I’ve been thinking about getting insurance for my pet, but I don’t see many people talking about it. Has pet insurance become popular in India compared to other countries, or is it still not very common here?
Pet insurance in India is still a niche product compared with Western markets, but it is growing fast from a very small base.
Where India stands today
- Penetration is tiny: fewer than 2% of India’s ~31 million pet dogs are insured, against 25% in the UK and 20% in Sweden.
- Market size is estimated at ₹400–650 crore (USD 50–80 million) in 2024–25, forecast to cross ₹6,500 crore by 2025 as more urban owners buy policies.
- Awareness is low: only 26% of surveyed owners had even heard of pet insurance, just 10% had purchased it.
Why the gap exists
- Low agent push: small ticket size (₹2,000–₹5,000 annual premium) means low commission, so agents rarely mention it.
- Perceived complexity: paperwork, vet bills, reimbursement model feel cumbersome compared with cash-less human health plans.
- Cultural factor: many owners still rely on “pay-as-you-go” or home remedies, insurance is viewed as a luxury.
Where it is catching on
- Metro cities (Mumbai, Delhi, Bengaluru) account for most sales; Tier-2 cities (Pune, Jaipur, Ahmedabad) are now the fastest-growing segment.
- 600,000 pets are adopted each year, insurers report 40% growth in new policies post-COVID as vets pushed the product.