for horses, farms, equestrian professionals, and other connected parties. Horse farms, horse industry organizations, rodeos, equestrian athletes, clubs, and horse-related displays all make use of equine insurance.

Factors Influencing Market Growth

An increase in the demand for horse medical insurance coverage, particularly among high-net-worth individuals drives the growth of the horse insurance market.

The expansion of the horse insurance market is aided by the insurance industry's increased digitization due to technological advancements like AI and ML.

A potential growth opportunity for the market is predicted due to the increase in advancements and initiatives related to horse riding insurance.

Lower awareness and higher premiums of horse insurance hamper the market growth.

Study of the COVID-19 Pandemic

The COVID-19 pandemic had a negative impact on the horse insurance market since many veterinary facilities and diagnostic centers were forced to close due to the lockdown measures taken by various governments. Companies that offer horse insurance, though, were attempting to innovate and change the policy coverage and policies in response to the prevalence of health concerns. Additionally, the majority of horse insurance companies have migrated to digital platforms to better serve their clients and combat the damaging effects on the sector. Additionally, the impact of the pandemic on the horse insurance market has been mitigated by increased government measures and increased digitalization in the insurance sector.

Regional Insights

North America dominated the horse insurance market in 2021. High net worth individuals (HNWI) have significantly increased their adoption of horses, which has helped North America become the largest market shareholder of the horse insurance market.

Leading Competitors

The leading competitors in the global horse insurance market are:

Markel Corporation
AXA
Harry Hall Horse Insurance
The Insurance Emporium Horse Insurance
Animal Friends Horse Insurance
Quotezone Horse Insurance
Pet Plan
ASPCA
Nationwide
Pet Assure
Hollard
ONE Insurance
De Wet De Villiers Brokers
Trusted Choice
Broadstone Equine Insurance Agency
Great American Insurance Group
EPIC Insurance Brokers & Consultants
Others

Segmentation Analysis

The global horse insurance market segmentation focuses on Type, Horse Type, Application, Sales Channel and Region.

Segmentation based on Type
Mortality
Major Medical & Surgical
Loss of Use
Liability
Others
Segmentation based on Horse Type
American Quarter Horse
Arabian
Thoroughbred
Morgan
Appaloosa
Others
Segmentation based on Application
Recreational
o Recreational
? Riding
? Racing
? Grooming/Showing
? Others
Commercial
Segmentation based on Sales Channel
Broker
Agency
Direct Response
Others
Segmentation based on Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific

Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA

South America
Brazil
Argentina
Rest of South America