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concerns of meagre regulation as well as volatility. But old fears resurfaced, as well as reports that
insurers were denying or limiting coverage to clients with exposure to FTX.

Nevertheless, the need for crypto insurance will remain and may be stronger. In fact, insurance may
be an angle for crypto firms to attract investors once more.

While there is a large opportunity for insurers to step in here, some of the biggest obstacles to
entering the digital asset insurance space include lack of historical data, regulatory ambiguity, and simply
dealing with the extreme volatility of the market.

4.5.Pet Insurance Services

A 2019-2020 National Pet Owners Survey found that two-thirds of American families have at least
one pet. The data varies on how many households have added pets since the pandemic, with one report
indicating five million and another 12 million. However, a rise in pet ownership is a main driver behind
what continues to be a boom in spending on pet services. Morgan Stanley Research predicts such spending
will rise 143% by 2030 to $118 billion, which represents an 8% annual growth rate, one of the largest
rates of return in any retail segment.

Demographics also play a role in the spending spree on veterinarian medical care, grooming and
boarding, and pet food. Morgan Stanley Research found that younger Americans (18- to 34-year-olds)
account for 32% of those with new pets, which is good news for the pet industry as these owners tend to
spend more on food, treats and care for their pets. More and more of these owners like to pamper their
pets with luxury items, gourmet foods, organic treats and accessories, and even costumes - indulgences
made easier by savvy online sellers and subscription services. And, yes, there is such a thing as pet tech
that includes self-cleaning litter boxes and collars with GPS trackers.

Another driver for the industry is the increasing adoption of pet insurance that is boosting demand
for veterinarians, who have also been expanding their care to include medications, wellness services and
diagnostic tests that previously were available only to humans. According to the Bureau of Labour
Statistics, veterinary positions are projected to grow 16% by 2029, nearly four times the average of most
other occupations. Vet tech jobs are expected to increase by nearly 20% in the next five years. The
number of pet stores is estimated to be 12,800, according to IBISWorld., and growing.

Pet boarders and sitters who may have struggled during the pandemic should now benefit as owners
start to travel again.

This labour-intensive industry faces its share of risks, including staff shortages and burnouts, rising
wages and rents, and increased competition. There are bite, scratch and kick wounds and strains, sprains
and back injuries. Liability lawsuits are not all that common, and damages are limited. However, as
more people perceive their pets as members of their families, have support animals, and bring their pets
with them to more places, the liability picture may change. Even in India, we are now seeing a lot more
pet friendly hotels and resorts, with increasing number of pet owners taking their pets along with them
on holidays. “It’s a huge growth industry,” one veterinarian insurance veteran told Insurance Journal.