Today, pets have become an integral part of the family. People treat them as if they are their own kids and family members. To show their love and affection towards the pets, people are increasingly getting them insured. This as a result is propelling the growth of global pet insurance market these days. Moreover, stringent regulations by various governments to ensure the safety of the animals, pet insurance have been made compulsory in several countries. Owing to this developments, the global pet insurance market is expected to witness a substantial growth in coming years.
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The pet insurance market is has experienced some of the recent development in the past, they are:
- South Korean government passed a bill in 2018 providing pets as equal importance as their owners. This bill help the pet owners to make their pets eligible for the insurance. Owing to this development, the global pet insurance market is growing substantially in coming years. Moreover, this development is also helping the pet owners to take better care of their pets and help them live a good life. Owing to this passing of the bill South Korea, the country has significant impact over the global pet insurance market.
- U.S. has become the largest country in the global pet insurance market that provides pet insurances to the owners. The country is regulating its policies for welfare of animals and helping the pet owners to have a successful companionship as long as the animal lives. Moreover, the arrival of several players that provides pet insurance in U.S. the country has maximum share in the global pet insurance market.
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- Additionally, the pets have significant impact over the lives of people of the U.S. to contemplate this, the governments are offering pet insurance to the pet owners in the U.S. As a result of this initiative, the global pet insurance market is dominated by North America these days.