Pet insurance expected to grow 11% in Portugal

Portugal has one of the lowest pet insurance take-ups in Europe with just 15% of pets insured

However, the number of insured household pets is expected to rise by 15% according to data from PetPulse Insights carried out by Bernardo Soares, vet and One Health Director of UPPartner.

This percentage contrasts drastically with countries like Sweden where 90% of pet owners are insured, and is closer to the UK where the figure stands at 25%.

However, the market is currently expanding. ​According to the report ​”Portugal Pet Insurance Market Size & Outlook, 2025-2033″ by Grand View Horizon Research, the ​Portuguese market generated revenue of US$82.4 million in 2024 and is expected to reach US$227.9 million by 2033, ​growing at a compound annual rate (CAGR) of 11.3% during this period.

In an exclusive interview with ECOseguros, Bernardo Soares revealed that the ​Portuguese market is at a turning point. ​”The number of insured animals could double” by 2030, he says, pointing to the possibility of Portugal reaching 25% penetration “in the most favorable estimates” and approaching half a million insured animals.

SOURCE: ECO