Horse insurance market to top $1.6B by 2031
by Katie Pfaff
According to a report from Research and Markets, the horse insurance market was valued at $458.67 million in 2021 and is estimated to reach $1.6 billion by 2031. This marks an increase in the Compound Annual Growth Rate of 13.7% from 2022 to 2031.
Horse insurance offers protection if a horse suffers an illness or passes away, is no longer able to be employed for work or causes someone harm or property damage. Moreover, if a horse causes harm to someone or damages their property, the horse company can be held liable.
A stable, barn, or piece of equipment that is destroyed by fire or another hazard can also result in a loss for the company. Horse enterprises that purchase specialist equine or horse insurance can safeguard themselves against these unforeseen losses.
Increase in adoption of horse insurance to cover unexpected veterinary expenses, vaccinations and other routine care is driving the growth of the market. In addition, consistent improvement in the horse insurance plans with additional benefits is propelling the growth of the market.
However, lack of awareness among customers and high premiums for horse insurance are some factors that hamper the market growth. On the contrary, adoption of advanced technologies in insurance product lines is expected to boost the growth of the market in upcoming years. Moreover, an increase in government initiatives for horse insurance is expected to provide lucrative opportunities for the market in upcoming years.
Learn more about the report on Research and Markets’ website.
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