DUBLIN--(BUSINESS WIRE)--Nov 15, 2022--
The "Horse Insurance Market By Type, By Horse Type, By Application, By Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to this report the horse insurance market was valued at $458.67 million in 2021, and is estimated to reach $1.6 billion by 2031, growing at a CAGR of 13.7% from 2022 to 2031.
Horse insurance offers protection in the event that 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/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, increase in government initiatives for horse insurance is expected to provide lucrative opportunity for the market in upcoming years.
Key Benefits
Key Market Segments
By Type
By Horse Type
By Application
By Sales Channel
By Region
Key Market Players
For more information about this report visit https://www.researchandmarkets.com/r/7vjyjr
View source version on businesswire.com:https://www.businesswire.com/news/home/20221115006304/en/
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KEYWORD:
INDUSTRY KEYWORD: PROFESSIONAL SERVICES SPORTS CONSUMER INSURANCE EQUESTRIAN PETS
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/15/2022 12:34 PM/DISC: 11/15/2022 12:34 PM
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