UK Pet Insurance: Market Dynamics and Opportunities 2017

2017-09-11
Price :
Published : Sep-2017
No. of Pages : 38

UK Pet Insurance: Market Dynamics and Opportunities 2017

Summary

United Kingdom pet insurance market has continued to see significant growth, with gross written premiums (GWP) increasing by 7.1% in 2016. Medical inflation remains the underlying factor driving GWP upwards, with technologically improved quality of treatments and procedures being applied more commonly and driving inflationary pressure on claims costs. This has resulted in claims incurred figures outgrowing GWP, with a 7.4% increase in 2016.

Product penetration has also risen, but at a considerably slower rate than GWP or claims incurred, with the number of subscribers increasing by just 2.0%, to reach 3.4 million in 2016.

Key findings include in this report –
– The pet insurance market broke the £1bn mark in GWP for the first time in 2016 as insurers continue to battle rising medical costs.
– Having previously been under-represented on price comparison sites, many pet providers now see them as a crucial distribution channel.
– Available data with regards to the UK pet population and pet ownership suggests dogs still lead the way over cats.
– Insurtech is entering the market with Fitbit-style technology, a range of apps, and innovative comparison sites beginning to emerge.

Pet insurance market continued on an upward trend with regards to market size in 2016. Strong growth in GWP was seen yet again, but the market remains blighted by significant increases in the number of reported claims, which grew to record levels. The ongoing growth in GWP has been driven by the response to a tough claims environment with rising prices, as insurers look to improve returns and generate better business. The greatest issue facing this market is that insurers cannot continue raising premiums by almost 10% every year without driving customers away.

Market leader Petplan still avoids comparison sites, but has a window to them through its subsidiary, Sainsbury’s Pet Insurance. Aggregators are essential for smaller companies, both to foster brand awareness and because being absent from them can be viewed as suspicious by consumers.

The report “UK Pet Insurance: Market Dynamics and Opportunities 2017” analyzes the UK pet insurance market, looking at market size as well as changes in premiums, claims, medical costs, pet ownership, regulations, and opportunities. It discusses the leading competitors, how the market is likely to change due to rising costs and emerging technology, and provides future forecasts of market size up to 2021.

Companies mentioned in this report: RSA, Aviva, NFU Mutual, LV=, Allianz, Petplan, Bought By Many, Direct Line, E&L, BNP Paribas.

Scope
– The pet insurance market broke the £1bn mark in GWP for the first time in 2016 as insurers continue to battle rising medical costs.
– Having previously been under-represented on price comparison sites, many pet providers now see them as a crucial distribution channel.
– Insurtech is entering the market with Fitbit-style technology, a range of apps, and innovative comparison sites beginning to emerge.

Reasons to buy
– Keep up to date with the new trends and innovations in the market.
– Benchmark yourself against competitors.
– Learn about growth in all aspects of the market, what is driving it, and whether it looks set to continue.

Filed in: Banking & Finance
Publisher : GlobalData
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