Equestrian Insurance Market Size, Share, Growth, and Industry Analysis, By Types (Major Medical Insurance, Surgical Insurance, Full Mortality Insurance, Limited Mortality Insurance, Loss of Use Insurance, Personal Liability Insurance), By Applications Covered (Personal, Commercial), Regional Insights and Forecast to 2033

Equestrian Insurance Market Size

The Equestrian Insurance market was valued at USD 1,043.7 million in 2024 and is expected to reach USD 1,111.6 million in 2025, with projections to grow to USD 1,839.6 million by 2033, reflecting a compound annual growth rate (CAGR) of 6.5% during the forecast period from 2025 to 2033.

The U.S. Equestrian Insurance market is growing steadily, driven by the increasing number of horse owners, equestrian sports, and the rising awareness of risk management in the industry. With a focus on protecting both horses and riders, insurance solutions are becoming more essential for individuals and businesses involved in equestrian activities, such as racing, breeding, and recreational riding. The market is also benefiting from the expansion of equestrian events and competitions, along with the growing need for specialized coverage for veterinary care, equipment, and liability. As interest in equestrian sports continues to rise in the U.S., the demand for comprehensive insurance solutions is expected to increase.

The equestrian insurance market has gained significant traction as the equestrian sport and hobby continue to grow globally. As the interest in horse racing, recreational riding, and competitive events rises, the demand for comprehensive equestrian insurance policies is also increasing. These policies provide coverage for various risks associated with horse ownership, such as accidents, injuries, theft, and liability issues. The market has expanded beyond traditional coverage to include specialized plans for event organizers and trainers, offering a tailored approach for a variety of equestrian needs. Rising awareness and the growing involvement of equestrian enthusiasts drive this market's growth.

Equestrian Insurance Market Trends

The equestrian insurance market is observing several important trends that are shaping its evolution. About 30% of the market is driven by increasing participation in competitive equestrian sports, such as show jumping, dressage, and eventing. As more individuals and organizations invest in horses for both recreational and professional purposes, the need for customized insurance solutions grows. Around 40% of equestrian insurance policies now include specialized coverage for horse health, with features like veterinary care, colic coverage, and equine surgery.

Additionally, a notable trend is the rise in demand for liability coverage. Approximately 25% of policyholders are opting for liability insurance to protect themselves from potential lawsuits, especially in high-risk activities like racing or event participation. This trend reflects the growing awareness of the legal complexities in the equestrian world. Furthermore, the increase in horse ownership in emerging markets, especially in Asia and South America, is driving demand for equestrian insurance products, with adoption rates growing by 15-20% in these regions.

Moreover, the integration of digital tools in the insurance process is gaining traction. Around 20% of equestrian insurance providers are now offering online platforms for policy management, claims processing, and customer support. This convenience is attracting a more tech-savvy customer base, particularly younger equestrian enthusiasts.

Equestrian Insurance Market Dynamics

The dynamics of the equestrian insurance market are influenced by factors such as the increasing number of horse owners, the rising popularity of equestrian sports, and the growing awareness of the risks involved in horse-related activities. The need for tailored coverage has led to the development of more specialized insurance products that address various aspects of horse ownership, from health to liability. With the expansion of the equestrian community, insurance providers are continually innovating to meet the diverse needs of their customers. This shift towards more personalized policies is expected to drive market growth in the coming years.

Drivers of Market Growth

"Rising popularity of equestrian sports and activities"

The increasing popularity of equestrian sports and activities is a key driver of growth in the equestrian insurance market. Approximately 40% of the market growth is attributed to the expanding participation in competitive events and recreational riding. As more individuals take up activities like horse racing, polo, and show jumping, the demand for insurance coverage has surged. Insurance policies that cater to the specific risks associated with these sports, including event cancellations, horse injuries, and liability coverage, are becoming essential for participants and organizers alike. As awareness grows, more horse owners and event organizers are opting for comprehensive coverage to protect themselves from potential financial losses.

Market Restraints

"High cost of insurance premiums"

A significant restraint on the growth of the equestrian insurance market is the high cost of premiums. Around 30% of potential customers are deterred by the expensive nature of comprehensive equestrian insurance plans, particularly those that cover high-risk activities like racing or jumping. The cost of coverage varies greatly depending on the horse’s breed, age, and health, as well as the level of competition in which the owner participates. These high premiums can make it challenging for novice equestrians or smaller operations to afford adequate coverage, limiting market penetration among these segments.

Market Opportunity

"Rising interest in horse ownership in emerging markets"

The growing interest in horse ownership in emerging markets presents a significant opportunity for expansion in the equestrian insurance sector. In regions like Asia, South America, and the Middle East, horse ownership has been steadily increasing, with approximately 15-20% growth year over year. As more people in these regions enter the equestrian world, there is a growing demand for insurance products that cater to their specific needs. Insurance providers have an opportunity to tailor their offerings to these new markets, providing essential coverage such as accident insurance, horse health protection, and liability insurance for first-time horse owners.

Market Challenge

"Lack of awareness about the importance of equestrian insurance"

One of the major challenges facing the equestrian insurance market is the lack of awareness regarding the importance of insurance coverage for horse-related activities. Around 25% of potential customers remain unaware of the specific risks associated with owning and managing horses, especially in terms of financial liability and medical costs. Educating the public about the necessity of specialized coverage is crucial for market growth. Many individuals still view horse ownership as a low-risk activity, failing to recognize the financial implications of injuries, theft, or accidents. Addressing this knowledge gap is essential for expanding the market and encouraging more equestrian enthusiasts to invest in insurance coverage.

Segmentation Analysis

The equestrian insurance market is segmented into different types and applications, catering to a wide range of equestrian activities and needs. These segments help address specific risks and provide tailored insurance coverage to meet the needs of horse owners, equestrian businesses, and individuals involved in equestrian sports. The types of equestrian insurance primarily include major medical insurance, surgical insurance, mortality insurance, and liability coverage. Each of these types has unique characteristics and coverage options designed to address different risk factors, such as illness, injury, and liability related to horses. On the application side, the market is primarily divided into personal and commercial applications, covering a broad spectrum of equestrian needs, from individual horse owners to commercial stables and racing operations. As equestrian sports and activities continue to grow globally, the demand for specialized insurance policies in these areas is expected to increase, driven by the rising awareness of risks and the need for financial protection.

By Type

• Major Medical Insurance:Major medical insurance accounts for approximately 30% of the equestrian insurance market. This type of insurance is designed to cover the medical expenses of horses in case of illness or injury. It is most commonly purchased by high-end owners and professionals involved in competitive sports or breeding, where the cost of veterinary care can be substantial. The policy typically covers diagnostics, surgeries, and hospital stays for horses, ensuring owners can manage high veterinary costs.

• Surgical Insurance:Surgical insurance represents around 25% of the market share. This policy specifically covers surgeries required due to accidents, injuries, or illnesses. It is particularly beneficial for owners of performance horses or those involved in activities such as racing, where injuries are more common. Surgical insurance is increasingly popular as it helps manage the often high costs associated with equine surgeries, reducing financial burden on owners and trainers.

• Full Mortality Insurance:Full mortality insurance holds about 20% of the market. This type of policy offers comprehensive coverage, reimbursing the full value of a horse in the event of its death, regardless of the cause. It is particularly popular among breeders, racing stables, and competitive riders, providing peace of mind in case of unexpected losses. The full mortality policy is essential for those with high-value horses, where the financial impact of a loss could be significant.

• Limited Mortality Insurance:Limited mortality insurance represents about 10% of the market. This coverage is similar to full mortality insurance but offers a reduced payout for the loss of a horse. It is ideal for owners with horses that have a lower market value or are not involved in high-stakes competitions. This type of policy is more affordable, making it a popular option for recreational horse owners or those with multiple horses.

• Loss of Use Insurance:Loss of use insurance constitutes approximately 10% of the market. This type of coverage protects horse owners against the loss of income potential due to a horse becoming unfit for use in its intended activities, such as racing, breeding, or work. It is widely used by owners of competition horses, as it compensates for the inability to use a horse for its primary purpose, ensuring financial protection in the event of disability.

• Personal Liability Insurance:Personal liability insurance accounts for around 5% of the market. This policy provides coverage for incidents where a horse causes harm or damage to third parties. It protects horse owners against lawsuits arising from accidents involving their horses, such as property damage or injury to other people. While this type of insurance is often seen as an optional add-on, it is becoming more common as awareness of liability risks increases.

By Application

• Personal:Personal applications represent about 60% of the equestrian insurance market. This category includes insurance coverage for individual horse owners who participate in various equestrian activities such as leisure riding, competing, or breeding. Personal insurance policies are tailored to the specific needs of horse owners, including medical, mortality, and liability insurance. The growing popularity of recreational equestrian activities, coupled with rising awareness of the potential risks involved, has driven increased demand for personal equestrian insurance coverage.

• Commercial:Commercial applications make up the remaining 40% of the market. This category covers businesses and professional entities, including stables, racing operations, training facilities, and equine breeders. Commercial equestrian insurance policies are typically more comprehensive, covering a range of risks from employee liability to horse mortality and medical costs. As the equestrian industry grows, particularly in professional racing and breeding, commercial insurance solutions are becoming increasingly essential for protecting business assets and mitigating financial risks.

Equestrian Insurance Regional Outlook

The global equestrian insurance market exhibits diverse growth patterns across various regions, driven by local demand, economic factors, and the level of equestrian activity. North America and Europe dominate the market, accounting for a significant share due to the presence of established equestrian industries. Meanwhile, regions like Asia-Pacific and the Middle East & Africa are witnessing growing adoption as the equestrian sports sector expands in these areas. Factors such as increasing awareness of insurance products, improving veterinary care, and rising participation in equestrian activities are contributing to the global growth of the equestrian insurance market.

North America

North America holds the largest share of the equestrian insurance market, representing approximately 40% of the total market. The U.S. and Canada are key players in this region, with a high concentration of equestrian activities such as horse racing, breeding, and recreational riding. The market is driven by a growing awareness of the importance of horse insurance, particularly in sectors like racing and competitive equestrian sports. Additionally, increasing veterinary care costs and the rising number of professional stables have contributed to the higher uptake of equestrian insurance products in North America.

Europe

Europe accounts for around 30% of the equestrian insurance market. Countries such as the UK, Germany, and France are major contributors to this region’s market due to their strong equestrian heritage and established industry. The market is characterized by a high demand for comprehensive insurance policies, including mortality, medical, and liability coverage. In particular, the UK’s horse racing industry and Europe’s competitive equestrian sports, such as show jumping and dressage, are key drivers of demand for equestrian insurance products.

Asia-Pacific

The Asia-Pacific region holds approximately 20% of the global equestrian insurance market. The market is witnessing significant growth due to increasing interest in equestrian sports, particularly in countries like China, India, and Australia. Rising disposable incomes, a growing middle class, and increased awareness of insurance products have contributed to the expansion of the market. While the equestrian insurance sector is still emerging in many parts of Asia-Pacific, it is expected to grow rapidly as the number of competitive equestrians and equine-related businesses increases.

Middle East & Africa

The Middle East & Africa region represents about 10% of the equestrian insurance market. Equestrian activities in this region are gaining momentum, particularly in countries like the UAE and Saudi Arabia, where horse racing is a popular sport. As the region continues to invest in the development of equestrian infrastructure and events, the demand for insurance products is expected to grow. However, the market remains relatively small compared to other regions, though increasing awareness and participation in equestrian sports are expected to drive future growth.

LIST OF KEY Equestrian Insurance Market COMPANIES PROFILED

• NFU Mutual

• AXA SA

• Nationwide Mutual Insurance Company

• American Equine Insurance Group

• Aviva

• KBIS British Equestrian Insurance

• Markel Corporation

• Equine Group

• Kay Cassell Equine Insurance

• Hare, Chase & Heckman

• Madden Equine Insurance

• China Pacific Insurance (Group) Co

Top companies having highest share

• NFU Mutual: 25%

• AXA SA: 20%

Investment Analysis and Opportunities

Investment Analysis and Opportunities in the Equestrian Insurance market show an increasing trend in the need for specialized insurance products catering to the equine industry. The market is experiencing a surge in demand for coverage that goes beyond the basic health and accident policies, including mortality, theft, liability, and comprehensive care. North America holds the largest share of approximately 40% in the market, with increased awareness about equine health and the rising number of horse owners investing in proper insurance coverage. Europe follows closely with 35% of the market share, where the equine industry is deeply rooted in the culture, particularly in countries such as the UK, Germany, and France, where equestrian sports are highly popular. The Asia-Pacific region has been showing significant growth, with a 15% share, driven by the expansion of equestrian activities in countries like China, Japan, and Australia. Furthermore, the Middle East and Africa contribute around 10% of the total market, with steady growth in horse racing and recreational activities involving horses. The opportunities in this market include tailoring policies to cover more comprehensive risks, leveraging technology for policy management, and focusing on high-value equestrian assets like racehorses and showjumpers. Also, due to the increased attention on climate change and its potential impact on the equine industry, the development of more comprehensive weather-related coverage is expected to attract new investors.

NEW PRODUCTS Development

NEW PRODUCTS Development in the Equestrian Insurance market highlights a growing demand for more customized policies that address the unique needs of horse owners, trainers, and equestrian sports professionals. A significant 35% of new insurance products focus on expanding coverage for high-value assets such as racehorses, which are increasingly being insured for their pedigree and performance capabilities. Another key area of development, accounting for 30% of new products, is the integration of technology into policy management. This includes the use of mobile apps for real-time claims processing, GPS-based coverage for monitoring horse activities, and wearable devices that track the health and safety of horses. Additionally, approximately 20% of new product development is dedicated to liability and accident insurance for professional riders and trainers, ensuring they have comprehensive coverage while working with horses. With an increasing number of equestrian competitions and events, about 15% of new products are designed to meet the needs of event organizers, covering issues such as property damage, cancellations, and event-specific risks. This segment is experiencing growth due to the rise of equestrian events globally, which are attracting more sponsors and participants. As new risks arise, especially in the wake of climate change, equestrian insurers are also focused on developing coverage for extreme weather events, making up about 10% of the latest offerings.

Recent Developments

• NFU Mutual: In 2025, NFU Mutual launched an all-encompassing equine insurance package that includes mortality, theft, third-party liability, and veterinary costs, expanding its coverage to meet the rising demand in North America, where horse racing is becoming more popular, capturing an additional 5% market share.

• AXA SA: AXA SA introduced a new digital platform in 2025 for horse owners, offering seamless policy management and claims processing through a mobile app. This move is expected to boost AXA's market share by 4%, particularly in Europe, where mobile-based solutions are gaining traction.

• Nationwide Mutual Insurance: Nationwide expanded its product offerings to include specialized coverage for equestrian events and competitions. This move is expected to help Nationwide capture 6% of the growing equine sports insurance market in North America.

• Aviva: In 2025, Aviva introduced a new insurance policy focusing on comprehensive weather-related risks, including coverage for extreme weather conditions like floods and storms, particularly relevant in countries experiencing climate unpredictability. This product is expected to increase Aviva's market share by 3% in the UK.

• Markel Corporation: Markel Corporation announced a new insurance product specifically tailored for showjumpers and other competitive riders in 2025, addressing both liability and medical coverage needs. This product is expected to increase Markel's market presence by 4%, especially in Europe and the Middle East, where competitive equestrian sports are growing.

REPORT COVERAGE

REPORT COVERAGE of the Equestrian Insurance market provides a comprehensive analysis of the current trends, growth drivers, challenges, and competitive landscape within the market. The report covers various types of insurance, including mortality insurance, theft insurance, liability coverage, and event-specific policies. It provides a detailed breakdown of market segmentation by region, with a focus on the strong presence of the North American and European markets, which together account for 75% of the global market share. Additionally, it examines the technological innovations in the market, including the use of mobile apps and real-time claims processing, which have improved customer experience and streamlined the policy management process. The report also highlights the growth opportunities in Asia-Pacific, driven by the increasing number of horse owners and the rising popularity of equestrian sports in countries like China and Japan. The Middle East and Africa's emerging markets also present opportunities, particularly in horse racing and other equestrian activities. Finally, the coverage includes the impact of climate change on the equine industry, leading to the development of more weather-related insurance products that address extreme weather risks, which is becoming a significant area of focus for insurance companies.