The UK, US, South Africa & Australia Equestrian Insurance Market

UK, US, South Africa & Australia Equestrian Insurance Market Overview:

Breeders, riding instructors, trainers, and other equine businesses use horses in their day-to-day operations. Horses are a valuable asset, and companies may incur significant risks or lose income if a horse becomes injured or ill. An equine company may be sued if a horse injures someone or harms their property. A business may also experience a loss if a fire or other risk damages a barn, stable, or equipment. Companies can protect themselves from these sudden losses by acquiring specialized equine insurance. Equestrian insurance provides coverage if a horse becomes ill or dies, is no longer able/part to be used for business purposes, or causes an injury or property damage.

UK, US, South Africa & Australia Equestrian Insurance Market Insights

The UK, US, South Africa & Australia equestrian insurance market is likely to grow at a significant CAGR over the forecast period, 2020-2027. The market is majorly driven by the high revenue of medical treatment and rising demand to prevent costs associated with the theft, illness, or death of a horse. Additionally, the rising initiative to protect investment & finances invested in the equestrian business will spur the equestrian insurance industry in future periods. Furthermore, the growing public-private funding for equestrian activities and the increasing number of equine insurance programs are expected to witness equestrian insurance’s remarkable growth. The rising demand for cost reduction coupled with growing efforts to minimize significant medical and surgical expenses is expected to propel equestrian insurance demand over the coming years. Equestrian insurance service providers focus on offering customized policies due to increasing competition in the industry and attracting equestrian startups to maintain their market share. Moreover, the upsurge in demand for personalized services and the need for customizable on-demand insurance positively impact the market for the equestrian insurance industry.

Growth Driver

Rising number of horse clubs and associations

The rising number of horse clubs and associations is expected to drive the market growth. Riding clubs and associations constitute the core of most organized equestrian activity in the US and UK. Clubs allow riders with related interests to meet, network, and participate in organized activities. A riding club regularly organizes trail rides. Clubs also involve the thousands of association members in national organizations such as the American Quarter Horse Association, US Equestrian Federation, US Dressage Federation, Professional Rodeo Association, and International Barrel Racing Association. Clubs and horse owners should carry liability insurance on their horses for accidents their horses may cause. Liability insurance includes claims against a business for physical injury or property damage suffered by third parties in accidents caused by horse-related activities. Liability insurance includes claims arising from injuries that occur on a business’ premises or from its operations. Thus, the increasing number of clubs and the rising need for unique insurance policy drives the UK, US, South Africa & Australia equestrian insurance market.

Type Segmental Analysis

Based on the type, the UK, US, South Africa & Australia equestrian insurance market is segregated into major medical insurance, surgical insurance, full mortality, limited mortality, and loss of use insurance/personal liability insurance. The major medical insurance segment is estimated to witness the highest growth over the analysis timeframe. It is the cost-effective way to protect the owner against the loss due to an injury, disease, or illness, covered accident while also providing coverage for theft of the horse. Besides, it is highly adopted and ensures that the horse will receive the best care. Surgical insurance will grow significantly due to the rising cost of surgical expenses.

Industry Level Segmental Analysis

Based on the industry level, the UK, US, South Africa & Australia equestrian insurance market is categorized into personal and commercial. The personal segment held for a significant market share in 2019 and will gain maximum market revenue by 2027. It is attributable that personal insurance provides a more comprehensive level of protection than others. The commercial segment is poised to witness significant growth over the forecast period as it highly applies in US territories.

Distribution Channel Segmental Analysis

Based on the distribution channel, the UK, US, South Africa & Australia equestrian insurance market segmented into direct sales and distributors. The direct sales segment will dominate the UK, US, South Africa & Australia equestrian insurance market by 2027. Due to the rise in the number of companies offering their product directly to the customer without agent involvement. It also ensures a commission-free purchase and provides personal attention to the customers. Besides, direct sales eliminate the chances of mis-spelling and fraud, especially by the distributor or agent. The distributors accounted for the largest share of the equestrian insurance market in 2019. It is due to the increasing number of people choosing dealers for convenience and bundling discounts.

Country Segmental Analysis

By country, the UK, US, South Africa & Australia equestrian insurance market segmented into UK, US, South Africa & Australia.  The UK is estimated to project considerable growth over 2020-2026. It is owing to the presence of leading industry players and an increase in athletic participation. The US will capture a prominent share of the equestrian insurance market by 2027. It is due to the increasing adoption rates of insurance services and the growing equine business sector.

Competitor Analysis

Companies such as Great American Insurance Company, Hooh, Insurance Factory Limited, and Others are the key players in the UK, US, South Africa & Australia equestrian insurance market.

Key Stakeholders

• Market research and consulting firms
• Industry associations
• Equestrian insurance provider firm
• Research organizations and consulting companies
• Organizations, associations, and alliances related to equestrian insurance
• Regulatory bodies
• Suppliers
• Retailers

The objective of the Research

• Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client deep dive into the market.
• Product analysis involves examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
• Market Trend and Economic Factors Analysis helps assess potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
• Market Segmental Analysis defines an in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics.
• The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs, wants, and cultural characteristics that they can specifically target.

Market Modelling

By Type

• Major Medical Insurance
• Surgical Insurance
• Full Mortality
• Limited Mortality
• Loss of Use Insurance/Personal Liability Insurance

 By Industry Level

• Personal
• Commercial

 By Distribution Channel

• Direct Sales
• Distributor

 By Country

• UK
• US
• South Africa
• Australia

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