The global horse insurance market size reached a value of approximately USD 615.08 million in 2024. The market is expected to grow at a CAGR of 13.3% between 2025 and 2034, reaching a value of USD 1,899.59 million by 2034. This growth is being driven by a surge in horse ownership, increasing awareness about the risks associated with horse ownership, and the growing demand for equine sports. As more individuals and businesses invest in horses, they are increasingly turning to insurance to manage financial risks, protect their investments, and ensure the well-being of the animals. With several coverage options available, horse owners now have the ability to safeguard against potential financial losses from unforeseen events like injuries, illnesses, and accidents.
Market Segmentation
The horse insurance market is highly segmented, catering to various needs, from the type of coverage to the specific breed of horse. Understanding the different segments can provide deeper insight into the market’s potential growth and opportunities.
By Type
Mortality Insurance
Mortality insurance is one of the most common types of coverage for horses. This insurance protects the owner financially in the event that a horse dies due to illness, injury, or other unexpected circumstances. Given the high cost of purchasing and maintaining a horse, especially for competitive riders and breeders, mortality insurance is a crucial safeguard. As the value of horses continues to increase—particularly in high-value equestrian sports like racing—more owners are opting for this coverage. Mortality insurance is expected to see steady growth, as it is a basic form of protection against the most devastating financial loss that a horse owner can face.
Major Medical and Surgical Insurance
Medical and surgical insurance covers veterinary expenses in the event of an illness or injury that requires medical intervention or surgery. For many horse owners, especially those with high-performance or valuable horses, the cost of veterinary care can be significant. These expenses can include everything from routine check-ups to complex surgeries or long-term medical treatment. As the equestrian industry grows, there’s a rising demand for comprehensive medical and surgical coverage, which not only helps owners manage these costs but also promotes the well-being of the horses themselves. This segment is likely to grow in popularity as horses become more expensive, and their care increasingly requires specialized veterinary attention.
Loss of Use Insurance
Loss of use insurance provides financial protection in the case that a horse is rendered unfit for its intended use, whether due to injury or illness. This coverage is particularly valuable for owners of performance horses, such as racehorses, showjumpers, or dressage horses, where the horse’s ability to perform is a significant part of its value. The growth of the horse insurance market, especially in the competitive equestrian sports industry, has driven demand for loss of use insurance. Many owners find this type of coverage essential as it helps mitigate the financial loss when a horse can no longer compete or perform due to injury or illness.
Liability Insurance
Liability insurance is designed to cover legal expenses and damages if a horse injures another person or damages property. Horses, being large and unpredictable animals, carry inherent risks, and the potential for accidents is a concern for many owners. Liability insurance ensures that horse owners are financially protected from third-party claims, whether these arise from accidents during riding, training, or transport. This segment is expected to grow as horse ownership increases, particularly in regions where equestrian sports and activities are popular.
By Horse Type
American Quarter Horse
The American Quarter Horse, known for its versatility in various disciplines, is one of the most popular breeds in the United States. This breed is used extensively in racing, rodeos, and even as a working ranch horse. Due to their widespread popularity, American Quarter Horses represent a significant portion of the horse insurance market. The high demand for these horses in commercial activities, including breeding and training, means that their insurance needs are substantial. Mortality, medical, and liability insurance options tailored to Quarter Horses are in high demand, with a growing market expected in the years ahead.
Arabian Horses
Arabian horses, known for their endurance and distinctive appearance, are highly sought after in the equestrian world. The Arabian horse market is expanding, particularly in regions such as the Middle East, where these horses are often associated with cultural heritage and prized for their use in racing and breeding programs. As the market for Arabian horses continues to grow, so does the demand for horse insurance tailored to this breed’s specific needs. Arabian horses often have higher medical and mortality risks due to their intensive use in high-performance activities, making medical and mortality insurance critical.
Thoroughbreds
Thoroughbreds, primarily associated with the racing industry, require significant financial investments due to their high purchase prices, training costs, and potential earnings in racing. These horses are the most common in the high-stakes world of competitive racing, which makes thoroughbred horse insurance a lucrative segment. The risks involved in racing—injuries, illness, or even death—have led many owners to invest heavily in mortality, medical, and loss of use coverage. The growth of the Thoroughbred segment will continue to drive demand for specialized insurance products in this niche market.
Morgan and Appaloosa Horses
Morgan horses, known for their friendly nature and versatility, and Appaloosas, known for their distinctive coat patterns and endurance, also contribute to the horse insurance market. While these breeds are not as high-profile as Thoroughbreds or Arabians, they still represent a significant portion of the recreational and commercial horse market. Insurance products for these breeds are expected to grow as more people take up equestrian activities and demand financial protection against unexpected losses.
Other Breeds
Beyond the major breeds, there is a growing market for niche horse types, including Warmbloods, Ponies, and Draft Horses. As the global interest in horses continues to grow, insurance products are expanding to meet the needs of owners across a broad spectrum of horse breeds.
By Application
Recreational
Recreational horse ownership is on the rise, with more individuals purchasing horses for pleasure riding, trail riding, and other non-competitive activities. For many recreational owners, having proper insurance coverage is essential for protecting their investment, particularly in terms of mortality, medical, and liability. As the number of recreational horse owners continues to rise, the market for insurance targeted toward this segment is expected to grow significantly.
Commercial
Commercial horse owners, including those involved in breeding, training, and racing, have specific insurance needs that are different from recreational owners. These businesses often require higher levels of coverage, including mortality, medical, loss of use, and liability insurance. The commercial sector, particularly in racing and breeding, drives a significant portion of the horse insurance market. With the continued growth of equestrian sports and businesses, the commercial application segment is expected to grow at a faster rate than the recreational segment.
By Sales Channel
Direct Sales
Direct sales, through brokers and insurance companies offering policies directly to consumers, is a major sales channel in the horse insurance market. As more horse owners turn to online platforms and direct channels to purchase insurance, this segment is expected to see substantial growth. Technological advancements, including user-friendly insurance comparison websites and digital policy management, have made it easier for horse owners to purchase insurance directly.
Indirect Sales
Indirect sales channels, such as agents and third-party organizations, continue to be an important route for horse insurance sales. In many regions, brokers and insurance agents provide specialized advice to horse owners, helping them choose the best coverage based on their needs and horse type. This channel will continue to play a key role, especially for high-value horses that require tailored policies.
Regional Analysis
North America
North America holds a dominant position in the global horse insurance market, driven by the high number of horses owned for both recreational and commercial purposes. The U.S. and Canada, in particular, have well-established markets for equestrian sports, racing, and breeding. As the number of horse owners in the region grows, so does the demand for comprehensive insurance coverage, which will drive market growth in the coming years.
Europe
Europe is another major region for the horse insurance market, with strong demand from countries such as the UK, Germany, and France, where equestrian sports like show jumping, dressage, and eventing are highly popular. The growing focus on horse welfare, along with an increasing number of recreational and commercial owners, will contribute to the market’s expansion in Europe.
Asia-Pacific
In the Asia-Pacific region, countries like China, Japan, and Australia are seeing rising interest in equestrian sports and horse ownership. This trend is boosting demand for horse insurance products, especially in countries with well-established racing industries. The rapid growth of horse ownership in the region is expected to drive the market forward.
Latin America and the Middle East
In regions like Latin America and the Middle East, the horse insurance market is still developing but shows promising growth due to increasing interest in equestrian activities, racing, and breeding. As these markets mature, horse insurance adoption is expected to increase significantly.
Competitive Landscape
Key players in the global horse insurance market include Allianz, The Hartford, and AXA, among others. These companies dominate the market with a wide range of policies catering to different horse breeds and applications. They continually innovate and expand their offerings to stay competitive in this growing market.
